KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Translation of Japanese Original

FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED October 31, 2021 (REIT)(May 1, 2021, to October 31, 2021)
December 14, 2021
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:

Hiroaki Momoi, Executive Director

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

Masahiko Tajima, President & CEO

Inquiries:

Hiroaki Momoi, Head of Strategic Planning, Office REIT Department
TEL +81-3-5157-6010
Planned start of distribution payments: January 20, 2022

Planned submission of semiannual securities report: January 28, 2022
Preparing presentation material:

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

1. PERFORMANCE FOR THE FISCAL PERIOD ENDED October 31, 2021 (May 1, 2021, to October 31, 2021)(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, 2021

15,028

(7.8)

6,857

(14.2)

5,911(15.8)

5,909(15.8)

April 30, 2021

16,301

(2.5)

7,990

(4.1)

7,017

(4.0)

7,016

(4.0)

Net Income per Unit
For the six months ended

Return on Unitholders’ Equity
Yen

Ordinary Income to Total
Assets%Ordinary Income toOperating Revenues%%

October 31, 2021

13,791

2.6

1.3

39.3

April 30, 2021

16,373

3.0

1.5

43.0

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

Total Distributions(Excluding Excessof Earnings)

Distributions in
Excess of Earnings
per Unit

Total Distributions
in Excess of
Earnings

For the six months ended

Yen

Millions of Yen

Yen

Millions of Yen%%

October 31, 2021

14,000

5,999

－

－

101.5

2.6

April 30, 2021

15,384

6,592

－

－

94.0

2.9

Distribution Ratio to
Unitholders’ Equity

Payout Ratio

Note 1: Distributions per unit for the fiscal period ended October 31, 2021, are calculated by dividing the amount obtained by adding the reversal of reserve for reduction entry (89million yen) to unappropriated retained earnings by the total number of investment units issued and outstanding. The main difference between distributions per unit andnet income per unit is due to this calculation.
Note 2: Distributions per unit for the fiscal period ended April 30, 2021, are calculated by dividing the amount remaining after deducting the provision of reserve for reduction
entry (423 million yen) from unappropriated retained earnings by the total number of investment units issued and outstanding. The main difference between distributions
per unit and net income per unit is due to this calculation.

(3) Financial Position
Total Assets
For the six months ended

Net Assets

Millions of Yen

Net Assets to Total Assets

Millions of Yen

Net Assets per Unit%

Yen

October 31, 2021

456,327

230,54450.5

538,015

April 30, 2021

457,505

230,98150.5

539,034(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, 2021

8,123

(1,137)(6,605)28,948

April 30, 2021

12,752(1,022)(9,595)28,567This notice is an English-language translation of the original Japanese announcement on our website released on December 14, 2021. 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, 2022 (November 1, 2021, to April 30, 2022) andOctober 31, 2022 (May 1, 2022, to October 31, 2022)(% 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, 2022

15,757

4.9

7,227

5.4

6,288

6.4

6,287

6.4

14,000－

October 31, 2022

15,209

(3.5)

6,694

(7.4)

5,800

(7.8)

5,799

(7.8)

14,000－For the six months ending%

Net Income(Millions of Yen)

(Reference) Estimated net income per unit for the fiscal period ending April 30, 2022: 14,673 yen
Forecasted total number of investment units issued and outstanding as of April 30, 2022: 428,510 units
Forecasted average number of investment units during the fiscal period ending April 30, 2022: 428,510 units
Estimated net income per unit for the fiscal period ending October 31, 2022: 13,533 yen
Forecasted total number of investment units issued and outstanding as of October 31, 2022: 428,510 units
Forecasted average number of investment units during the fiscal period ending October 31, 2022: 428,510 units
Note 1: Distributions per unit for the fiscal period ending April 30, 2022, are calculated by dividing the amount remaining after deducting the provision of reserve for special
account for tax purpose reduction entry (288 million yen) from net income by the total number of investment units issued and outstanding.
Note 2: Distributions per unit for the fiscal period ending October 31, 2022, are calculated by dividing the amount obtained by adding the reversal of reserve for reduction entry(199 million yen) to net income by the total number of investment units issued and outstanding.

*OTHER(1) Changes in Accounting Policies・Changes in Accounting Estimate・Retrospective Restatement(a) Changes concerning accounting policy accompanying amendments to accounting standards: Yes(b) Changes other than (a): No(c) Changes in accounting estimate: No(d) Retrospective restatement: No
Note: Please refer to “Notes on Change in Accounting Policy” on page 19 for details.

(2) Total Number of Investment Units Issued and Outstanding(a) Total number of investment units issued and outstanding at period end (including treasury units)
As of October 31, 2021: 428,510 units
As of April 30, 2021: 428,510 units(b) Number of treasury investment units at period end
As of October 31, 2021: 0 units
As of April 30, 2021: 0 units
Note: Please refer to page 27, “Notes on Information per Unit” for the number of investment units as the base of the calculation of net income per unit.

* The financial report is not subject to audit by certified public accountants or audit corporations.
* Special Consideration
Readers are advised that the outlook on management conditions and other forward-looking statements contained herein are based on
information currently available to the Investment Corporation and certain assumptions that the Investment Corporation considers to bereasonable. Actual management conditions, etc. may differ materially from these forecasts due to various factors.
In addition, the forecast figures are calculated as of the date of this document under the assumptions indicated in “Preconditions andAssumptions for the Thirty-Fourth Fiscal Period Ending April 30, 2022, and for the Thirty-Fifth Fiscal Period Ending October 31, 2022” onpage 10, and the actual operating revenues, operating income, ordinary income, net income, distributions per unit and distributions in excessof earnings per unit may differ from forecasts due to the change in the situation. Accordingly, the Investment Corporation does not guarantee
payment of the forecast distributions.

This notice is an English-language translation of the original Japanese announcement on our website released on December 14, 2021. 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 ························································································································ 2(1) Operating Conditions ·················································································································· 2(2) Risk Factors ····························································································································· 8(3) Outlook ·································································································································· 9
2. Financial Statements ························································································································ 12(1) Balance Sheets························································································································· 12(2) Statements of Income ················································································································· 14(3) Statements of Unitholders’ Equity··································································································· 15(4) Basis for Calculating Cash Distribution ···························································································· 16(5) Statements of Cash Flows ············································································································ 17(6) Notes on Going Concern ············································································································· 18(7) Important Accounting Standards ···································································································· 18(8) Notes on Financial Statements······································································································· 20(9) Changes in the Total Number of Investment Units Issued and Outstanding ··················································· 27
3. Reference Information ······················································································································ 28(1) Information Concerning Price of Assets in the Property Portfolio, Etc. ························································ 28(2) Capital Expenditures ·················································································································· 38(3) Overview of Major Tenants ·········································································································· 39(Reference Information) Earnings Performance for the Individual Properties ·························································· 40(Reference Information) Status of Borrowings ····························································································· 47- 1 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

1. Operating Conditions(1) Operating Conditions① Operating conditions for the fiscal period under review
A. The Investment Corporation
Kenedix Office Investment Corporation (“the Investment Corporation”) was established on May 6, 2005, in accordance with the Act on
Investment Trusts and Investment Corporations (Act No. 198 of the year 1951, including amendments thereafter) (“Investment TrustAct”). On July 21, 2005, the Investment Corporation was listed on the Real Estate Investment Trust Market of the Tokyo Stock Exchange,
Inc. (“the Tokyo Stock Exchange”) with a total of 75,400 investment units issued and outstanding (Securities Code: 8972). Subsequently,
the Investment Corporation raised funds through eight public offerings and such. As a result, as of the end of the fiscal period underreview (October 31, 2021), the number of investment units issued and outstanding totaled 428,510 units.
The Investment Corporation entrusts Kenedix Real Estate Fund Management, Inc. (“the Asset Management Company”) with its asset
management and strives to maximize unitholder profits by securing stable earnings and sustainable growth of investment assets. To thisend, the Investment Corporation adopts the basic policy of conducting flexible and dynamic investment that seeks to respond to theenvironment and market trends, endeavors to ensure a timely response to opportunities, and form a portfolio.
B. Investment Environment and Management Performance(a) Investment Environment
During the fiscal period under review (fiscal period ended October 31, 2021), the Japanese economy saw a 0.9% period-on-period
decrease (The Second Preliminary Estimates) in the real GDP growth rate for July to September 2021 (The Second Preliminary
Estimates), the first decrease in two quarters, as a result of decrease in both personal consumption and capital/public investment due tothe fifth wave of COVID-19 and the issuance of a state of emergency despite period-on-period increase in GDP growth rate for April toJune 2021.
Personal consumption dropped significantly mostly because of a plunge in face-to-face services such as accommodation and restaurant
businesses, which were supposed to be having a busy season, due to the issuance of the state of emergency. As for corporate investment,
although the appetite for capital investment has remained firm against the backdrop of improved performance, actual capital investment
turned negative partly due to limited production of automobiles, etc. caused by shortage of semiconductors and other parts as well as
supply-side factors such as a decrease in shipping of capital goods. Furthermore, exports decreased for the first time in five quarters andimports for the first time in four quarters due to the impact of the spread of COVID-19. With events such as the confirmation of a new
COVID-19 variant overseas, the risk of economic stagnation continues to exist, and thus we believe it is necessary to pay attention to
movements both in Japan and abroad.
In terms of the office leasing market, floor reduction and downsizing started to be seen with the spread of remote work amid the COVID19 pandemic and review of fixed costs due to reasons such as concerns over the future outlook of companies. The average vacancy ratein Tokyo’s five central wards at the end of October 2021 announced by Miki Shoji Co., Ltd. was 6.47%: up 2.54 percentage points year
on year and up 0.82 percentage points compared with the end of the previous fiscal period (April 30, 2021). In addition, the average rentin Tokyo’s five central wards (including newly built office buildings) continued to increase since January 2014, but turned to a decrease
from July 2020 and was 20,804 yen per tsubo as of the end of October 2021. Other major cities across Japan saw a rise in averagevacancy rate but rent levels remained generally flat albeit with some ups and downs.
In the office building transaction market, although the number of property transactions by domestic investors such as listed J-REITs andreal estate companies as well as overseas investors is decreasing due to the spread of COVID-19, there is still little information on salesof prime mid-sized office buildings, investors concentrate on limited sales projects and interest rates also remain stable at a low level.
Therefore, cap rates remain at continuously low levels and no significant change has been seen.
(b) Management Performance
The Investment Corporation did not acquire or sell any new assets during the fiscal period under review (fiscal period ended October 31,2021), and owns 96 properties (with a total acquisition price of 440,180 million yen) and equity interest in a Japanese silent partnership(tokumei kumiai) (“TK”) (initial investment amount of 1,107 million yen) as of the end of the fiscal period under review (October 31,2021). As to distribution by property type of the portfolio (excluding the TK interest, same applies below), 99.3% was composed of
office buildings and the remaining 0.7% composed of other property on an acquisition price basis.
The occupancy rate as of the end of the fiscal period under review (October 31, 2021) was 97.6%, up 0.9 percentage points from the endof the previous fiscal period (April 30, 2021), continuing to remain at a high level.

- 2 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Operation and Management of Existing Properties
The Investment Corporation entrusts property management services for its entire portfolio as of the end of the fiscal period under review(October 31, 2021) (excluding ARK Mori Building and Shinjuku 6chome Building (Land)) to Kenedix Property Design, Inc. (Note) By
doing so, the Investment Corporation has strived to unify policies, specifications, procedures, points of contact, etc. for the provision ofswift and quality services in the operation and management of properties.
In terms of leasing, despite the impact of COVID-19, the Investment Corporation proactively attracted new tenants with its close
relationships with brokers and absorbed demands to expand floor space by utilizing the close relationships with existing tenants.
Moreover, in order to maintain and raise the competitiveness of office buildings, switching to LED lighting in exclusively owned areas,
renovation of external walls, upgrading of air-conditioning systems, renewal of elevators, etc. are also implemented according to plan.
As a result, as of the end of the fiscal period under review (October 31, 2021), the occupancy rate of office buildings in the Tokyo
Metropolitan Area owned by the Investment Corporation stands at 97.6%, while that for all owned office buildings stands at 97.6%.

Note: Kenedix Property Management Inc. merged with Space Design Inc. on July 1, 2021, and changed its name to Kenedix Property Design Inc.
on the same date. The same applies below.

Stable Management through Large Number of Tenants and Tenant Diversification by Sector
The number of end-tenants for the Investment Corporation’s office buildings is 1,106 (Note 1) (Note 2) as of the end of the fiscal period
under review (October 31, 2021), diversifying tenant’s stratum further. Furthermore, floor area leased to the top 10 office end-tenants as
a proportion of total leased floor area of the entire portfolio is 10.7%. In addition, tenants of office buildings are in various sectors. As aresult, we believe the impact of a certain end-tenant vacating the property or sluggish performance in certain sectors would have arelatively limited effect and stable revenue would be maintained.
Note 1: When a tenant is leasing more than one property, it is counted as one tenant and the number of tenants is indicated accordingly.
Note 2: The number of end-tenants for the entire portfolio is 1,107 as of the end of the fiscal period under review (October 31, 2021).

C. Capital Financing(a) Status of Investment Corporation Bonds
The Investment Corporation issued the Thirteenth Series Unsecured Investment Corporation Bonds (Ranking pari passu among specified
investment corporation bonds) (total issue amount of 2,000 million yen; term of 5.0 years) on July 28, 2021, and used the proceeds torepay borrowings on July 30, 2021. As a result, the balance of investment corporation bonds as of the end of the fiscal period underreview (October 31, 2021) is 13,000 million yen.
(b) Status of Borrowings
The Investment Corporation continues 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, 2021), the Investment Corporation undertook borrowings of
12,300 million yen for repayment of borrowings of the same amount that matured during the fiscal period. Furthermore, the Investment
Corporation conducted prepayment of 3,000 million yen in total, using the proceeds from the Thirteenth Series Unsecured Investment
Corporation Bonds and borrowings on July 30, 2021.
As a result, the balance of interest-bearing debt as of the end of the fiscal period under review (October 31, 2021) was 198,750 million
yen; consisting of 185,750 million yen in borrowings (10,600 million yen in short-term borrowings (Note 1) and 175,150 million yen in
long-term borrowings (Note 1)) and 13,000 million yen in investment corporation bonds.
Furthermore, as of the end of fiscal period under review (October 31, 2021), interest rates for 114,500 million yen of long-termborrowings with floating interest rates have been practically fixed by utilizing interest rate swaps in order to hedge risk of rise in interest
rates. In addition, the long-term debt ratio (Note 2) is 94.7% and the long-term fixed interest debt ratio (Note 3) is 94.7% for the entire
interest-bearing debt.
As a result of these, the average remaining term of the Investment Corporation’s interest-bearing debt (Note 4) was 4.4 years, the averageinterest rate (Note 4) was 0.89% and the ratio of interest-bearing debt (Note 5) was 43.6% at the end of the fiscal period under review(October 31, 2021).

- 3 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

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

The balances of borrowings according to financial institutions as of April 30, 2021, and October 31, 2021, are as follows:
End of Thirty-Second
End of Thirty-Third
Ratio as of the End
Fiscal Period
Fiscal Periodof Thirty-Third Fiscal Period
Lender(as of April 30, 2021)(as of October 31, 2021)(%) (Note 6)(Millions of Yen)
(Millions of Yen)
47,20046,20024.9
Sumitomo Mitsui Banking Corporation
36,80037,30020.1
MUFG Bank, Ltd.
29,55029,55015.9
Development Bank of Japan Inc.
19,90019,400
10.4
Sumitomo Mitsui Trust Bank, Limited
17,90017,4009.4
Mizuho Bank, Ltd.
11,25010,750
5.8
Resona Bank, Limited
10,55010,550
5.7
Aozora Bank, Ltd.
5,300
4,300
2.3
Mizuho Trust & Banking Co., Ltd.
2,500
2,500
1.3
The Bank of Fukuoka, Ltd.
1,700
1,700
0.9
The Nishi-Nippon City Bank, Ltd.
1,000
1,000
0.5
The Hiroshima Bank, Ltd
1,000
1,000
0.5
The 77 Bank, Ltd
1,000
1,000
0.5
Sumitomo Life Insurance Company
1,000
0.5
The Musashino Bank, Ltd.
800
800
0.4
The Higashi-Nippon Bank, Limited
800
800
0.4
The Norinchukin Bank
500
500
0.3
San ju San Bank, Ltd. (Note 7)
187,750
185,750
100.0
Total
Note 6: Percentages as of the end of the fiscal period under review are rounded to the first decimal place.
Note 7: The Mie Bank, Ltd. and The Daisan Bank, Ltd. conducted an absorption-type merger with The Daisan Bank, Ltd. as the surviving company,
setting May 1, 2021, as the effective date. The Daisan Bank, Ltd. changed its name to San ju San Bank, Ltd. on the same day. The same applies
below.

(c) Status of Credit Rating
The status of the credit ratings as of the end of fiscal period under review (October 31, 2021) is as follows:
Credit Rating Agency
Details of the Ratings
Japan Credit Rating Agency, Ltd. (JCR)

Long-term Issuer Rating

AA- (Outlook: Positive)

Ratings on Bonds
Preliminary Rating of Shelf Registration

AA-(d) Status of Shelf Registration
The Investment Corporation filed a shelf registration statement for investment corporation bonds (excluding short-term investment
corporation bonds) on November 30, 2020. Details are as follows.
Planned Issue Amount
100,000 million yen
Planned Issuance Period
December 8, 2020, to December 7, 2022
Acquisition funds for specified assets described in Article 2-1 of Investment Trust Act,
repayment of borrowings, redemption of investment corporation bonds (including shortUse of Funds
term investment corporation bonds), refund of lease and guarantee deposits, funds to pay forrepairs and maintenance, working capital, etc.
The Thirteenth Series Unsecured Investment Corporation Bonds of 2,000 million yen were issued on July 28, 2021, based on theabove shelf registration statement.
- 4 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

D. Operating Results and Cash Distribution
As a result of the aforementioned management performance, the Investment Corporation reported operating revenues of 15,028 million
yen, operating income of 6,857 million yen, ordinary income of 5,911 million yen and net income of 5,909 million yen for the fiscal
period under review (fiscal period ended October 31, 2021).
Concerning the cash distributions for the fiscal period under review, special taxation measures for investment corporations (Article 6715 of the Act on Special Measures Concerning Taxation (Act No. 26 of the year 1957, including amendments thereafter; “the Special
Taxation Measures Act”)) are applied based on the cash distribution policies stipulated in the Articles of Incorporation. In addition, forthe fiscal period under review, the Investment Corporation decided to reverse part of reserve for reduction entry internally reserved (89million yen) by applying the “Special Provisions for Taxation in the Event of Advance Acquisition of Land, Etc. in 2009 and 2010”(Article 66-2 of the Special Taxation Measures Act), and to distribute the entire amount obtained after adding the reversal of reserve for
reduction entry to unappropriated retained earnings. As a result, distribution per unit is 14,000 yen.
② Outlook for next fiscal period
A. Investment Environment
The Japanese economy continues to move forward and backward due to the global spread of COVID-19. The economy continued topick up moderately backed by the resumption of economic activities with vigilance against the spread of infection after the lifting of thethird state of emergency. However, with the stagnation of personal consumption following the fourth state of emergency declared during
the Tokyo Olympic Games and shortage of supply of semiconductors and such, production volume and capital investment of companies
have declined. On the other hand, the status of infection has been showing improvement and thus strong recovery is expected centeringon personal consumption backed by the lifting of requests for shorter hours for restaurants, resumption of the Go To Travel campaign,etc. However, since there are concerns over resurgence of infection overseas and the impact of a new COVID-19 variant, we believe it
is necessary to pay attention to various events, including the trends of 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 2021 announced by
Miki Shoji Co., Ltd. was 6.47%, up 2.54 percentage points year on year, and there are concerns over the change in office needs, rise invacancy rate and decline in average rent going forward. However, it is believed that no rapid fluctuations will be seen given the recovery
of social and economic activities expected along with the subsiding of COVID-19 and the fact that new supply of offices in 2021 is also
limited.
In the office building transaction market, although COVID-19 has subsided, there still are voices expressing the intent to assess thechange in the vacancy rate and rent due to the spread of remote work. On the other hand, the intense acquisition market is forecast tocontinue with no significant change in the strong appetite for acquisition among many investors such as listed J-REITs, private REITs,
domestic real estate companies and foreign investors against the backdrop of expectation for a favorable financing environment tocontinue for the time being with the continuation of the Bank of Japan’s monetary easing measures. However, there is also a risk thatchanges in the office leasing market, economic trends and financial trends may impact the future transaction market trend, and close
attention should be paid to such trends.
On the other hand, outstanding bank loans for the real estate industry as of the end of October 2021 still remain at record-high levels andcontinue to be on an upward trend although outstanding loans for leasing business operated by individuals somewhat decreased, callingfor a certain degree of careful attention to be paid to changes in bank policies on loans along with future trends in interest rates. In the JREIT market, upward and downward price movements are believed to continue due to some uncertainties about the trend of COVID19, while the inflow of funds from overseas investors who recognize stable interest rate levels, etc. has been confirmed.
B. Future Management Policies and Pending Issues
The Investment Corporation adopts the basic policy of conducting flexible and dynamic investment that seeks to respond to its
environment and market trends, and endeavors to ensure a timely response to opportunities to form a portfolio. Based on this policy, theInvestment 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.

- 5 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)(a) Investment Strategy for Property Acquisitions and Sales Policy
The Investment Corporation aims for further expansion of its asset size with the goal of “forming a firm portfolio focusing on mid-sized
office buildings” and to become the “No. 1 J-REIT for mid-sized office buildings.” The Investment Corporation will keep mid-sized
office buildings in the Tokyo Metropolitan Area as its focus, and with regard to central urban retail properties, invest only in those thathave rare value as an alternative to office buildings, are located in busy commercial areas and offer a certain amount of office space. In
addition, the Investment Corporation believes that maintaining an investment strategy which aims for a certain degree of regional
diversification will be a foundation for constructing a superior portfolio and differentiating the Investment Corporation from others inthe business.
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, Sumitomo Mitsui Finance and Leasing Co., Ltd. and SMFL MIRAI Partners Co., Ltd. through building multiple pipelines.
Furthermore, based on the premise that the Investment Corporation can obtain opportunities for property acquisitions in the future, theInvestment 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 (direct acquisition, equity investment and co-acquisition with the Kenedix Group,
mutual transaction with a view of asset reshuffle, etc.) to secure tactful acquisition of properties such as investments in warehousingrelated 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 the saleindividually by considering the revenue, profitability, building age, area, property size, and other factors in the context of ESG initiatives
based on current and future market trends, and also in light of the significance of the property’s presence in the portfolio.
Note: Kenedix Group refers to the company group consisting of Kenedix, Inc. and its subsidiaries, related companies, etc. The same applies below.

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

- 6 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)<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

Unknown

1%
1%

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 further enhance profitability.
Tailor leasing management according to the market environment
The characteristics of mid-sized office buildings, which are the primary investment target of the Investment Corporation, are that tenant
turnover ratios are relatively high. Therefore, in the leasing aspect, the Investment Corporation implements leasing activities in a timely
and flexible manner by adopting the basic policy of endeavoring to maximize revenues for the medium to long term by maintaining
occupancy rates, while taking into account economic and real estate market trends.
Concerning the solicitation of new tenants, the Investment Corporation will strive to shorten the period of vacancy and boost theoccupancy rate by implementing flexible and dynamic leasing activities by sharing information closely with leasing brokers, holding
property viewings, marketing directly to corporations, utilizing guarantee companies and other measures while closely watching market
conditions and the timing of changes going forward.
Apply careful control of management and operating costs by taking advantage of portfolio size
The Investment Corporation will carefully control the quality of property management and reduce building maintenance and operating
costs by taking advantage of the portfolio size through cost reductions in building maintenance, review of building maintenancecompanies, construction bidding and procurement of facilities and equipment, etc., via bulk orders.
Ensure appropriate response to relevant laws and regulations
The Investment Corporation will gather information on the Building Standards Act (Act No. 201 of the year 1950, including amendments
thereafter) and other relevant laws and regulations and any future revisions in a timely manner and respond as necessary whileconsidering legal regulations.
Develop a proactive response to environmental issues
The Investment Corporation has established policies on the environment and promotes environment-friendly investment management
operations by proactively participating in GRESB Real Estate Assessment and using certification and assessment systems of external
institutions such as DBJ Green Building Certification and Certification for CASBEE for Real Estate.
In addition, the Investment Corporation is designated as a specified corporation pursuant to the Act on Rationalizing Energy Use. The
Investment Corporation will research energy conservation and environmental friendliness of mid-sized office buildings, develop
medium- to long-term plans and reduction targets for energy conservation, and proactively institute measures in terms of both hardware(buildings and facilities) and soft services (operating and management services) with an aim to ensure the simultaneous pursuit of returnon investment and social benefits.
(c) Financial Strategy (Debt Financing)
The Investment Corporation continuously strives to improve the terms and conditions of existing borrowings, and aims for stablefinancial management by taking the following measures, etc.
・Reduce refinance risks by diversifying maturities of interest-bearing debts
・Have the procurement ratio of long-term fixed interest borrowings above a certain level・Control the interest-bearing debt ratio (Note) in a conservative manner (the Investment Corporation will aim to keep the interestbearing debt ratio to total assets (LTV) at less than 45% level as a rule. However, it will also remain open to the option of increasing
LTV to the upper 40% level in the event of debt financing conducted for the purpose of acquiring competitive properties or otherwise.)Moreover, the Investment Corporation will undertake stable fund procurement based on existing favorable relations with financial
institutions, especially major banks, aiming for more robust financial management. In addition, the Investment Corporation aspires to
pay attention to the share of each bank and consider as appropriate the introduction of transactions with new banks based on comparison
with the conditions with currently transacting banks.
Note: Interest-bearing debt ratio = Balance of interest-bearing debt at the end of fiscal period / Total assets at the end of fiscal period×100- 7 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)(d) Information Disclosure
Consistent with its basic information disclosure policy, the Investment Corporation proactively engages in IR activities with the aim ofpromptly providing a wide range of relevant information to investors, and revises the information disclosure system when needed. In
specific terms, the Investment Corporation provides information through the Timely Disclosure Network System (TDnet), which is asystem operated by the Tokyo Stock Exchange, as well as press releases and its website (URL: https://www.kdo-reit.com/en/).
(e) Measures for Conflict-of-Interest Transactions
With regard to management of assets of the Investment Corporation, when transactions with a related party or the Asset Management
Company take place, the Asset Management Company follows the Office REIT Department Related-Party Transaction Rules it has
stipulated.
Furthermore, since the Asset Management Company has been entrusted with asset management of several other investment corporations
besides the Investment Corporation, there is a possibility that those investment corporations will compete for opportunities for acquiring
investment assets. The Asset Management Company has, in order to set a department which prioritizes discussing acquired information
on sales of real estate, etc., established rules on priority rights of consideration based on the type, size, and such of properties, to determine
the order of discussion priority in advance at the Asset Management Company. Furthermore, it has established a Pipeline Meeting with
the Compliance Officer as a member in order to provide asset management services in accordance to said rules, for the purpose of
preventing arbitrary allocation of the information about the sale of real estate, etc., and preventing conflict of interest from arising between
the investment corporations which consign the management business to the Asset Management Company. As mentioned above, theAsset Management Company is taking appropriate measures for conflict-of-interest transactions.
(f) Important Subsequent Events after the Closing Date
Not applicable(Reference Information)a. Sale of Properties
The Investment Corporation sold the following real estate (part of land) on December 2, 2021, due to expropriation.
Date of Sale

Type ofSpecified Asset

Property Name

Location

Buyer

Sale Price(Millions of
Yen)(Note 1)

Appraisal
Value(Millions of
Yen)(Note 2)

Tokyo
Metropolitan
1,702
1,350
Government
Note 1: Transfer costs, settlement of property tax and city planning tax, and consumption tax, etc. are excluded from the figure.
Note 2: The price as of November 15, 2021, is indicated.
Note 3: The property is owned as trust beneficiary interest, and Mitsubishi UFJ Trust and Banking Corporation, which is thetrustee, sold only the asset to be sold as real estate in kind in the sale.

December 2,
2021

Real estate(part of land) (Note 3)

KDX Toranomon
1chome Building

Minato-ku,
Tokyob. Borrowings
The Investment Corporation executes a line-of-credit loan master agreement for securing flexible and stable financing methods and making
its financial base more robust when acquiring assets and repaying borrowings (including redemptions of investment corporation bonds).
Maximum Amount

5,000 million yen

Contract Date

November 26, 2021

Contract Period

November 30, 2021 to November 30, 2022

Contract Type

Bilateral type line of credit loan agreement (uncommitted)

Counterparty

Mizuho Bank, Ltd.

Collateral

Unsecured, unguaranteed

In addition, the Investment Corporation executed borrowing of a total of 2,800 million yen (Series 191) under this agreement on November
30, 2021.
(2) Risk Factors
There are no significant changes to the “Investment Risks” as described in the latest Securities Report submitted on July 29, 2021, and thedisclosures are omitted.
- 8 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)(3) Outlook
Forecasts for the thirty-fourth fiscal period (November 1, 2021, to April 30, 2022) and for the thirty-fifth fiscal period (May 1, 2022, toOctober 31, 2022) are presented as follows.
Thirty-fourth fiscal period (November 1, 2021, to April 30, 2022)
Operating Revenues
Operating Income
Ordinary Income
Net Income
Distributions per Unit
Excess of Earnings

15,757 million yen
7,227 million yen
6,288 million yen
6,287 million yen
14,000 yen- yen

Thirty-fifth fiscal period (May 1, 2022, to October 31, 2022)
Operating Revenues
Operating Income
Ordinary Income
Net Income
Distributions per Unit
Excess of Earnings

15,209 million yen
6,694 million yen
5,800 million yen
5,799 million yen
14,000 yen- yen

For preconditions and assumptions of the outlook, please refer to the following “Preconditions and Assumptions for the Thirty-FourthFiscal Period Ending April 30, 2022, and for the Thirty-Fifth Fiscal Period Ending October 31, 2022.”
Note: Forecast figures above are calculated based on certain assumptions. Readers are advised that actual net income and distributions per unit may differ
significantly from forecasts due to a variety of reasons. Accordingly, the Investment Corporation does not guarantee payment of the forecast
distributions per unit.

- 9 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Preconditions and Assumptions for the Thirty-Fourth Fiscal Period Ending April 30, 2022, and for the Thirty-Fifth Fiscal Period Ending
October 31, 2022
Item
Preconditions and Assumptions
 The thirty-fourth fiscal period: November 1, 2021, to April 30, 2022 (181 days)
Calculation Period The thirty-fifth fiscal period: May 1, 2022, to October 31, 2022 (184 days)
 It is assumed that the sale of KDX Toranomon 1chome Building (part of land) conducted on December 2,
2021, has been reflected among the 96 properties that are composed of real estate and trust beneficiary interestin real estate owned by the Investment Corporation as of the end of the thirty-third fiscal period (October 31,2021).
 It is assumed that there will be no sale of assets in the property portfolio by the end of the thirty-fifth fiscal
Property Portfolio
period other than above.
 The Investment Corporation also holds the TK equity other than above. It assumes the refund of the TK equity
will not occur by the end of the thirty-fifth fiscal period.
 The actual results may fluctuate due to changes in the property portfolio.
 Rental revenues are estimated based on valid leasing agreements as of December 14, 2021, and by considering
variable factors, such as seasonal factors against the backdrop of historical performance, as well as leasing
conditions, such as the recent real estate market conditions, in addition to the difference in number of operatingdays due to transfers in existing investment assets.
 Dividends received of 53 million yen for the thirty-fourth fiscal period and 46 million yen for the thirty-fifth
fiscal period have been assumed with regard to the TK equity stated in the above “Property Portfolio.”
Operating Revenues
 Forecasts are based on the assumption that there will be no rent in arrears or non-payments from tenants.
 It is estimated that gain on sale of real estate, etc. of 763 million yen for the thirty-fourth fiscal period will berecorded from the sale of KDX Toranomon 1chome Building (part of land) sold on December 2, 2021.
 In addition to the above, rental revenues are estimated by considering a certain degree of decrease due to theimpact of COVID-19.
 Expenses related to rental business other than depreciation are based on the historic expenses, adjusted toreflect expense variables including seasonal factors.
 An amount of 1,450 million yen for the thirty-fourth fiscal period and 1,440 million yen for the thirty-fifth
fiscal period has been assumed for property and facility management fees (property management and building
maintenance fees, etc.).
 An amount of 1,348 million yen for the thirty-fourth fiscal period and 1,403 million yen for the thirty-fifth
fiscal period has been assumed for taxes and public dues (property tax and city planning tax, etc.).
 An amount of 2,603 million yen for the thirty-fourth fiscal period and 2,629 million yen for the thirty-fifth
fiscal period has been assumed for depreciation expense.
Operating Expenses
 An amount of 474 million yen for the thirty-fourth fiscal period and 380 million yen for the thirty-fifth fiscal
period has been assumed for repairs, maintenance and renovation expenses. Repairs, maintenance andrenovation expenses are estimated based on the amounts budgeted by the Asset Management Company foreach property and considered essential for the period. Actual repairs, maintenance and renovation expenses
for the fiscal period may, however, differ significantly from estimated amounts due to unforeseen
circumstances or emergencies.
 In general, property tax and city planning tax are allocated to the seller and buyer on a pro rata basis at thetime of acquisition settlement. In the case of the Investment Corporation, an amount equivalent to the portion
allocated to the purchaser is included in the acquisition cost of the property.
 Interest payable (including financing related expenses, etc.) of 912 million yen for the thirty-fourth fiscal
Non-Operating Expenses
period and 884 million yen for the thirty-fifth fiscal period is assumed.
Extraordinary Profit/Loss Borrowings andInvestment Corporation
Bonds



Extraordinary profit/loss is not assumed.
The balance of the borrowings and the investment corporation bonds as of December 14, 2021, is 185,750
million yen and 13,000 million yen, respectively.
Of the borrowings as of December 14, 2021, no borrowings are due for repayment during the thirty-fourthfiscal period and a total of 11,450 million yen in borrowings is due for repayment during the thirty-fifth fiscal
period. However, it is assumed that all borrowings will be refinanced.
Of the investment corporation bonds as of December 14, 2021, 1,000 million yen of investment corporation
bonds will mature by the end of the thirty-fifth fiscal period. However, it is assumed that all investment
corporation bonds will be redeemed with the funds procured through the issuance of investment corporation
bonds and borrowings, etc.

- 10 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Preconditions and Assumptions

Item
Total Number of
Investment Units Issued
and Outstanding






Distributions per UnitDistributions in Excessof Earnings per Unit

The total number of investment units issued and outstanding is assumed to be 428,510 units, which is the total
number of investment units issued and outstanding as of October 31, 2021.
It is assumed that the total number of investment units issued and outstanding will remain unchanged till theend of the thirty-fifth fiscal period.
Distributions per unit are calculated in accordance with the Cash Distribution Policies outlined in theInvestment Corporation’s Articles of Incorporation.
It is assumed that the amount obtained by deducting 288 million yen of the provision of reserve for special
account for tax purpose reduction entry among estimated gain on sale of real estate, etc. from the sale of KDX
Toranomon 1chome Building (part of land) conducted on December 2, 2021, from net income will be
distributed in the thirty-fourth fiscal period and the amount obtained by adding 199 million yen of reversal ofreserve for reduction entry to net income will be distributed in the thirty-fifth fiscal period, but the amount ofprovision of reserve for special account for tax purpose reduction entry and reversal of reserve for reduction
entry may change due to the management conditions, etc.
Actual distributions per unit may differ significantly from forecast figures due to a variety of reasons includingtransfers in investment assets, rental revenues impacted by tenant turnover or incidence of major unforeseenrenovation expense.



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

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

Other


- 11 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

2. Financial Statements(1) Balance Sheets(Thousands of Yen)
Thirty-Second Fiscal Period

Thirty-Third Fiscal Period(As of April 30, 2021)(As of October 31, 2021)

AssetsCurrent assets
Cash and deposits

18,455,256

19,273,842

Cash and deposits in trust

11,859,877

11,434,175

Accounts receivable-trade

255,807

286,109

Prepaid expenses

70,834

109,784

Other
Total current assets

10,8798,478

30,652,654

31,112,390

18,026,779

18,103,290

Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation(6,832,965)(7,140,580)

Buildings, net

11,193,814

10,962,709

Structures

43,56444,224

Accumulated depreciation(19,020)(20,238)

Structures, net

24,54323,985

Machinery and equipment

442,289

452,189

Accumulated depreciation(297,207)(309,897)

Machinery and equipment, net

145,082

142,292

Tools, furniture and fixtures

100,902

101,522

Accumulated depreciation(72,220)(76,005)

Tools, furniture and fixtures, net

28,681

25,516

Land

27,520,902

27,520,902

Buildings in trust

127,845,813 *2

128,595,353

Accumulated depreciation(36,476,702)(38,615,129)

Buildings in trust, net

91,369,111

89,980,223

Structures in trust

386,893391,649

Accumulated depreciation(199,805)(212,382)

Structures in trust, net

187,087

179,266

Machinery and equipment in trust

1,930,865

2,003,777

Accumulated depreciation(855,126)(917,306)

Machinery and equipment in trust, net

1,075,738

1,086,471

Tools, furniture and fixtures in trust

649,345

723,095

Accumulated depreciation(378,890)(406,805)

Tools, furniture and fixtures in trust, net

270,454316,289

291,876,758

291,876,758

12,7505,300

423,704,925

422,119,717

Land leasehold

285,257

285,257

Land leasehold in trust

347,652

346,877

137

98

633,047

632,233

1,134,996

1,138,386

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

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

10,00010,000

Lease and guarantee deposits in trust

122,889

122,889

Long-term prepaid expenses

1,182,675

1,103,037

12,66230,454

Other- 12 -*2

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

Total investments and other assets
Total noncurrent assets

Thirty-Second Fiscal Period

Thirty-Third Fiscal Period(As of April 30, 2021)(As of October 31, 2021)

2,463,223

2,404,768

426,801,196

425,156,719

51,41958,503

Deferred assets
Investment corporation bond issuance costs
Total deferred assets
Total assets

51,41958,503

457,505,270

456,327,613

Liabilities
Current Liabilities
Accounts payable

1,658,337

1,642,689

Short-term loans payable

6,800,000

10,600,000－

1,000,000

Current portion of investment corporation bonds
Current portion of long-term loans payable

21,700,000

18,550,000

Accounts payable-other594,832

465,668

Accrued expenses

76,731

87,958

Income taxes payable

813

776

Accrued consumption taxes

476,580

268,140

Advances received

2,851,496

2,601,486

Deposits received

12,260

2,744

Other
Total current liabilities－

111

34,171,052

35,219,575

Noncurrent liabilities
Investment corporation bonds

11,000,000

12,000,000

Long-term loans payable

159,250,000

156,600,000

Tenant leasehold and security deposits

2,065,341

2,128,145

Tenant leasehold and security deposits in trust

19,525,890

19,551,492

Other511,308

283,539

Total noncurrent liabilities

192,352,540

190,563,178

Total liabilities

226,523,593

225,782,754

220,970,508

220,970,508

Net assets
Unitholders' equity
Unitholders' capital
Surplus
Voluntary reserve
Reserve for reduction entry

3,493,596

3,917,542

Total voluntary reserve

3,493,596

3,917,542

Unappropriated retained earnings (undisposed loss)

7,016,251

5,910,032

Total surplus

10,509,848

9,827,574

Total unitholders' equity

231,480,356

230,798,082(498,680)(253,223)

Valuation and translation adjustments
Deferred gains or losses on hedges
Total valuation and translation adjustments(498,680)

Total net assets

230,981,676

Total liabilities and net assets

457,505,270- 13 -(253,223)*1

230,544,859
456,327,613*1

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(2) Statements of Income(Thousands of Yen)
Thirty-Second Fiscal Period
November 1, 2020, toApril 30, 2021

Thirty-Third Fiscal Period
May 1, 2021, toOctober 31, 2021

Operating revenues
Rental revenues

13,508,875*1

13,261,580*1Other rental revenues

1,610,737*1

1,720,308*1

Gain on sales of real estate, etc.

1,128,423*2

Dividends income
Total operating revenue－

53,08946,86016,301,126

15,028,749

Operating expenses
Property related expenses

6,880,711*1

Loss on sale of real estate, etc.

198,923*2

Asset management fees

1,044,945

930,027

Directors' compensation

8,400

8,400

Asset custody fees

23,742

23,687Administrative service fees

59,23159,004

Audit fees

12,80012,800

Other operating expenses

81,527

82,769Total operating expenses

8,310,282

8,170,767

7,990,843

6,857,981

Operating income

7,054,078－

Non-operating income
Interest income

49

45

Dividends and redemption-prescription

398

371

4

7

453

424

776,153775,597

Interest on refund
Total non-operating income
Non-operating expenses
Interest expenses
Interest expenses on investment corporation bonds

33,24934,594

Borrowing related expenses

125,161

128,022

Amortization of investment corporation bond issuance costs

5,975

6,802

Amortization of investment unit issuance expenses

9,171

－

Other

24,044

2,277

Total non-operating expenses

973,755

947,294

Ordinary income

7,017,541

5,911,112

Income before income taxes

7,017,541

5,911,112

Income taxes-current

1,299

1,181

Income taxes-deferred

(9)

6

1,290

1,188

7,016,251

5,909,924－

108

7,016,251

5,910,032

Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)- 14 -*1

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(3) Statements of Unitholders’ Equity
Thirty-Second Fiscal Period (November 1, 2020, to April 30, 2021)(Thousands of Yen)
Valuation and translation
adjustments

Unitholders' equity
Surplus
Unitholders'
capitalVoluntary reserve

Unappropriatedretained earnings(undisposed loss)

Total surplus

Total unitholders' Deferred gains orequitylosses on hedges

Total valuationand translation
adjustments

Total net assets(391,228)

230,665,074

Reserve for
reduction entry

Total voluntary
reserve

2,775,335

2,775,335

7,310,459

10,085,794

231,056,303

718,261

718,261(718,261)－－－

Distribution from surplus(6,592,197)(6,592,197)(6,592,197)(6,592,197)

Net income

7,016,251

7,016,251

7,016,251

7,016,251

Balance at the beginning ofcurrent period

220,970,508(391,228)

Changes during the period
Provision of reserve for
reduction entry

Items other than unitholders'equity, net
Total changes during the period
Balance at the end of current
period(107,451)(107,451)(107,451)－

718,261

718,261(294,208)

424,053424,053(107,451)(107,451)

316,601* 220,970,508

3,493,596

3,493,596

7,016,251

10,509,848

231,480,356(498,680)(498,680)

230,981,676

Thirty-Third Fiscal Period (May 1, 2021, to October 31, 2021)(Thousands of Yen)
Valuation and translation
adjustments

Unitholders' equity
Surplus
Unitholders'
capitalVoluntary reserve

Unappropriatedretained earnings(undisposed loss)

Total surplus

Total unitholders' Deferred gains orequitylosses on hedges

Total valuationand translation
adjustments

Total net assets(498,680)

230,981,676

Reserve for
reduction entry

Total voluntary
reserve

3,493,596

3,493,596

7,016,251

10,509,848

231,480,356

423,945423,945(423,945)－－－

Distribution from surplus(6,592,197)(6,592,197)(6,592,197)(6,592,197)

Net income

5,909,924

5,909,924

5,909,924

5,909,924

Balance at the beginning ofcurrent period

220,970,508(498,680)

Changes during the period
Provision of reserve for
reduction entry

Items other than unitholders'equity, net
Total changes during the period
Balance at the end of current
period245,456

245,456

245,456－

423,945423,945(1,106,218)(682,273)(682,273)

245,456

245,456(436,817)* 220,970,508

3,917,542

3,917,542

5,910,032

9,827,574

230,798,082(253,223)(253,223)

230,544,859- 15 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(4) Basis for Calculating Cash Distribution(Unit: Yen)
Thirty-Third Fiscal Period(May 1, 2021, to October 31, 2021)

Thirty-Second Fiscal Period(November 1, 2020, to April 30, 2021)
I.

Unappropriated retained earnings at theend of fiscal period under review

7,016,251,384

5,910,032,522-

89,107,478

6,592,197,840

5,999,140,000(15,384)(14,000)

423,945,058-

108,486-

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

In accordance with the policy stipulated in Article 35(1) of its Articles of Incorporation, the Investment
Corporation determines that the amount of distribution
shall exceed the amount equivalent to 90% of its
distributable profit as stipulated in Article 67-15 of the
Act on Special Measures Concerning Taxation, andshall be up to the amount of its profits as the ceiling.
Following this policy, the Investment Corporation has
decided to distribute 5,999,140,000 yen, themaximum integral multiple amount of the total
number of investment units issued and outstanding of
428,510 units, based on the total amount obtained byadding the reversal of reserve for reduction entry to theunappropriated 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.

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

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

Thirty-Second Fiscal Period
November 1, 2020, to April 30, 2021

Thirty-Third Fiscal Period
May 1, 2021, to October 31, 2021

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

7,017,541

5,911,112

Depreciation

2,549,244

2,567,220

116,505

118,773

Amortization of long-term prepaid expenses
Interest income

(49)

(45)

Interest expenses

809,403810,191

9,171

-

5,975

6,802

Decrease (increase) in accounts receivable-trade80,426(30,301)

Decrease (increase) in prepaid expenses

39,114(38,950)

Increase (decrease) in accounts payable(290,597)

241,808

Increase (decrease) in accounts payable-other(80,554)(129,720)

Increase (decrease) in accrued consumption taxes

171,759(208,440)

Increase (decrease) in advances received

173,084(250,010)

Increase (decrease) in deposits received

8,460(9,620)3,086,836-

Decrease (increase) in long-term prepaid expenses(116,060)(39,136)

Other(15,521)(26,736)

13,564,741

8,922,94749

45(811,899)(798,964)

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

Changes in property, plant and equipment held in trust fromsale

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

(764)

(820)

12,752,128

8,123,207(45,815)(76,560)(1,168,428)(1,062,136)

Net cash provided by (used in) investment activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust
Purchase of intangible assets

(27)

-

Payments of tenant leasehold and security deposits(28,160)(247,466)

Proceeds from tenant leasehold and security deposits

181,075

222,552

Payments of tenant leasehold and security deposits in trust(954,679)(809,827)

Proceeds from tenant leasehold and security deposits in trust

1,004,016

848,272

Payments of restricted bank deposits in trust(20,285)(12,137)

Proceeds from restricted bank deposits in trust

9,631

-

(1,022,674)(1,137,304)

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

5,800,000

7,300,000

Repayment of short-term loans payable(11,500,000)(3,500,000)

Proceeds from long-term loans payable

13,900,000

6,000,000

Repayment of long-term loans payable(11,200,000)(11,800,000)

Proceeds of investment corporation bond issuance-

1,986,113(3,228)-Dividends paid

(6,592,738)(6,591,270)

Net cash provided by (used in) financing activities(9,595,966)(6,605,157)

Net increase (decrease) in cash and cash equivalents

2,133,486

380,746

Cash and cash equivalents at the beginning of period

26,433,973

28,567,460

Cash and cash equivalents at the end of period

28,567,460

Payments of investment corporation bond issuance costs- 17 -*

28,948,207*

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 securities
Share with no market price, etc.
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(1) 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 for
said fiscal period for the portion of such taxes corresponding to said period.
In connection with the acquisition of real estate or trust beneficiary interests in real estate
during the fiscal period under review, the Investment Corporation included its pro rata
property portion for the year in the acquisition cost of each property and not as rental
expenses. There is no amount of property tax, etc. included in the acquisition cost of realestate, etc. in the thirty-second and thirty-third fiscal periods.
(2) Standard for recording revenue
The main content of the performance obligation regarding the revenue from contracts withthe customers of the Investment Corporation and the normal point of time when satisfying
the said performance obligation (normal point of time when recognizing revenue) are as
follows.
1. Sale of real estate, etc.
For the revenue from sale of real estate, etc., revenue is recorded when the buyer who
is a customer gains control of the real estate by performing the obligation of handoverstipulated in the contract for real estate sales.
2. Utility charge reimbursement
For utility charge reimbursement, revenue is recorded in accordance with the supplyof electricity, tap water, etc. to the lessee who is a customer based on the leaseagreement of real estate, etc. and the content of agreement incidental to it.
Of the utility charge reimbursement, for those that are determined to fall under the
category of an agent by the Investment Corporation, the net amount obtained bydeducting the amount paid to other related parties supplying electricity, gas, etc. fromthe amount received as the fee of electricity, gas, etc. is recognized as revenue.

- 18 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

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.

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 accounting policies utilized in the preparation offinancial 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.

(Notes on Change in Accounting Policy)
1. Application of Accounting Standard for Revenue Recognition, Etc.
The Investment Corporation decided to apply the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29 issued on March
31, 2020. “the Revenue Recognition Accounting Standard”), etc. from the beginning of the current calculation period, and recognize revenue
based on the amount which is expected to be received in exchange for the promised goods and services when the control of such goods andservices is transferred to customers. This has minimal impact on the financial statement for the current calculation period.
Moreover, in accordance with the transitional treatment stipulated in Paragraph 89-3 of the Revenue Recognition Accounting Standard, thenotes “related to revenue recognition” for the previous calculation period are not indicated.
2. Application of Accounting Standard for Fair Value Measurement, Etc.
The Investment Corporation decided to apply the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30 issued on
July 4, 2019. “the Fair Value Measurement Accounting Standard”), etc. from the beginning of the current calculation period, and apply the
new accounting policy stipulated in the Fair Value Measurement Accounting Standard, etc. over the future in accordance with the transitional
treatment stipulated in Paragraph 19 of the Fair Value Measurement Accounting Standard and Paragraph 44-2 of the “Accounting Standard
for Financial Instruments” (ASBJ Statement No. 10 issued on July 4, 2019). This has minimal impact on the financial statement for thecurrent calculation period.

- 19 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(8) Notes on Financial Statements(Notes on Balance Sheets)*1. Minimum unitholders’ equity pursuant to Article 67, paragraph 4 of the Act on Investment Trusts and Investment Corporations(Thousands of Yen)
Thirty-Second Fiscal Period(as of April 30, 2021)

Thirty-Third Fiscal Period(as of October 31, 2021)
50,00050,000*2. The amount of advanced depreciation of property, plant and equipment acquired by government subsidy, etc.
(Thousands of Yen)
Thirty-Second Fiscal Period(as of April 30, 2021)
Buildings in trust

Thirty-Third Fiscal Period(as of October 31, 2021)
26,23026,2303. Commitment line agreement
The Investment Corporation has concluded a commitment line agreement with bank of account, etc.
Thirty-Second Fiscal Period(as of April 30, 2021)(Thousands of Yen)
Thirty-Third Fiscal Period(as of October 31, 2021)

Maximum amount

6,000,000

9,000,000

Drawn credit facility--

6,000,000

9,000,000

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

(Thousands of Yen)

Thirty-Second Fiscal Period
November 1, 2020, to April 30, 2021

Thirty-Third Fiscal Period
May 1, 2021, to October 31, 2021

A. Rental and other operating revenues
Rental revenues
Leasing income

11,882,196

11,710,362

Common area charges

1,626,678

1,551,218

Subtotal

13,508,875

13,261,580

Parking space rental revenues

495,509475,555

Utility charge reimbursement

895,090

1,025,789

Miscellaneous

220,136

218,963

Subtotal

1,610,737

1,720,308

15,119,613

14,981,889

1,438,342

1,414,777

Other rental revenues

Total rental and other operating revenues
B. Rental and other operating expenses
Property-related expenses
Property management fees and facility management fees
Utilities

887,792

1,023,838

Taxes

1,302,176

1,339,335

Repairs and maintenance costs

356,093

337,875

Insurance

19,514

19,306

Trust fees

30,152

29,767

Others297,808

321,977

Depreciation

2,548,829

2,567,199

6,880,711

7,054,078

8,238,901

7,927,810

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

- 20 -

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

Thirty-Second Fiscal Period (November 1, 2020, to April 30, 2021)(Thousands of Yen)
(1) KDX Shin-Nihonbashi Building
Revenue from sale of real estate, etc.

3,200,000

Cost of real estate, etc. sold

1,971,004

Other sales expenses

100,571

Gain on sale of real estate, etc.

1,128,423(2) KDX Hon-Atsugi Building
Revenue from sale of real estate, etc.

935,000

Cost of real estate, etc. sold

1,115,831

Other sales expenses

18,091

Loss on sale of real estate, etc.

198,923

Thirty-Third Fiscal Period (May 1, 2021, to October 31, 2021)
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
Thirty-Second Fiscal Period
November 1, 2020, to April 30, 2021
Total number of authorized investment units
Total number of investment units issued andoutstanding

Thirty-Third Fiscal Period
May 1, 2021, to October 31, 2021

2,000,000 units

2,000,000 units

428,510 units

428,510 units(Notes on Statements of Cash Flow)* Reconciliation of balance sheet items to cash and cash equivalents at end of period in the cash flows statements(Thousands of Yen)
Thirty-Second Fiscal Period
November 1, 2020, to April 30, 2021

Thirty-Third Fiscal Period
May 1, 2021, to October 31, 2021

Cash and deposits

18,455,256

19,273,842

Cash and deposits in trust

11,859,877

11,434,175

Restricted bank deposits held in trust (Note)(1,747,673)(1,759,810)

Cash and cash equivalents

28,567,460

28,948,207

Note: Restricted bank deposits held in trust are retained for repayment of tenant leasehold and security deposits held in trust.

- 21 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(Notes on Lease Transactions)Operating lease transactions(Lessor)(Thousands of Yen)
Thirty-Second Fiscal Period(as of April 30, 2021)

Thirty-Third Fiscal Period(as of October 31, 2021)

Unearned lease payments
3,250,060

Due within one year

2,863,474

Due after one year

7,850,178

7,163,359

Total

11,100,238

10,026,834(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 throughbank loans and the issuance of investment corporation bonds and new investment units. The Investment Corporation makes use ofderivative instruments primarily as a risk hedge against interest rate fluctuations and to lessen interest payments. In addition, it is company
policy to not conduct speculative derivative transactions. Management of surplus funds is undertaken in a prudent manner that considers
fully such factors as safety, liquidity, interest rate conditions and cash flows.
(2) Financial Instruments and Respective Risks
Investment securities are TK interests, which are subject to credit risk of the issuer and risk of fluctuation of value of real estate, etc.
Loans and investment corporation bonds are used primarily for procuring funds necessary for the acquisition of properties and have a
repayment date of a maximum of about nine years and one month 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 andhedged items, hedge policy, and the method of evaluation of hedge effectiveness, please refer to “5. Accounting for hedges” in “(7)Important Accounting Standards.”(3) Risk Management Structure with Regard to Financial Instruments
A. Management of Market Risk (Risk Associated with Fluctuations in Interest Rates and Others)
The Investment Corporation uses interest rate swap transactions to minimize risks associated with interest payment rate fluctuations
on funds procured. The Investment Corporation will periodically grasp the value of real estate, etc. and financial condition, etc. of theissuer with regard to investment securities.
B. Management of Liquidity Risk (Risk of Defaulting on Payments by the Due Date) Associated with Funds Procurement
Although loans and other liabilities are subject to liquidity risks, the Investment Corporation reduces such risks by spreading out
payment due dates and by using diversified fund procurement methods. Liquidity risk is also managed by such means as regularly
checking the balance of cash reserves.
(4) Supplemental Explanation of Items with Regard to Fair Value of Financial Instruments
Because the factors incorporated into the calculation of fair value of financial instruments 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. Moreover, because “Cash and deposits,” “Cashand deposits in trust” and “Short-term loans payable” are settled with cash in the short term, the fair value can be considered as equivalent
to the book value. Therefore, the notes for them have been omitted.

- 22 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Thirty-Second Fiscal Period (as of April 30, 2021)(Thousands of Yen)
Book Value(1) Current portion of investment corporation
bonds(2) Current portion of long-term loans payable(3) Investment corporation bonds(4) Long-term loans payable
Total
Derivative transaction

Fair Value

Difference

-

-

-

21,700,000
11,000,000
159,250,000
191,950,000(498,680)

21,756,816
11,019,300
160,294,270
193,070,386(498,680)

56,816
19,3001,044,270
1,120,386-

Thirty-Third Fiscal Period (as of October 31, 2021)(Thousands of Yen)
Book Value

Fair Value

Difference(1) Current portion of investment corporation
1,000,000
999,400(600)
bonds(2) Current portion of long-term loans payable
18,550,000
18,585,583
35,583(3) Investment corporation bonds
12,000,000
12,054,400
54,400(4) Long-term loans payable
156,600,000
157,523,811
923,811
Total
188,150,000
189,163,194
1,013,194
Derivative transaction(253,223)(253,223)* 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.
Liabilities(1) Current portion of investment corporation bonds and (3) investment corporation bonds
The fair value of investment corporation bonds is based on market price. The fair value of those for which no market price is available
is based on the quoted price obtained from counterparty financial institutions, etc.
(2) Current portion of long-term loans payable and (4) 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 interestby using the estimated interest rate in the event that the Investment Corporation conducts new borrowings of the same type. Among
long-term borrowings with floating interest rates, said borrowings, which are subject to special treatment of interest rate swaps, arecalculated 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 that the same type of borrowings is undertaken.
Derivative Transactions
Please refer to the following “Notes on Derivative Transactions.”
Note 2: Redemption schedule of investment corporation bonds and repayment schedule of loans after the closing date
Thirty-Second Fiscal Period (as of April 30, 2021)(Thousands of Yen)

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

-

1-2 yrs.

2-3 yrs.

3-4 yrs.

1,000,000

2,000,000

4,000,000

4-5 yrs.
-

21,700,000

11,950,000

13,200,000

16,050,000

24,900,000

93,150,000

12,950,000

15,200,000

20,050,000

24,900,000

97,150,000

1-2 yrs.

2-3 yrs.

3-4 yrs.

4-5 yrs.

4,000,000

2,000,000

2,000,000

Due within 1 yr.
Long-term loans payable
Total

4,000,000

21,700,000

Thirty-Third Fiscal Period (as of October 31, 2021)
Investment corporation bonds

More than 5 yrs.

1,000,000(Thousands of Yen)-

More than 5 yrs.
4,000,000

18,550,000

14,300,000

13,700,000

21,350,000

26,100,000

81,150,000

19,550,000

14,300,000

17,700,000

23,350,000

28,100,000

85,150,000- 23 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(Notes on Derivative Transactions)
1. Items that do not apply hedge accounting
Thirty-Second Fiscal Period (as of April 30, 2021) and Thirty-Third Fiscal Period (as of October 31, 2021): Not applicable
2. Items that apply hedge accounting
Thirty-Second Fiscal Period (as of April 30, 2021)
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 from69,850,000
69,850,000 (498,680)
counterparty financial
institutions.

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

55,950,000

37,250,000

Total

125,800,000

107,100,000 (498,680)*-* Special treatment of interest-rate swaps is reported at the fair value of applicable long-term loans payable. This is because such swaps are handled together

with hedged long-term loans payable.

Thirty-Third Fiscal Period (as of October 31, 2021)
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 from70,350,000
69,350,000 (253,223)
counterparty financial
institutions.

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

44,150,000

30,100,000

Total

114,500,000

99,450,000 (253,223)*-* 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 Revenue Recognition)
1. Information on the Breakdown of Revenue from Contracts with Customers
Thirty-Third Fiscal Period (May 1, 2021, to October 31, 2021)
Revenue from contracts with customers *Revenue from sale of real estate, etc.

Net sales to external customers－ thousand yen－ thousand yen

1,025,789 thousand yen

1,025,789 thousand yen

Other－ thousand yen

14,002,959 thousand yen

Total

1,025,789 thousand yen

15,028,749 thousand yen

Utility charge reimbursement* The rental revenues, etc. subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No. 13) and the sale of realestate, etc. subject to the “Practical Guidelines on Accounting by Transferors for Securitization of Real Estate Using Special Purpose
Companies” (Accounting System Committee Report No. 15 of the Japanese Institute of Certified Public Accountants) are notincluded in the above amount as they are not applied to the Revenue Recognition Accounting Standard. Moreover, the main revenue
from contracts with customers are revenue from sale of real estate, etc. and utility charge reimbursement.

2. Information Utilized as the Base for Understanding Revenue from Contracts with Customers
Thirty-Third Fiscal Period (May 1, 2021, to October 31, 2021)
The information is as described in the notes on important accounting standards.

- 24 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

3. Information on Relationship of Fulfillment of Performance Obligations Based on Contracts with Customers with Cashflow Generated from
Said Contracts and Amount and Period of Revenue Expected to Be Recognized in the Next Calculation Period or Thereafter from Contracts
with Customers Existing at the End of the Current Calculation Period(1) Balance of contract assets and contract liabilities, etc.
Thirty-Third Fiscal Period(May 1, 2021, to October 31, 2021)
Claims generated from contracts with customers(balance at beginning of fiscal year)
Claims generated from contracts with customers(balance at end of fiscal year)

212,192,000 yen
246,452,000 yen

Contract assets (balance at beginning of fiscal year)- yen

Contract assets (balance at end of fiscal year)- yen

Contract liabilities (balance at beginning of fiscal year)- yen

Contract liabilities (balance at end of fiscal year)- yen(2) Transaction value allocated to remaining performance obligations
Not applicable.
The Investment Corporation does not include contracts whose terms are initially expected to be less than one year as a target of the noteon transaction value allocated to remaining performance obligations as an expedient in practice.
With regard to utility charge reimbursements, as the Investment Corporation has the right to receive from customers an amount directly
corresponding to the value for the lessees, or customers, of sections for which performance is complete by the end of the fiscal period,
the amount it has the right to claim is recognized as revenue in accordance with Paragraph 19 of the Implementation Guidance on
Accounting Standard for Revenue Recognition. Accordingly, such is not included in the note on transaction value allocated to remaining
performance obligations through application of the provisions of Paragraph 80-22 (2) of the Accounting Standard for Revenue
Recognition.
(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 reportable segment subject to disclosure.
2. Related Information
Thirty-Second Fiscal Period (November 1, 2020, to April 30, 2021)(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 statementof 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 ofproperty, plant and 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 statementof income.

- 25 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Thirty-Third Fiscal Period (May 1, 2021, to October 31, 2021)(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 statementof 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 ofproperty, plant and 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 statementof income.
(Notes on Tax-effect Accounting)
1. Significant components of deferred tax assets and liabilities(Thousands of Yen)
Thirty-Second Fiscal Period(as of April 30, 2021)

Thirty-Third Fiscal Period(as of October 31, 2021)

Deferred tax assets
33

27

Amortization of land leasehold in trust

5,075

5,318

Deferred gains or losses on hedges

160,857

89,201Enterprise tax payable

Subtotal deferred tax assets
Valuation allowance

165,966

94,548(165,932)(94,520)

33

27

Total deferred tax assets

2. Significant components causing difference between statutory income tax rate and the effective tax rate after tax effect accounting(Unit: %)Thirty-Second Fiscal Period(as of April 30, 2021)
Statutory tax rate

Thirty-Third Fiscal Period(as of October 31, 2021)
31.46

31.46

(29.55)(31.93)-

0.47(Adjustments)
Deductible cash distributions
Reversal of reserve for reduction entry
Provision amount of reserve for reduction entry(1.90)-

Others0.01

0.01

Effective tax rate

0.02

0.02

(Notes on Related-party Transactions)
1. Parent company, major corporate unitholders and otherThirty-Second Fiscal Period (November 1, 2020, to April 30, 2021) and Thirty-Third Fiscal Period (May 1, 2021, to October 31, 2021):
Not applicable
2. Affiliated companies and otherThirty-Second Fiscal Period (November 1, 2020, to April 30, 2021) and Thirty-Third Fiscal Period (May 1, 2021, to October 31, 2021):
Not applicable
3. Fellow subsidiary companies and otherThirty-Second Fiscal Period (November 1, 2020, to April 30, 2021) and Thirty-Third Fiscal Period (May 1, 2021, to October 31, 2021):
Not applicable
4. Directors, major individual unitholders and otherThirty-Second Fiscal Period (November 1, 2020, to April 30, 2021) and Thirty-Third Fiscal Period (May 1, 2021, to October 31, 2021):
Not applicable- 26 -

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)
Thirty-Second Fiscal Period
November 1, 2020, to April 30, 2021

Thirty-Third Fiscal Period
May 1, 2021, to October 31, 2021

Book value
Balance at the beginning of the period

428,546,523

424,337,948

Changes during the period(4,208,574)(1,586,000)

424,337,948
422,751,947
Balance at the end of the period
517,402,000
517,705,000
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 thirty-second fiscal period, principal
increase/decrease factors were the sale of trust beneficiary interest in real estate of 2 properties totaling 3,086,836 thousand yen anddepreciation amounting to 2,548,829 thousand yen. For the thirty-third fiscal period, the principal increase/decrease factor wasdepreciation amounting to 2,567,199 thousand yen.

Income and loss for real estate for rental purposes are listed in “Notes on the Statements of Income.”(Notes on Information per Unit)

Net Assets per unit

Thirty-Second Fiscal Period
November 1, 2020, to April 30, 2021
539,034 yen

Thirty-Third Fiscal Period
May 1, 2021, to October 31, 2021
538,015 yen

16,373 yen
13,791 yen
Net income per unit
Note 1: Net income per unit is calculated by dividing net income by the weighted average (based on number of days) number of units. Net income
per unit after adjusting for diluted investment units is not included because there were no dilutive investment units.
Note 2: The basis of calculation for the net income per unit is as follow.
Thirty-Second Fiscal Period
Thirty-Third Fiscal Period
November 1, 2020, to April 30, 2021
May 1, 2021, to October 31, 2021
Net income
7,016,251
5,909,924(Thousands of Yen)
Amount not vested in ordinary unitholders(Thousands of Yen)
Net income for ordinary investment units
7,016,251
5,909,924(Thousands of Yen)
Average number of investment units
428,510428,510during the period (unit)(Notes on Important Subsequent Events)
Not applicable(Omission of Disclosure)
Disclosure of notes on the marketable securities, retirement payment, asset retirement obligations and gains and losses on equity-method, etc.
is omitted since the need for disclosure of such is considered low.
(9) Changes in the Total Number of Investment Units Issued and Outstanding
Changes in the total number of investment units issued and outstanding and unitholders’ capital in the last 5 years from the fiscal period underreview are summarized in the following table.
Total Number of Investment
Unitholders’ Capital
Units Issued and Outstanding(Millions of Yen)
(Units)Settlement Date
Particulars
Remarks
Increase
Increase
Balance
Balance(Decrease)(Decrease)
May 28, 2018
Public offering
22,500427,385
14,067220,267(Note 1)
June 15, 2018
Third-party allotment
1,125
428,510703
220,970(Note 2)
Note 1: The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring a portion offunds for the acquisition of new properties. The offer price was 646,425 yen per unit with an issue price of 625,209 yen per unit.
Note 2: The Investment Corporation undertook an additional issue of new investment units with an issue price of 625,209 yen per unit by way ofthird-party allotment with the aim of procuring a portion of funds for the acquisition of new properties.

- 27 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

3. Reference Information(1) Information Concerning Price of Assets in the Property Portfolio, Etc.
① Component of Assets
Asset Class

Type

Area

Office Buildings

Real Estate

Thirty-Second Fiscal Period(as of April 30, 2021)

Tokyo Metropolitan Area

Total Amount Held
(Millions of Yen)
(Note 1)
27,283

Ratio(%)(Note 2)
6.0

Total Amount Held
(Millions of Yen)
(Note 1)
27,134

Ratio(%)(Note 2)
5.9

11,914

2.6

11,826

2.6

39,198

8.6

38,960

8.5

Other Regional Areas

Total for Office Buildings
Total for Real Estate
Trust BeneficiaryInterest in Real
EstateOffice Buildings

Tokyo Metropolitan Area
Other Regional Areas

Total for Office Buildings
Tokyo Metropolitan Area

OthersThirty-Third Fiscal Period(as of October 31, 2021)

39,198

8.6

38,9608.5

317,41069.4

316,503

69.4

64,75514.2

64,31414.1

382,166

83.5

380,817

83.5

2,973

0.6

2,973

0.7

2,973

0.6

2,973

0.7

385,13984.2

383,791

84.1

Investment Securities (Note 3)

1,134

0.2

1,138

0.2

Bank Deposits and Other Assets

32,0327.0

32,437

7.1

Total Assets

457,505

100.0

456,327

100.0

Total for Others
Total of Trust Beneficiary Interests in Real Estate

Note 1: “Total Amount Held” is the amount allocated in the balance sheets at the end of the fiscal period (figures are on a net book value basis after deducting
depreciation), and truncated at less than 1 million yen.
Note 2: “Ratio” is the ratio of the amount allocated in the balance sheets to the total assets, rounded to the first decimal place.
Note 3: Interests in a silent partnership operated by G.K. KRF 43 are indicated.
Thirty-Second Fiscal Period(as of April 30, 2021)
AmountRatio(Millions of Yen)(%)
Total Liabilities

226,523

Total Net Assets
Total Assets

Thirty-Third Fiscal Period(as of October 31, 2021)
AmountRatio(Millions of Yen)
(%)
49.5

225,782

49.5

230,98150.5

230,54450.5

457,505

100.0

456,327

100.0② Details of Investment Assets
A. Major Components of Investment Securities
Details of investment assets held by the Investment Corporation as of October 31, 2021, are as follows.
Name

Area

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

Domestic
Area

Asset
Class
Interests
in a silent
partnership

Numberof Units

Book Value(Millions of Yen)

Appraisal Value(Millions of Yen)
(Note 1)

Ratio (%)
(Note 2)

Appraisal
profit/loss

Unit Price

AmountUnit Price

Amount

－

－

1,138

－

1,138

0.2

－

－

－

1,138

－

1,138

0.2

－

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

- 28 -

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 Thirty-Third Fiscal Period

Type

Area

Tokyo
OfficeMetropolitan
Buildings
Area

No.

Property Name

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

Direct Capitalization
MethodDiscounted Cash Flow Method

Value

Overall
Capitalization
Rate (%)

Value

Terminal
Discount
Capitalization
Rate (%)
Rate (%)

Appraiser(Note 4)

Ratio(%)
(Note 5)A-1

KDX Nihonbashi 313 Building

5,940

5,639

6,900

7,110

3.8

6,810

3.6

4.0

B

1.3

A-3

Higashi-Kayabacho Yuraku Building

4,450

3,960

5,330

5,390

4.0

5,270

3.7

4.1

A

1.0

A-4

KDX Hatchobori Building

3,680

3,251

3,510

3,570

4.1

3,480

3.9

4.3

B

0.8

A-5

KDX Nakano-Sakaue Building

2,533

2,294

2,500

2,530

4.3

2,490

4.1

4.5

B

0.5

A-6

Harajuku F.F. Building

2,450

2,367

3,490

3,510

4.4

3,460

4.1

4.5

A

0.5

A-7

KDX Minami Aoyama Building

2,270

2,184

2,770

2,790

3.8

2,740

3.5

3.9

A

0.5

A-8

KDX Kanda Kitaguchi Building

1,950

1,754

1,640

1,690

4.1

1,620

3.9

4.3

B

0.4

A-13

KDX Kojimachi Building

5,950

5,464

5,150

5,200

3.5

5,090

3.2

3.6

A

1.3

A-14

KDX Funabashi Building

2,252

2,190

2,850

2,860

5.0

2,830

4.7

5.1

A

0.5

A-16

Toshin 24 Building

5,300

4,645

5,320

5,350

4.2

5,280

3.9

4.3

A

1.2

A-17

KDX Ebisu Building

4,640

4,306

6,100

6,120

3.8

6,070

3.4

3.9

A

1.0

A-19

KDX Hamamatsucho Building

3,460

3,088

3,510

3,620

3.7

3,460

3.5

3.9

B

0.7

A-20

KDX Kayabacho Building

2,780

2,657

3,160

3,170

4.2

3,140

3.8

4.3

A

0.6

A-21

KDX Shinbashi Building

3,728

3,677

5,270

5,320

3.5

5,220

3.2

3.6

A

0.8

A-22

KDX Shin-Yokohama Building

2,520

2,150

2,560

2,580

4.7

2,540

4.4

4.8

A

0.5

A-26

KDX Kiba Building

1,580

1,368

1,140

1,140

4.7

1,130

4.3

4.7

A

0.3

A-27

KDX Kajicho Building

2,350

2,228

2,320

2,390

4.1

2,290

3.9

4.3

B

0.5

A-29

KDX Higashi-Shinjuku Building

2,950

2,905

3,980

4,060

4.2

3,950

4.0

4.4

B

0.6

A-30

KDX Nishi-Gotanda Building

4,200

3,642

3,470

3,540

4.1

3,400

3.9

4.3

A

0.9

A-31

KDX Monzen-Nakacho Building

1,400

1,248

1,120

1,160

4.6

1,100

4.4

4.8

B

0.3

A-32

KDX Shiba-Daimon Building

6,090

5,835

5,910

5,970

4.0

5,850

3.7

4.1

A

1.3

A-33

KDX Okachimachi Building

2,000

1,994

2,050

2,100

4.1

2,030

3.9

4.3

B

0.4

A-35

KDX Hachioji Building

1,155

1,152

1,220

1,230

5.0

1,210

4.8

5.2

B

0.2

A-37

KDX Ochanomizu Building

6,400

6,191

8,080

8,150

3.8

8,000

3.5

3.9

A

1.4

A-38

KDX Nishi-Shinjuku Building

1,500

1,511

1,480

1,490

4.2

1,470

3.9

4.3

A

0.3

A-41

KDX Shinjuku 286 Building

2,300

2,369

2,860

2,870

3.8

2,840

3.5

3.9

A

0.5

A-46

Hiei Kudan-Kita Building

7,600

7,394

8,350

8,550

3.7

8,270

3.5

3.9

B

1.7

A-48

KDX Kawasaki-Ekimae Hon-cho
Building

3,760

3,287

3,200

3,200

4.6

3,200

4.1

4.7

A

0.8

A-51

KDX Hamacho Nakanohashi Building

2,310

2,191

2,120

2,130

4.3

2,100

4.0

4.4

A

0.5

A-55

Shin-toshin Maruzen Building

2,110

2,041

1,750

1,770

4.2

1,730

3.8

4.4

A

0.4

A-56

KDX Jimbocho Building

2,760

2,804

2,530

2,540

4.1

2,520

3.7

4.2

A

0.6

A-59

KDX Iwamoto-cho Building

1,864

1,559

1,630

1,640

4.2

1,620

3.9

4.3

A

0.4

A-60

KDX Harumi Building

10,250

8,328

8,670

8,720

3.9

8,620

3.5

3.9

A

2.3

A-62

Koishikawa TG Building

3,080

3,050

3,270

3,290

4.1

3,240

3.8

4.2

A

0.6

A-63

KDX Gotanda Building

2,620

2,636

3,410

3,440

4.2

3,380

3.9

4.3

A

0.5

A-64

KDX Nihonbashi 216 Building

2,010

1,763

2,640

2,660

3.7

2,610

3.4

3.8

A

0.4

A-66

KDX Shinjuku Building

6,800

6,939

10,20010,300

3.4

10,000

3.1

3.5

A

1.5

A-67

KDX Ginza 1chome Building

4,300

4,109

5,630

5,780

3.5

5,570

3.3

3.7

B

0.9

A-71

KDX Iidabashi Building

4,670

4,792

5,740

5,940

4.0

5,660

3.8

4.2

B

1.0

A-72

KDX Higashi-Shinagawa Building

4,590

4,612

4,760

4,810

4.1

4,740

3.9

4.3

B

1.0

A-73

KDX Hakozaki Building

2,710

2,567

3,470

3,500

4.3

3,460

4.1

4.5

B

0.6

A-78

KDX Tachikawa Ekimae Building

1,267

1,321

1,730

1,730

4.8

1,720

4.5

4.9

A

0.2

- 29 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Appraisal Value at the End of Thirty-Third Fiscal Period
Type

Area

Tokyo
Metropolitan
Area

OfficeBuildings

Other
Regional
Areas

No.

Property Name

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

Direct Capitalization
MethodValue

Overall
Capitalization
Rate (%)

Discounted Cash Flow Method

Value

Terminal
Discount
Capitalization
Rate (%)
Rate (%)

Appraiser(Note 4)

Ratio(%)
(Note 5)A-83

KDX Fuchu Building

6,120

5,681

8,940

9,180

4.6

8,830

4.4

4.8

B

1.3

A-84

KDX Kasuga Building

2,800

2,604

4,110

4,140

4.0

4,070

3.7

4.1

A

0.6

A-85

KDX Nakameguro Building

1,880

1,881

3,470

3,510

4.2

3,450

4.0

4.4

B

0.4

A-86

KDX Omiya Building

2,020

2,119

3,110

3,140

4.9

3,090

4.7

5.1

B

0.4

A-87

Nihonbashi Horidomecho First

2,200

2,245

3,090

3,120

4.1

3,070

3.9

4.3

B

0.4

A-88

KDX Shinjuku 6-chome Building

1,900

1,954

3,440

3,500

4.1

3,410

3.9

4.3

B

0.4

A-89

KDX Takanawadai Building

5,250

5,564

6,700

6,760

4.0

6,640

3.7

4.1

A

1.1

A-90

KDX Ikebukuro Building

3,900

3,507

5,100

5,200

3.8

5,060

3.6

4.0

B

0.8

A-91

KDX Mita Building

3,180

3,139

3,980

4,010

3.9

3,950

3.6

4.0

A

0.7

A-92

KDX Akihabara Building

2,600

2,471

3,220

3,250

3.8

3,190

3.5

3.9

A

0.5

A-93

KDX Iidabashi Square

4,350

4,778

6,270

6,410

3.9

6,210

3.7

4.1

B

0.9

A-94

KDX Musashi-Kosugi Building

12,000

10,542

18,20018,4003.9

18,000

3.6

4.0

A

2.7

A-95

KDX Toyosu Grand Square

8,666

7,619

9,910

10,100

4.4

9,830

4.2

4.6

B

1.9

A-96

KDX Takadanobaba Building

3,650

3,580

4,580

4,630

4.2

4,560

3.9

4.4

B

0.8

A-99

KDX Ikebukuro West Building

1,934

1,998

2,470

2,500

4.1

2,450

3.9

4.3

B

0.4

A-101

KDX Yokohama Building

7,210

7,322

9,440

9,780

4.2

9,300

4.0

4.4

B

1.6

A-102

KDX Yokohama Nishiguchi Building

2,750

2,633

3,320

3,400

4.3

3,290

4.1

4.5

B

0.6

A-107

KDX Ginza East Building

3,600

3,645

3,910

3,930

3.9

3,880

3.6

4.0

A

0.8

A-108

Pentel Building

3,350

3,549

4,125

4,211

3.8

4,093

3.6

4.0

B

0.7

A-109

KDX Hamamatsucho Center Building

3,950

3,983

4,450

4,600

3.6

4,390

3.4

3.8

B

0.8

A-112

KDX Toranomon 1Chome Building

15,55015,84323,30023,5003.1

23,000

2.8

3.2

A

3.5

A-113

KDX Shin-Nihonbashi Ekimae Building

3,829

3,961

4,370

4,430

3.5

4,310

3.2

3.6

A

0.8

A-115

ARK Mori Building

4,169

4,183

4,880

5,080

3.5

4,800

3.3

3.7

B

0.9

A-116

KDX Nishi-Shinbashi Building

8,400

8,504

9,150

9,420

3.4

9,040

3.2

3.6

B

1.9

A-117

BR Gotanda

2,200

2,294

2,470

2,510

4.1

2,420

3.7

4.3

A

0.4

A-119

KDX Shibuya Nanpeidai Building

3,500

3,534

3,850

3,940

3.5

3,810

3.5

3.7

B

0.7

A-120

KDX Yoyogi Building

2,479

2,399

2,340

2,340

4.4

2,340

3.9

4.5

A

0.5

A-121

Ginza 4chome Tower

9,800

9,393

14,90015,0003.1

14,700

2.8

3.2

A

2.2

A-122

Mitsubishijuko Yokohama Building

14,72014,55915,00015,3003.9

14,800

3.4

4.1

B

3.3

A-123

KDX Yokohama Kannai Building

9,500

9,565

10,40010,7004.0

10,200

3.8

4.2

B

2.1

A-124

KDX Hamamatsucho Place

20,70020,346

23,40024,1003.3

23,100

3.1

3.5

B

4.7

A-125

KDX Chofu Building

8,700

9,022

10,200

10,200

4.5

10,100

4.1

4.6

A

1.9

A-127

KDX Kanda Ekimae Building

3,300

3,369

3,450

3,510

3.5

3,380

3.2

3.6

A

0.7

A-128

KDX Shinbashi Ekimae Building

16,30016,353

20,60020,9002.9

20,300

2.6

3.0

A

3.7

A-12

Portus Center Building

5,570

3,794

5,030

5,150

5.5

4,980

5.3

5.7

B

1.2

A-42

KDX Karasuma Building

5,400

4,999

5,930

6,070

4.7

5,870

4.5

4.9

B

1.2

A-44

KDX Sendai Building

2,100

1,857

2,060

2,080

5.2

2,050

5.2

5.4

B

0.4

A-53

KDX Hakata-Minami Building

4,900

4,296

5,040

5,070

5.6

5,000

5.3

5.7

A

1.1

A-54

KDX Kitahama Building

2,220

1,995

1,690

1,690

5.0

1,680

4.5

5.1

A

0.5

A-58

KDX Nagoya Sakae Building

7,550

6,189

5,710

5,760

4.3

5,690

4.1

4.5

B

1.7

A-69

KDX Kobayashi-Doshomachi Building

2,870

1,753

2,890

2,910

7.9

2,870

4.2

11.0

A

0.6

A-70

KDX Sapporo Building

2,005

1,955

2,550

2,620

4.7

2,520

4.5

4.9

B

0.4

A-79

KDX Nagoya Ekimae Building

7,327

7,803

10,100

10,200

3.9

9,960

3.6

4.0

A

1.6

A-82

KDX Higashi Umeda Building

2,770

2,226

3,860

3,880

4.2

3,850

4.0

4.4

B

0.6

A-97

KDX Utsunomiya Building

2,350

2,210

2,660

2,660

5.4

2,660

5.2

5.6

B

0.5

A-98

KDX Hiroshima Building

1,300

1,340

1,860

1,860

5.2

1,850

4.9

5.3

A

0.2

A-100

Senri Life Science Center Building

13,00012,306

13,70013,9004.4

13,600

4.2

4.6

B

2.9

A-104

KDX Minami-Honmachi Building

2,200

1,907

3,080

3,100

4.2

3,060

3.9

4.3

A

0.4

A-106

KDX Sakura-dori Building

5,900

6,565

8,400

8,560

4.5

8,330

4.3

4.7

B

1.3

A-110

KDX Shin-Osaka Building

4,550

4,469

5,520

5,670

4.1

5,450

3.9

4.3

B

1.0

A-111

KDX Nagoya Nichigin-mae Building

3,500

3,354

3,980

4,010

4.0

3,950

3.7

4.1

A

0.7

A-118

KDX Sapporo Kitaguchi Building

1,800

2,090

2,160

2,240

4.7

2,130

4.5

4.9

B

0.4

- 30 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Appraisal Value at the End of Thirty-Third Fiscal Period
Type

Area

No.

OfficeBuildings

Other
Regional
Areas

OthersTokyo
Metropolitan
Area

Property Name

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

KDX Tosabori Building

5,000

Subtotal of Office Buildings (95 properties)

437,300

A-126

Direct Capitalization
MethodDiscounted Cash Flow Method

Ratio
(%)
(Note 5)

Value

Overall
Capitalization
Rate (%)

5,080

4.1

4,910

3.8

4.2

A

1.1

419,778 514,155 522,121-

508,683

-

-

-

99.3

5,024

5,000

Value

Terminal
Discount
Capitalization
Rate (%)
Rate (%)

Appraiser(Note 4)

2,880

2,973

3,550

3,580

3.4

3,530

3.3

3.4

B

0.6

Subtotal of Others Properties (1 property)

2,880

2,973

3,550

3,580

-

3,530

-

-

0.6

Total of 96 properties

440,180

422,751 517,705

525,701-

512,213

-

-

-

D-2

Shinjuku 6chome Building (Land)

100.0

Note 1: Acquisition prices are the purchase prices for trust beneficiary interests or properties acquired by the Investment Corporation (excluding acquisition
costs, property tax, city planning tax, consumption tax, etc., rounded down to the nearest million yen.).
Note 2: Figures of less than 1 million are rounded down from the amounts on the balance sheet.
Note 3: Appraisal values at the end of fiscal period are based on the asset valuation method and standards outlined in the Investment Corporation’s Articles
of Incorporation and regulations formulated by the Investment Trusts Association, Japan. Appraisal values are transcribed from valuation reports
prepared by Japan Real Estate Institute and Daiwa Real Estate Appraisal Co., Ltd.
Note 4: Appraisals of the properties were entrusted to two appraisers: Japan Real Estate Institute and Daiwa Real Estate Appraisal Co., Ltd. In the table, theappraisers are referred to as “A” for Japan Real Estate Institute and “B” for Daiwa Real Estate Appraisal Co., Ltd.
Note 5: Figures are the acquisition price of each asset as a percentage of the total acquisition prices for the portfolio rounded down to the nearest first decimal
place. The figures entered in the subtotal and total columns are those obtained by dividing the subtotal (total) of acquisition prices of properties
corresponding to each subtotal and total column by the total acquisition price of the entire assets (96 properties).

(b) Property Distribution
Distribution by Property TypesType

Number of
Properties

Acquisition Price(Millions of Yen)

Ratio (Note)(%)

Office Buildings

95

437,300

99.3

Others

1

2,880

0.6

96

440,180

100.0

Total
Geographic Distribution
Area

Number of
Properties

Acquisition Price(Millions of Yen)

Ratio (Note)(%)

Tokyo Metropolitan Area

77

357,868

81.3

Other Regional Areas

19

82,31218.6

96440,180

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 - 2,50030

59,35713.4

2,500 - 5,000

38

133,82930.4

5,000 - 7,500

1484,25719.1

7,500 - 10,000

7

60,21613.6

10,000 - 12,500

222,2505.0

12,500 - 15,000

2

27,720

6.2

15,000 - 17,500

2

31,8507.2

17,500 - 20,000

-

-

-

20,000 - 22,500

120,7004.7

96440,180

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%.

- 31 -

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

A-5

KDX Nakano-Sakaue Building

1,235.16

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

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

6,399.42
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

A-19

KDX Hamamatsucho Building

504.26

Offices, Retail Shops
Parking

3,592.38

A-20

KDX Kayabacho Building

617.17

Offices, Parking

3,804.86

A-21

KDX Shinbashi Building

536.11A-22

KDX Shin-Yokohama Building

705.00A-26

KDX Kiba Building

922.77

Offices, Parking

2,820.64

A-27

KDX Kajicho Building

526.43

Offices, Retail Shops

3,147.70

A-29

KDX Higashi-Shinjuku Building

1,340.97

Offices
Storage, Parking

7,885.40

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-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, Retail Shops
Parking
Offices, Retail Shops
Parking

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

3,960.22
6,180.51

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
3,439.37

A-55

Shin-toshin Maruzen Building

457.64

Offices, Retail Shops
Parking

A-56

KDX Jimbocho Building

465.92

Offices

3,292.13

A-59

KDX Iwamoto-cho Building

266.86

Offices
Residential Complex

1,618.65

A-60

KDX Harumi Building

2,230.69

Offices, Retail Shops

12,694.32

A-62

Koishikawa TG Building

1,250.42

Offices, Clinic, Parking

5,862.02

A-63

KDX Gotanda Building

582.90

Offices, Garage

4,440.61

A-64

KDX Nihonbashi 216 Building

307.77

Offices

1,871.62
10,348.02
4,724.62

A-66

KDX Shinjuku Building

1,118.12

Offices, Retail Shops
Parking

A-67

KDX Ginza 1chome Building

678.24

Offices, Bank

- 32 -

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

SRC
B2F9
SRC
B1F9
SRC・RC
B1F8April 1974

6.8

January 1987

7.0

June 1993

7.0

SRC
B1F11

August 1992

5.0

November 1985

4.4

November 1988

6.7

May 1993

5.4

May 1994

4.7

April 1989

7.8

September 1984

7.9

January 1992

7.6

September 1999

7.4

October 1987

7.0

February 1992

7.7

September 1990

9.3

October 1992

6.5

March 1990

6.5

January 1990

6.8

November 1992

8.0

September 1986

6.4

July 1986

7.0

June 1988

7.7

December 1985

5.5

August 1982

8.5

October 1992

8.9

August 1989

6.4

March 1988

5.0

February 1985

7.4

September 1988

6.9

July 1990

6.5

May 1994

6.3

March 2008

8.4

February 2008

2.8

November 1989

6.8

April 1988

8.1

October 2006

6.9

May 1993

4.8

November 1991

6.9

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
F9
SRC
B1F7
RC
F5
SRC・RC
B1F9
SRC・S
B1F11
SRC
B1F9
SRC
F9
SRC
B1F8
SRC
B1F8
S
F9
S・SRC
B1F11
SRC
B1F8
SRC
B1F9
SRC
F9
S・RC
B4F11
SRC
F9

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Type

Area

Tokyo
Metropolitan
Area

OfficeBuildings

Other
Regional
Areas

No.

Property Name

Site Area(m2) (Note 1)

Usage(Note 2)

Total Floor Area(m2) (Note 3)

A-71

KDX Iidabashi Building

967.38

Offices, Parking

5,422.64

A-72

KDX Higashi-Shinagawa Building

3,115.45

Offices

10,138.65

A-73

KDX Hakozaki Building

971.83

Offices, Parking

6,332.48

A-78

KDX Tachikawa Ekimae Building

464.95

Offices

2,896.48

A-83

KDX Fuchu Building

2,400.00

Offices, Parking

16,647.00

Offices, Retail Shops
Parking

6,444.31

Offices

3,455.90

A-84

KDX Kasuga Building

1,319.24

A-85

KDX Nakameguro Building

730.26

A-86

KDX Omiya Building

775.67

A-87

Nihonbashi Horidomecho First

1,193.91

A-88

KDX Shinjuku 6-chome Building

1,072.03

A-89

KDX Takanawadai Building

2,547.15

Offices, Retail Shops
Parking, Residence
Offices, Residence
Parking
Offices, Retail Shops,
Parking
Offices
Offices, Retail Shops
Parking
Offices, Retail Shops
Garage5,055.50
7,362.25
5,907.00
9,265.03

A-90

KDX Ikebukuro Building

472.94

3,848.18

A-91

KDX Mita Building

548.72

A-92

KDX Akihabara Building

374.88Retail Shops, Offices

2,979.14

A-93

KDX Iidabashi Square

1,341.98

Offices, Parking

6,764.37

A-94

KDX Musashi-Kosugi Building

3,210.09

Offices, Retail Shops

16,094.14

A-95

KDX Toyosu Grand Square

20,403.07

Offices, Retail Shops

63,419.60

A-96

KDX Takadanobaba Building

1,511.58

Offices, Parking

6,576.07
3,477.86

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-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

KDX Chofu Building

13,265.06

Offices, Parking

31,536.86

A-127

KDX Kanda Ekimae Building

Offices

2,543.00

435.14874.36

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

A-128

KDX Shinbashi Ekimae Building

A-12

Portus Center Building

13,936.63

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- 33 -

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

7,327.63
79,827.08

13,238.16
4,652.96
9,594.00

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

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

March 1990

6.4

January 1993

8.1

November 1993

6.9

February 1990

3.5

March 1996

2.7

June 1992

6.4

October 1985

6.9

April 1993

3.8

July 1995

6.8

March 1990

5.2

October 1985

6.5

March 2009

4.7

March 1993

4.8

December 1973

7.9

January 1994

6.6

May 2013

7.0

April 2008

6.8

October 1988

6.9

July 1988

5.7

March 1994

8.8

October 1988

6.2

August 1991

5.6

November 1990

6.4

December 1985

8.0

October 2013

7.4

May 1992

5.8

March 1986

2.2

August 1992

5.2

September 1991

7.8

December 2003

7.4

August 1991

5.1

November 2008

5.9

February 1994

3.5

September 2007

1.1

February 2015

0.4

January 1995

7.2

February 1991

6.2

September 2018

4.6

September 1993

3.6

October 1982

1.0

February 1984

1.3

June 1973

0.9

July 1994

2.3

April 2009

0.3

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Type

OfficeBuildings

Other

Area

Other
Regional
Areas

Site Area(m2) (Note 1)

Usage(Note 2)

Total Floor Area(m2) (Note 3)

No.

Property Name

A-69

KDX Kobayashi-Doshomachi Building(Note 7)

1,561.04

Offices, Garage
Retail Shops

10,723.83

A-70

KDX Sapporo Building

819.44

Offices

5,503.90

A-79

KDX Nagoya Ekimae Building

1,354.10

Offices, Retail Shops

13,380.30

Type of Structure(Note 4)

A-100

Senri Life Science Center Building

5,911.08

A-104

KDX Minami-Honmachi Building

882.96A-106

KDX Sakura-dori Building

2,420.43

A-110

KDX Shin-Osaka Building

1,016.54

A-111

KDX Nagoya Nichigin-mae Building

732.14

Offices

5,862.22

A-118

KDX Sapporo Kitaguchi Building

782.69

Offices

4,639.44

A-126

KDX Tosabori Building

993.68

Offices, Garage

8,307.73

-

-

-

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

1,355.13

-

-

-

-

-

A-82

KDX Higashi Umeda Building

804.50A-97

KDX Utsunomiya Building

1,412.00

A-98

KDX Hiroshima Building

706.78Subtotal of Office Buildings (95 properties)
Tokyo
Metropolitan
D-2
Shinjuku 6chome Building (Land)
Area
Subtotal of Others Properties (1 property)
Total of 96 properties

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

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

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

July 2009

2.7

October 1989

1.3

April 1986

3.7

July 2009

2.2

February 1999

0.1

January 1990

1.1

June 1992

1.1

December 2009

2.4

August 1992

3.8

May 1992

3.3

September 2006

4.3

September 1992

1.8

October 1987

3.3

Avg. 25.1 yrs.

-

-

-

-

-

Avg. 25.1 yrs.

3.3

Note 1: Site area data is based on figures recorded in the land register (including relevant figures for land leasehold, if any). Data may not match with theactual current status. In the case of buildings with compartmentalized ownership, the figure indicates the site area of the entire land subject to site
rights.
Note 2: Usage is based on data recorded in the land register. For buildings with compartmentalized ownership, the usage type of exclusively owned area isshown.
Note 3: Total floor area is based on figures recorded in the land register and does not include related structures. The total floor area for the entire building isreported for compartmentalized ownership.
Note 4: Type of structure data is based on data recorded in the land register. For buildings with compartmentalized ownership, the structure and the numberof floors of the entire building that includes the compartmentalized ownership is shown. The following abbreviations are used to report data relating
to structure and the number of floors:
SRC: Steel-Reinforced Concrete; RC: Reinforced Concrete; S: Steel Frame; B: Below Ground Level; F: Above Ground Level.
For example: B2F9: Two floors below ground level and nine floors above ground level.
Note 5: Completion date is the date of construction completion recorded in the land register. Average age subtotal and total data are calculated using theweighted average based on acquisition prices as of October 31, 2021, 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 2021. Moreover, the renewal of
the “Earthquake PML Assessment System” has been reported by Sompo Risk Management Inc., in July 2021, and the “Portfolio Earthquake PML
Assessment Report” from October 2021 indicates the PML value after revision.
Note 7: KDX Kobayashi Doshomachi Building includes the fixed-term land leasehold with a special agreement to transfer building.

- 34 -

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)

No. ofNo. ofRental and Other
Tenant Leasehold
Total Leased Leasable
LeasedNo. of Occupancy
Operatingand Security
Rate
Floor Area
Tenants
Revenues
Deposits
Residential Residential(%)(m2)(Thousandsof Yen)
Units
Units
(Note
5)
(Thousands
of
Yen)
(Note
6)
(Note 2)
(Note 3) (Note 4)(Note 7)(Note 8)A-1

KDX Nihonbashi 313 Building

5,753.82

5,753.82

-

-

16

100.0

196,992

277,291

A-3

Higashi-Kayabacho Yuraku Building

4,379.66

4,379.66

-

-

7

100.0

127,688

233,445

A-4

KDX Hatchobori Building

3,323.14

3,323.14

-

-

4

100.0

113,091

113,700

A-5

KDX Nakano-Sakaue Building

4,289.49

4,136.97

18

17

26

96.4

88,705

115,331

A-6

Harajuku F.F. Building

3,071.15

3,071.15

-

-

2

100.0

103,517

141,464

A-7

KDX Minami Aoyama Building

1,815.19

1,815.19

-

-

8

100.0

72,92895,939

A-8

KDX Kanda Kitaguchi Building

1,918.23

1,918.23

-

-

10

100.0

51,83876,040A-13

KDX Kojimachi Building

3,719.18

3,283.42

-

-

8

88.3

144,005

189,388

A-14

KDX Funabashi Building

3,849.26

3,669.30

-

-

21

95.3

110,712149,295

A-16

Toshin 24 Building

6,616.68

6,616.68

-

-

20

100.0

174,396

280,345

A-17

KDX Ebisu Building

3,072.34

3,072.34

-

-

5

100.0

159,359

285,940

A-19

KDX Hamamatsucho Building

2,724.35

2,724.35

-

-

9

100.0

101,175

134,922

A-20

KDX Kayabacho Building

3,019.94

3,019.94

-

-

7

100.0

63,997

147,522

A-21

KDX Shinbashi Building

2,803.96

2,803.96

-

-

8

100.0

134,000

201,954

A-22

KDX Shin-Yokohama Building

4,768.94

4,768.94

-

-

20

100.0

95,493

165,279

A-26

KDX Kiba Building

2,455.49

2,455.49

-

-

5

100.0

41,073

63,348A-27

KDX Kajicho Building

2,564.79

2,564.79

-

-

10

100.0

73,06097,712A-29

KDX Higashi-Shinjuku Building

5,859.92

5,859.92

-

-

6

100.0

144,298

129,129

A-30

KDX Nishi-Gotanda Building

3,883.02

3,883.02

-

-

11

100.0

102,294

146,663

A-31

KDX Monzen-Nakacho Building

2,008.74

2,008.74

-

-

7

100.0

45,20548,898A-32

KDX Shiba-Daimon Building

5,997.36

5,997.36

-

-

9

100.0

179,405

259,944

A-33

KDX Okachimachi Building

1,792.54

1,792.54

-

-

2

100.0

67,777

112,850

A-35

KDX Hachioji Building

2,159.05

2,159.05

-

-

10

100.0

47,54354,920A-37

KDX Ochanomizu Building

5,861.72

4,765.28

-

-

8

81.3

202,949

264,576

A-38

KDX Nishi-Shinjuku Building

1,593.59

1,593.59

-

-

10

100.0

50,387

83,284A-41

KDX Shinjuku 286 Building

2,443.99

2,443.99

-

-

6

100.0

83,652

106,668

Hiei Kudan-Kita Building

6,908.96

6,419.81

-

-

12

92.9

265,542

336,477

5,126.69

5,126.69

-

-

1

100.0

104,261

156,186

2,237.07

2,237.07

-

-

9

100.0

71,270100,189

A-46
A-48
A-51

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

A-55

Shin-toshin Maruzen Building

1,912.24

1,912.24

-

-

6

100.0

52,86276,475A-56

KDX Jimbocho Building

2,323.44

2,323.44

-

-

6

100.0

75,244

100,095

A-59

KDX Iwamoto-cho Building

1,529.79

1,529.79

3

3

9

100.0

48,773

67,200A-60

KDX Harumi Building

9,294.00

9,294.00

-

-

11

100.0

152,929

374,954

A-62

Koishikawa TG Building

3,934.54

3,934.54

-

-

3

100.0

125,926

156,544

A-63

KDX Gotanda Building

3,157.04

3,157.04

-

-

9

100.0

106,706

139,510A-64

KDX Nihonbashi 216 Building

1,615.20

1,615.20

-

-

8

100.0

68,223

117,865

A-66

KDX Shinjuku Building

5,822.57

5,632.34

-

-

22

96.7

245,431

350,126

A-67

KDX Ginza 1chome Building

3,573.59

3,573.59

-

-

4

100.0

148,229

193,218

A-71

KDX Iidabashi Building

4,350.58

2,259.95

-

-

4

51.9

69,608118,085

A-72

KDX Higashi-Shinagawa Building

7,117.94

7,117.94

-

-

6

100.0

164,146

242,753

A-73

KDX Hakozaki Building

3,992.60

3,992.60

-

-

8

100.0

105,840

169,375

A-78

KDX Tachikawa Ekimae Building

1,612.13

1,612.13

-

-

5

100.0

66,177

93,892A-83

KDX Fuchu Building

10,151.50

9,813.71

-

-

37

96.7

317,858

365,124

A-84

KDX Kasuga Building

4,347.00

4,347.00

-

-

11

100.0

130,967

161,441

A-85

KDX Nakameguro Building

2,726.69

2,726.69

-

-

7

100.0

107,612

174,789

A-86

KDX Omiya Building

3,832.64

3,832.64

1

1

17

100.0

113,378

214,816

A-87

Nihonbashi Horidomecho First

3,106.42

3,012.86

8

6

12

97.0

85,390124,081

A-88

KDX Shinjuku 6-chome Building

4,037.44

4,037.44

-

-

6

100.0

113,132

123,123

A-89

KDX Takanawadai Building

6,967.61

6,967.61

-

-

8

100.0

205,705

268,851- 35 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Type

Area

Tokyo
Metropolitan
Area

OfficeBuildings

Other
Regional
Areas

Property Name

Total Leasable
Floor Area(m2)
(Note 1)A-90

KDX Ikebukuro Building

3,110.74

3,110.74

-

-

8

100.0

139,259

200,610

A-91

KDX Mita Building

3,331.65

3,180.65

-

-

11

95.5

116,490

176,589

A-92

KDX Akihabara Building

2,289.27

2,289.27

-

-

6

100.0

84,23597,969A-93

KDX Iidabashi Square

4,571.92

4,571.92

-

-

9

100.0

124,216

301,434

A-94

KDX Musashi-Kosugi Building

12,978.57

12,257.47

-

-

10

94.4

458,630

689,079

A-95

KDX Toyosu Grand Square

11,797.84

11,158.22

-

-

13

94.6

318,219

458,426

A-96

KDX Takadanobaba Building

4,596.20

4,596.20

-

-

11

100.0

147,910

171,531

A-99

KDX Ikebukuro West Building

2,532.71

2,532.71

-

-

8

100.0

77,16978,543

A-101 KDX Yokohama Building

10,922.27

10,922.27

-

-

26

100.0

294,513406,544

KDX Yokohama Nishiguchi
A-102
Building

4,983.35

4,983.35

-

-

14

100.0

117,687

170,837

A-107 KDX Ginza East Building

4,400.92

4,400.92

-

-

12

100.0

123,167

151,201

A-108 Pentel Building

4,346.66

4,346.66

5

5

10

100.0

126,664

205,758

KDX Hamamatsucho Center
A-109
Building

3,052.73

3,052.73

-

-

8

100.0

105,471

157,646

A-112 KDX Toranomon 1Chome Building

8,179.00

8,179.00

-

-

3

100.0

526,480

663,900

KDX Shin-Nihonbashi Ekimae
A-113
Building

3,281.94

3,281.94

-

-

10

100.0

79,942

186,914

A-115 ARK Mori Building

2,442.60

2,442.60-

1- (Note 9)

100.0

N/A
(Note 10)

N/A
(Note 10)

A-116 KDX Nishi-Shinbashi Building

5,734.79

5,734.79

-

-

8

100.0

222,835

309,877

A-117 BR Gotanda

3,320.24

3,320.24

-

-

6

100.0

98,153

120,131

A-119 KDX Shibuya Nanpeidai Building

2,205.33

2,205.33

-

-

1

100.0

96,540176,681A-120 KDX Yoyogi Building

1,173.55

1,173.55

-

-

10

100.0

71,165106,034

A-121 Ginza 4chome Tower

5,624.23

5,624.23

-

-

4

100.0

289,557

338,450

A-122 Mitsubishijuko Yokohama Building

13,495.34

13,441.81

-

-

22

99.6

422,643

678,686

A-123 KDX Yokohama Kannai Building

10,052.67

9,683.30

-

-

10

96.3

250,587

414,249

A-124 KDX Hamamatsucho Place

9,325.18

9,005.59

-

-

11

96.6

404,957

954,692

A-125 KDX Chofu Building

11,834.73

11,834.73

-

-

7

100.0

335,796269,289

A-127 KDX Kanda Ekimae Building

2,175.29

2,175.29

-

-

7

100.0

77,15585,157

A-128 KDX Shinbashi Ekimae Building

5,392.72

4,390.68

-

-

5

81.4

372,104

607,167

A-12

Portus Center Building

11,501.07

10,027.62

-

-

29

87.2

249,425

289,745

A-42

KDX Karasuma Building

8,730.18

8,730.18

-

-

42

100.0

226,428

324,605

A-44

KDX Sendai Building

3,948.03

3,948.03

-

-

31

100.0

95,835

179,907

A-53

KDX Hakata-Minami Building

10,112.80

9,547.75

-

-

49

94.4

202,663

275,511A-54

KDX Kitahama Building

4,004.99

4,004.99

-

-

13

100.0

65,141

102,668

A-58

KDX Nagoya Sakae Building

6,923.12

6,923.12

-

-

17

100.0

183,408

281,867

A-69

KDX Kobayashi-Doshomachi
Building

7,072.26

7,072.26

-

-

8

100.0

204,305

223,146

A-70

KDX Sapporo Building

3,786.64

3,786.64

-

-

20

100.0

97,750129,181

A-79

KDX Nagoya Ekimae Building

7,903.84

7,820.46

-

-

17

98.9

332,400

522,421A-82

KDX Higashi Umeda Building

4,994.88

4,994.88

-

-

4

100.0

157,808

149,113

A-97

KDX Utsunomiya Building

5,278.51

5,154.74

-

-

24

97.7

125,586

140,625

A-98

KDX Hiroshima Building

4,001.53

4,001.53

-

-

23

100.0

79,848111,497

A-100 Senri Life Science Center Building

17,155.65

17,089.69

-

-

61

99.6

623,078

948,797

A-104 KDX Minami-Honmachi Building

5,280.02

5,280.02

-

-

16

100.0

109,667

161,915

A-106 KDX Sakura-dori Building

12,318.24

12,318.24

-

-

34

100.0

357,686

487,739

A-110 KDX Shin-Osaka Building

5,986.25

5,663.24

-

-

18

94.6

161,180

205,523

A-111 KDX Nagoya Nichigin-mae Building

4,363.96

4,363.96

-

-

15

100.0

124,612

168,839

A-118 KDX Sapporo Kitaguchi Building

3,319.16

3,192.55

-

-

15

96.2

79,828102,751

A-126 KDX Tosabori Building
Subtotal of Office Buildings (95 properties)
OthersTokyo
Metropolitan
Area

No. ofNo. ofRental and Other
Tenant Leasehold
Total Leased Leasable
LeasedNo. of Occupancy
Operatingand Security
Rate
Floor Area
Tenants
Revenues
Deposits
Residential
Residential
2
(%)
(m )
(Thousandsof Yen)
Units
Units
(Note
5)
(Thousandsof
Yen)(Note 6)(Note 2)
(Note 3) (Note 4)(Note 7)(Note 8)No.

D-2

Shinjuku 6Chome Building (Land)

Subtotal of Others Properties (1 property)
Total of 96 properties

5,635.39

5,016.09

-

-

8

89.0

116,201

202,224

480,892.18

469,189.36

35

32

1,171

97.6

14,913,053

21,622,253

1,355.13

1,355.13

-

-

1

100.0

68,83557,385

1,355.13

1,355.13

-

-

1

100.0

68,83557,385

97.6

14,981,889

21,679,638

482,247.31

470,544.49- 36 -

35

1,172

32 (Note 11)

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Occupancy Rate over the Past Five Years
April 30, 2017
October 31, 2017
April 30, 2018
October 31, 2018
April 30, 2019
October 31, 2019
April 30, 2020
October 31, 2020
April 30, 2021
October 31, 2021

97.9%
99.1%
99.0%
99.1%
99.2%
99.5%
99.5%
98.1%
96.7%
97.6%

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

- 37 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(2) Capital Expenditures① Planned Capital Expenditures
Major capital expenditure plans for renovation of properties held by the Investment Corporation for the thirty-fourth fiscal period(November 1, 2021, to April 30, 2022) are as follows. Planned capital expenditures may include portions classified into expenses foraccounting purposes as a result.
Property Name
(Location)

PurposeSchedule

KDX Ochanomizu Building(Chiyoda-ku, Tokyo)

Renovation of external wall, etc.

November 2021
to April 2022

Toshin 24 Building(Yokohama, Kanagawa)Renewal of air-conditioning
system, etc.

KDX Hakozaki Building(Chuo-ku, Tokyo)
KDX Sakura-dori Building(Nagoya, Aichi)
KDX Nakano-Sakaue Building(Nakano-ku, Tokyo)
KDX Tosabori Building(Osaka, Osaka)
KDX Nagoya Ekimae Building(Nagoya, Aichi)
KDX Kajicho Building(Chiyoda-ku, Tokyo)
KDX Kobayashi-Doshomachi
Building(Osaka, Osaka)
KDX Kasuga Building(Bunkyo-ku, Tokyo)
KDX Sapporo Kitaguchi Building(Sapporo, Hokkaido)

Planned Amount of Capital Expenditures(Millions of Yen)
Paid in the
Total Amount
Total
Fiscal Period
Previously Paid
under Review
291

-

-

As above

278

-

-

Renovation of elevator, etc.

As above

97--

Renovation of external wall, etc.

As above85--

Upgrade of exclusively owned
area, etc.

As above

79--

Renovation of elevator, etc.

As above

58--

Renovation of transformers, etc.

As above

53--

Renovation of external wall, etc.

As above

45--

Renovation of security system,etc.

As above36--

Upgrade of exclusively owned
area, etc.

As above

32--

Renovation of plumbing
equipment, etc.

As above

25

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

- 38 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)② Capital Expenditures During the Fiscal Period under Review (Fiscal Period Ended October 31, 2021)
The Investment Corporation undertook the following major capital expenditures. In the fiscal period under review (fiscal period ended
October 31, 2021), the Investment Corporation completed works across its entire portfolio totaling 988 million yen. The total
construction cost amounted to 1,326 million yen including 337 million yen for repairs, maintenance and renovation expenses in thefiscal period under review.
Property Name
(Location)

PurposeKDX Iidabashi Building(Shinjuku-ku, Tokyo)
KDX Shinjuku Building(Shinjuku-ku, Tokyo)
KDX Sakura-dori Building(Nagoya, Aichi)
KDX Chofu Building(Chofu, Tokyo)
Higashi-Kayabacho Yuraku
Building(Chuo-ku, Tokyo)
KDX Kanda Ekimae Building(Chiyoda-ku, Tokyo)
KDX Hiroshima Building(Hiroshima, Hiroshima)

Term

Planned Amount of Capital Expenditures(Millions of Yen)

Upgrade of exclusively owned
area, etc.

May 2021
to October 2021

140

Renovation of external wall, etc.

As above

85

Renovation of external wall, etc.

As above

55

Upgrade of common area, etc.

As above

51

Renovation of external wall, etc.

As above

44

Renovation of external wall, etc.

As above

34

Renovation of elevator, etc.

As above

26

Other

549

Portfolio Total

988

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, 2021).
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, 2021)
Property Name

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

1

Mitsubishi Heavy Industries, Ltd. Mitsubishijuko Yokohama Building

11,267.43

2.4

2

WeWork Japan G.K.

KDX Toranomon 1Chome Building

6,347.27

1.3

3

N / A (Note 2)

KDX Kawasaki-Ekimae Hon-cho Building

5,126.69

1.1

4Japan Pension Service

KDX Chofu Building

4,710.40

1.0

5N / A (Note 2)

KDX Kobayashi-Doshomachi Building

4,324.10

0.9

Name of End Tenant

Subtotal

31,775.89

6.8

Total Portfolio

470,544.49

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.

- 39 -

【Reference】

Earnings Performance for the Individual Properties for the 33rd Fiscal Period (May 1, 2021 to October 31, 2021)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area
A001

Property NameKDX Nihonbashi
313 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 May 1, 2006 May 1, 2006 May 1, 2006 May 1, 2006
5,940
4,450
3,680
2,533
2,450
2,270
1,950
5,950
2,252
5,300
4,640
3,460
2,780
3,728
1.3%
1.0%
0.8%
0.6%
0.6%
0.5%
0.4%
1.4%
0.5%
1.2%
1.1%
0.8%
0.6%
0.8%
5,639
3,960
3,251
2,294
2,367
2,184
1,754
5,464
2,190
4,645
4,306
3,088
2,657
3,677
6,900
5,330
3,510
2,500
3,490
2,770
1,640
5,150
2,850
5,320
6,100
3,510
3,160
5,270
1.3%
1.0%
0.7%
0.5%
0.7%
0.5%
0.3%
1.0%
0.6%
1.0%
1.2%
0.7%
0.6%
1.0%
8
21
20
5
9
7
8
16
7
4
26
2
8
10
5,753.82
4,379.66
3,323.14
4,289.49
3,071.15
1,815.19
1,918.23
3,719.18
3,849.26
6,616.68
3,072.34
2,724.35
3,019.94
2,803.96
5,753.82
4,379.66
3,323.14
4,136.97
3,071.15
1,815.19
1,918.23
3,283.42
3,669.30
6,616.68
3,072.34
2,724.35
3,019.94
2,803.96

Price Information

Property No.

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

A003

A004

A005

※As of October 31, 2021

HigashiKDX Hatchobori KDX NakanoKayabacho
Building
Sakaue Building
Yuraku Building

A006

A007

A008

A013

A014

A016

A017

A019

A020

A021

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

Occupancy rate
Lease Information

As of October 31, 2021
As of April 30, 2021
As of October 31, 2020
As of April 30, 2020
As of October 31, 2019
As of April 30, 2019
As of October 31, 2018
As of April 30, 2018
As of October 31, 2017
As of April 30, 2017
Operating periods

Profit and Loss Information for the 33rd 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 2021 (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%
82.5%
184days
196,992
179,449
17,54253,246
15,63822,531
10,971
1,258
202
2,644
143,745
28,977
114,768240
143,505
27.0%
45,046
6,953
3.5%

100.0%
89.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
127,688
113,416
14,271
31,882
10,526
9,545
6,114
4,666
152
876
95,80628,49067,31544,62751,17825.0%
19,0914,561
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
113,091
98,884
14,20627,907
11,181
9,069
5,948
858
157
692
85,184
22,57562,6084,462
80,721
24.7%
18,133
4,046
3.6%

96.4%
96.4%
96.4%
98.2%
98.2%
100.0%
98.2%
100.0%
96.5%
98.3%
184days
88,70577,534
11,17035,168
9,146
8,040
5,992
9,492
164
2,332
53,536
18,63634,90016,67636,86039.6%
16,0792,902
3.3%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
103,517
97,174
6,342
26,846
6,840
8,693
2,877
6,350
116
1,969
76,67012,50164,16976,67025.9%
17,382
3,677
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
72,92867,4195,508
17,099
5,230
6,540
4,016
485
62
765
55,8297,367
48,461
5,040
50,78823.4%
13,0802,627
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
51,83847,914
3,924
15,013
4,862
4,168
2,681
2,534
54
712
36,824
9,081
27,74336,824
29.0%
8,337
1,809
3.5%

88.3%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
144,005
120,997
23,00739,065
9,731
18,633
6,773
2,765
139
1,022
104,939
23,16881,771
7,760
97,17927.1%
37,266
5,080
3.5%

95.3%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
91.1%
100.0%
184days
110,71297,44913,26335,284
13,176
7,454
6,790
5,965
151
1,745
75,42823,15752,27010,41565,012
31.9%
14,7803,798
3.4%

100.0%
96.7%
100.0%
100.0%
100.0%
100.0%
94.1%
90.4%
94.1%
97.1%
184days
174,396
148,885
25,51045,207
14,697
13,352
11,822
3,263
220
1,850
129,188
40,972
88,216
10,854
118,333
25.9%
26,5536,195
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
159,359
146,974
12,38434,641
10,785
12,063
5,709
5,044
120
918
124,718
20,992
103,725
124,718
21.7%
24,1195,797
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
101,175
92,8058,370
25,693
7,362
9,565
4,340
1,642
91
2,691
75,482
12,03563,44775,482
25.4%
19,1283,605
3.6%

100.0%
72.2%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
63,997
58,132
5,865
24,617
6,411
6,897
4,850
1,503
98
4,856
39,38019,503
19,87639,38038.5%
13,7952,109
3.3%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
134,000
125,965
8,034
34,2599,527
17,754
5,045
1,022
109
800
99,74010,867
88,873
4,704
95,03625.6%
35,5084,770
3.6%

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

237,800
19,816

198,014
16,501

111,323
9,276

100,741
8,395

274,634
22,886

243,220
20,268

380,694
31,724

221,213
18,434

166,460
13,871

151,170
12,597

117,213
9,767

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.

- 40 -

【Reference】

Earnings Performance for the Individual Properties for the 33rd Fiscal Period (May 1, 2021 to October 31, 2021)：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

May 1, 2006 June 20, 2006

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（㎡)

A029

A030

A031

A032

※As of October 31, 2021

A033

A035

A037

A038

A041

KDX
Okachimachi
Building

KDX Hachioji
Building

KDX
Ochanomizu
Building

KDX NishiShinjuku Building

KDX Shinjuku
286 Building

April 2, 2007 April 2, 2007

A046

A048

KDX KawasakiHiei Kudan-Kita
Ekimae Hon-cho
Building
Building

June 1, 2007 February 1, 2008 February 1, 2008

2,520
0.6%
2,150
2,560
0.5%
20
4,768.94
4,768.94

1,580
0.4%
1,368
1,140
0.2%
5
2,455.49
2,455.49

2,350
0.5%
2,228
2,320
0.4%
10
2,564.79
2,564.79

2,950
0.7%
2,905
3,980
0.8%
6
5,859.92
5,859.92

4,200
1.0%
3,642
3,470
0.7%
11
3,883.02
3,883.02

1,400
0.3%
1,248
1,120
0.2%
7
2,008.74
2,008.74

6,090
1.4%
5,835
5,910
1.1%
9
5,997.36
5,997.36

2,000
0.5%
1,994
2,050
0.4%
2
1,792.54
1,792.54

1,155
0.3%
1,152
1,220
0.2%
10
2,159.05
2,159.05

6,400
1.5%
6,191
8,080
1.6%
8
5,861.72
4,765.28

1,500
0.3%
1,511
1,480
0.3%
10
1,593.59
1,593.59

2,300
0.5%
2,369
2,860
0.6%
6
2,443.99
2,443.99

7,600
1.7%
7,394
8,350
1.6%
12
6,908.96
6,419.81

3,760
0.9%
3,287
3,200
0.6%
1
5,126.69
5,126.69

100.0%
99.6%
99.6%
99.6%
95.0%
100.0%
100.0%
100.0%
100.0%
99.6%
184days
95,49387,353
8,139
22,686
8,693
6,114
4,420
1,888
147
1,421
72,80625,35247,454
1,564
71,24223.8%
12,2293,434
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
41,07334,7296,344
16,576
4,555
4,741
3,958
2,457
68
794
24,497
12,29012,20624,497
40.4%
9,470
1,338
3.3%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
73,06065,7097,350
17,827
6,730
5,557
3,557
1,437
81
463
55,232
14,89340,3392,415
52,81724.4%
11,1142,618
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
144,298
127,222
17,07644,49913,37914,11910,884
4,298
193
1,625
99,79822,026
77,772
11,89387,90530.8%
28,072
4,981
3.5%

100.0%
91.4%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
102,294
86,921
15,37240,246
8,648
9,262
8,036
11,668143
2,486
62,04830,00332,044
8,370
53,67839.3%
18,5223,353
3.3%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
45,20537,042
8,162
14,045
4,237
3,239
4,905
1,119
63
479
31,15910,27920,88031,159
31.1%
6,475
1,558
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
179,405
155,369
24,03543,25014,826
12,074
7,675
3,763
170
4,740
136,155
34,460101,694550
135,605
24.1%
24,1506,440
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
67,77758,613
9,164
15,815
5,808
2,800
3,495
2,016
49
1,645
51,962
8,836
43,12551,962
23.3%
5,596
2,443
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
90.1%
184days
47,54339,037
8,506
18,959
4,674
4,112
3,554
4,675
70
1,871
28,58412,014
16,5704,689
23,894
39.9%
8,225
1,553
3.3%

81.3%
100.0%
100.0%
100.0%
100.0%
96.4%
100.0%
100.0%
100.0%
90.2%
184days
202,949
193,6979,251
37,476
12,30915,888
6,567
1,437
189
1,085
165,472
28,815
136,656
165,472
18.5%
31,7727,518
3.7%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
87.8%
184days
50,38745,5304,857
13,730
4,868
4,494
2,644
1,605
55
63
36,656
8,128
28,528
10,093
26,563
27.3%
8,987
1,776
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
83,652
72,56911,082
21,601
7,399
8,443
4,295
605
105
752
62,051
13,604
48,446450
61,601
25.8%
16,886
2,973
3.6%

92.9%
100.0%
100.0%
100.0%
100.0%
97.5%
99.8%
97.5%
100.0%
100.0%
184days
265,542
242,488
23,05389,64531,791
27,79017,306
5,657
253
6,845
175,897
19,652
156,244
8,508
167,389
33.8%
55,5819,008
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
104,261
93,427
10,834
34,66812,933
7,326
8,538
5,045
172
652
69,59334,721
34,872
280
69,31333.3%
14,555
3,548
3.4%

324,190
27,015

177,676
14,806

155,660
12,971

232,006
19,333

268,660
22,388167,110
13,925285,179
23,764

117,570
9,797

138,350
11,529295,432
24,619

121,790
10,14994,622
7,885

368,772
30,731

109,804
9,150

Occupancy rate
Lease Information

As of October 31, 2021
As of April 30, 2021
As of October 31, 2020
As of April 30, 2020
As of October 31, 2019
As of April 30, 2019
As of October 31, 2018
As of April 30, 2018
As of October 31, 2017
As of April 30, 2017
Operating periods

Profit and Loss Information for the 33rd 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 2021 (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 33rd Fiscal Period (May 1, 2021 to October 31, 2021)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A051

A059

A060

A062

A063

A064

A066

A067

A071

A072

A073

A078

Property Name

KDX Hamacho
Shin-toshin
KDX Jimbocho
Nakanohashi
Maruzen Building
Building
Building

KDX Iwamotocho Building

KDX Harumi
Building

Koishikawa TG
Building

KDX Gotanda
Building

KDX Nihonbashi
216 Building

KDX Shinjuku
Building

KDX Ginza
1chome Building

KDX Iidabashi
Building

KDX HigashiShinagawa
Building

KDX Hakozaki
Building

KDX Tachikawa
Ekimae Building

Acquisition Date

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

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

December 26, 2011

Price Information

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

A055

A056

※As of October 31, 2021

2,310
0.5%
2,191
2,120
0.4%
9
2,237.07
2,237.07

2,110
0.5%
2,041
1,750
0.3%
6
1,912.24
1,912.24

2,760
0.6%
2,804
2,530
0.5%
6
2,323.44
2,323.44

1,864
0.4%
1,559
1,630
0.3%
9
1,529.79
1,529.79

10,250
2.3%
8,328
8,670
1.7%
11
9,294.00
9,294.00

3,080
0.7%
3,050
3,270
0.6%
3
3,934.54
3,934.54

2,620
0.6%
2,636
3,410
0.7%
9
3,157.04
3,157.04

2,010
0.5%
1,763
2,640
0.5%
8
1,615.20
1,615.20

6,800
1.5%
6,939
10,2002.0%
225,822.57
5,632.34

4,300
1.0%
4,109
5,630
1.1%
4
3,573.59
3,573.59

4,670
1.1%
4,792
5,740
1.1%
4
4,350.58
2,259.95

4,590
1.0%
4,612
4,760
0.9%
6
7,117.94
7,117.94

2,710
0.6%
2,567
3,470
0.7%
8
3,992.60
3,992.60

1,267
0.3%
1,321
1,730
0.3%
5
1,612.13
1,612.13

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
71,27059,681
11,58820,550
7,446
5,847
3,996
2,351
97
810
50,71914,04436,67422,08928,63028.8%
11,6942,489
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
83.1%
64.2%
184days
52,86245,828
7,034
15,932
6,123
4,745
4,511
133
68
350
36,9309,019
27,91136,930
30.1%
9,490
1,832
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
75,244
68,194
7,049
18,764
5,525
7,409
5,093
224
85
427
56,48010,73545,745
5,399
51,08124.9%
14,8162,688
3.6%

100.0%
100.0%
100.0%
90.1%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
48,77345,595
3,178
10,853
3,766
3,075
2,038
1,613
44
315
37,92013,344
24,57537,920
22.3%
6,150
1,769
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
90.7%
100.0%
100.0%
94.0%
184days
152,929
129,637
23,291
99,26928,623
19,61420,895
6,082
347
23,70553,659△80,30526,645
11,667
41,992
64.9%
39,2294,216
2.8%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
125,926
107,577
18,34841,927
14,20910,404
11,077
4,902
168
1,165
83,99819,00664,992
11,11572,88333.3%
20,8094,284
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
106,706
98,274
8,432
24,697
8,810
9,074
5,366
536
132
776
82,00916,27665,732
15,60066,40923.1%
18,1483,851
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
68,22361,741
6,482
13,629
5,127
4,817
2,708
293
61
619
54,594
11,50543,089362
54,232
20.0%
9,634
2,506
3.7%

96.7%
93.6%
96.9%
100.0%
100.0%
100.0%
98.3%
98.3%
96.4%
95.5%
184days
245,431
217,566
27,86578,634
22,49328,16813,737
7,434
251
6,550
166,797
25,560141,236
85,385
81,41132.0%
56,3278,412
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
148,229
141,850
6,378
33,285
9,718
14,329
4,988
745
117
3,385
114,944
12,307
102,637250
114,69422.5%
28,658
5,370
3.6%

51.9%
46.9%
59.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
69,60859,093
10,51550,3186,208
10,857
9,168
7,520
141
16,421
19,290△27,5398,249△
140,839
121,549
72.3%
21,7141,814
2.6%

100.0%
100.0%
100.0%
100.0%
100.0%
85.1%
100.0%
100.0%
100.0%
100.0%
184days
164,146
145,632
18,51345,69015,29916,07910,061
3,003
212
1,035
118,455
30,14588,310100
118,355
27.8%
32,1585,767
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
105,840
97,0398,801
31,316
7,394
12,473
7,140
3,360
158
788
74,52325,712
48,811
2,587
71,93629.6%
24,9473,680
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
66,17758,4597,718
19,600
5,196
8,266
2,991
2,246
69
831
46,5775,777
40,8005,945
40,631
29.6%
16,4082,301
3.5%

132,997
11,08353,352
4,446

51,1294,260

45,665
3,805

242,493
20,207478,358
39,863

185,752
15,47979,8606,655

389,50732,458

180,934
15,077

327,570
27,297

264,838
22,069206,822
17,235

152,857
12,738

Occupancy rate
Lease Information

As of October 31, 2021
As of April 30, 2021
As of October 31, 2020
As of April 30, 2020
As of October 31, 2019
As of April 30, 2019
As of October 31, 2018
As of April 30, 2018
As of October 31, 2017
As of April 30, 2017
Operating periods

Profit and Loss Information for the 33rd 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 2021 (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 33rd Fiscal Period (May 1, 2021 to October 31, 2021)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

※As of October 31, 2021

Property No.

A083

A084

A085

A086

A087

A088

A089

A090

A091

A092

A093

A094

A095

A096

Property NameKDX Fuchu
Building

KDX Kasuga
Building

KDX
Nakameguro
Building

KDX Omiya
Building

Nihonbashi
HoridomechoFirst

KDX Shinjuku
6-chome Building

KDX
Takanawadai
Building

KDX Ikebukuro
Building

KDX Mita
Building

KDX Akihabara
Building

KDX Iidabashi
SquareKDX MusashiKosugi Building

KDX Toyosu
Grand Square

KDX
Takadanobaba
Building

Acquisition Date

September 21, 2012 September 21, 2012 September 21, 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（㎡)March 26, 2013 August 19, 2013 September 13, 2013 November 19, 2013 November 18, 2013 November 18, 2013 November 19, 2013 January 10, 2014 March 20, 2014 May 30, 2014 May 30, 2014
2,020
2,200
1,900
5,250
3,900
3,180
2,600
4,350
12,000
8,666
3,650
0.5%
0.5%
0.4%
1.2%
0.9%
0.7%
0.6%
1.0%
2.7%
2.0%
0.8%
2,119
2,245
1,954
5,564
3,507
3,139
2,471
4,778
10,542
7,619
3,580
3,110
3,090
3,440
6,700
5,100
3,980
3,220
6,270
18,200
9,910
4,580
0.6%
0.6%
0.7%
1.3%
1.0%
0.8%
0.6%
1.2%
3.5%
1.9%
0.9%
11
17
12
6
8
8
11
6
9
10
13
3,832.64
3,106.42
4,037.44
6,967.61
3,110.74
3,331.65
2,289.27
4,571.92
12,978.57
11,797.84
4,596.20
3,832.64
3,012.86
4,037.44
6,967.61
3,110.74
3,180.65
2,289.27
4,571.92
12,257.47
11,158.22
4,596.20

6,120
1.4%
5,681
8,940
1.7%
37
10,151.50
9,813.71

2,800
0.6%
2,604
4,110
0.8%
11
4,347.00
4,347.00

1,880
0.4%
1,881
3,470
0.7%
7
2,726.69
2,726.69

96.7%
100.0%
100.0%
100.0%
100.0%
97.2%
98.2%
99.1%
99.1%
88.6%
184days
317,858
285,132
32,72690,32633,43526,47525,685
2,916
459
1,354
227,532
46,901
180,631
31,029196,503
28.4%
52,948
11,1303.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
130,967
117,244
13,72237,041
10,902
11,944
7,787
5,311
182
913
93,926
20,23573,690198
93,72828.3%
23,8894,589
3.5%

100.0%
100.0%
85.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
107,612
98,533
9,079
23,813
8,053
6,331
4,091
4,661
112
562
83,79812,383
71,415
5,852
77,94622.1%
12,6583,906
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
113,378
102,975
10,402
26,514
9,817
6,941
5,637
352
132
3,634
86,863
16,41570,447
4,725
82,13823.4%
13,874
4,086
3.6%

97.0%
80.1%
98.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
81.9%
184days
85,39075,492
9,897
29,008
9,690
7,412
5,913
4,928
134
929
56,381
13,74842,632
11,39344,98834.0%
14,8252,893
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
113,132
98,62914,502
34,7699,369
11,067
7,671
5,891
163
607
78,362
14,616
63,745
5,410
72,95230.7%
22,1353,908
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
94.0%
94.0%
94.0%
184days
205,705
183,622
22,08347,323
15,795
18,945
10,102
1,491
230
758
158,382
21,118137,264
158,382
23.0%
39,0577,430
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
139,259
126,630
12,62828,603
10,367
7,707
8,164
1,324
89
950
110,655
27,73682,919300
110,355
20.5%
15,414
5,100
3.7%

95.5%
95.5%
95.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
116,490
100,880
15,61030,339
9,223
10,145
7,073
3,153
138
605
86,151
14,512
71,638
10,88475,26726.0%
20,2904,135
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
84,23579,876
4,359
17,520
5,660
4,090
3,991
2,935
77
766
66,715
11,87354,842900
65,815
20.8%
8,171
3,080
3.7%

100.0%
79.7%
79.7%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
124,216
117,195
7,021
45,407
9,406
14,294
7,438
4,667
163
9,437
78,80927,95050,858
8,792
70,01636.6%
28,585
4,143
3.3%

94.4%
94.4%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
458,630
420,001
38,62994,96736,792
29,661
20,877
5,962
464
1,209
363,663
102,815
260,848125
363,538
20.7%
59,324
16,781
3.7%

94.6%
96.5%
96.5%
100.0%
100.0%
100.0%
100.0%
98.0%
98.0%
95.9%
184days
318,219
264,20254,01787,43721,006
21,53830,004
2,767
433
11,686
230,782
81,161
149,6204,471
226,31127.5%
42,9123,184
1.0%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
92.0%
100.0%
184days
147,910
121,800
26,11032,91910,238
10,164
8,493
2,794
145
1,083
114,991
17,62897,362
32,217
82,77422.3%
20,3285,365
3.6%

415,708
34,642

246,516
20,543

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

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

219,60918,300150,390
12,532

261,437
21,786

233,439
19,453

301,109
25,092

266,744
22,228

Occupancy rate
Lease Information

As of October 31, 2021
As of April 30, 2021
As of October 31, 2020
As of April 30, 2020
As of October 31, 2019
As of April 30, 2019
As of October 31, 2018
As of April 30, 2018
As of October 31, 2017
As of April 30, 2017
Operating periods

Profit and Loss Information for the 33rd 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 2021 (thousands of yen)

Reference

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

Reference： Percentage of rental and other operating revenues

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

- 43 -

【Reference】

Earnings Performance for the Individual Properties for the 33rd Fiscal Period (May 1, 2021 to October 31, 2021)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A099

A101

A102

A107

KDX Yokohama
Nishiguchi
Building

KDX
Ginza East
Building

A108

A109

A112

A113

KDX
KDX
KDX
Hamamatsucho
Toranomon
Shin-Nihonbashi
Center Building 1chome Building Ekimae Building※As of October 31, 2021

A115

A116

ARK Mori
Building

KDX
Nishi-Shinbashi
Building

Property NameKDX Ikebukuro KDX YokohamaWest Building
Building

Acquisition Date

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

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（㎡)Pentel Building

A117

A119

A120

A121

BR Gotanda

KDX Shibuya
Nanpeidai
Building

KDX Yoyogi
Building

Ginza 4chome
Tower

April 5, 2017 August 10, 2017 September 30, 2005 August 19, 2013

1,934
0.4%
1,998
2,470
0.5%
8
2,532.71
2,532.71

7,210
1.6%
7,322
9,440
1.8%
26
10,922.27
10,922.27

2,750
0.6%
2,633
3,320
0.6%
14
4,983.35
4,983.35

3,600
0.8%
3,645
3,910
0.8%
12
4,400.92
4,400.92

3,350
0.8%
3,549
4,125
0.8%
10
4,346.66
4,346.66

3,950
0.9%
3,983
4,450
0.9%
8
3,052.73
3,052.73

15,5503.5%
15,84323,3004.5%
38,179.00
8,179.00

3,829
0.9%
3,961
4,370
0.8%
10
3,281.94
3,281.94

4,169
0.9%
4,183
4,880
0.9%
1
2,442.60
2,442.60

8,400
1.9%
8,504
9,150
1.8%
8
5,734.79
5,734.79

2,200
0.5%
2,294
2,470
0.5%
6
3,320.24
3,320.24

3,500
0.8%
3,534
3,850
0.7%
1
2,205.33
2,205.33

2,479
0.6%
2,399
2,340
0.5%
10
1,173.55
1,173.55

9,800
2.2%
9,393
14,9002.9%
45,624.23
5,624.23

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
77,16967,292
9,876
17,621
6,419
5,267
3,486
2,068
100
278
59,548
14,27845,269660
58,88822.8%
10,5292,790
3.6%

100.0%
93.7%
95.6%
100.0%
100.0%
100.0%
97.5%
100.0%
100.0%
97.5%
184days
294,513254,537
39,97677,44328,76919,32819,811
2,700
359
6,474
217,070
52,661
164,408
21,236
195,83426.3%
38,656
10,4403.5%

100.0%
100.0%
94.7%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
117,687
101,649
16,03837,666
11,63010,55011,358
1,277
160
2,689
80,021
16,79963,221
2,944
77,07632.0%
21,0854,034
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
123,167
106,186
16,98031,825
10,088
11,090
8,385
1,425
182
652
91,342
17,65973,682
1,808
89,53425.8%
22,1814,377
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
126,664
122,604
4,059
46,02525,756
13,233
1,487
226
5,322
80,63916,62964,00924,56756,072
36.3%
26,4664,230
3.3%

100.0%
84.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
105,471
97,0398,432
22,597
9,285
7,919
3,764
589
115
924
82,873
10,79972,074
1,090
81,783
21.4%
15,8383,843
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
526,480
506,063
20,416
113,849
38,86251,36814,705
7,474
311
1,127
412,630
62,286350,3441,508
411,12221.6%
102,371
19,1653.6%

100.0%
78.0%
89.1%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
79,94273,9106,031
35,0796,893
13,605
4,840
939
109
8,690
44,863
13,136
31,726
9,670
35,192
43.9%
27,2112,547
3.2%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
222,835
204,365
18,47055,72215,85718,005
11,570
9,193
234
861
167,112
18,543
148,569
1,051
166,061
25.0%
36,0117,958
3.6%

100.0%
100.0%
87.2%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
98,15375,39322,75936,80815,473
9,547
4,526
3,554
161
3,544
61,345
11,03050,314
15,207
46,13837.5%
19,0953,255
3.3%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
96,54088,057
8,483
22,300
6,816
8,967
4,736
1,126
179
473
74,2407,971
66,2691,237
73,002
23.1%
17,9263,485
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
71,16560,524
10,641
15,215
4,180
4,811
3,808
1,255
97
1,061
55,9509,893
46,056300
55,650
21.4%
9,623
2,594
3.6%

100.0%
100.0%
98.2%
98.2%
98.2%
98.2%
98.2%
100.0%
100.0%
100.0%
184days
289,557
262,565
26,99275,113
19,51823,563
17,4062,930
111
11,584
214,444
37,455
176,988270
214,17425.9%
47,126
10,285
3.6%

116,860
9,738

770,840
64,236

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

177,828
14,819330,40927,534319,414
26,61757,2094,767

57,675
4,806

197,767
16,480Occupancy rate
Lease Information

As of October 31, 2021
As of April 30, 2021
As of October 31, 2020
As of April 30, 2020
As of October 31, 2019
As of April 30, 2019
As of October 31, 2018
As of April 30, 2018
As of October 31, 2017
As of April 30, 2017
Operating periods

Profit and Loss Information for the 33rd 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 2021 (thousands of yen)

Reference

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

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

86,142
5,216
80,9262,203
83,939（Note）
18,386（Note）

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

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

- 44 -

161,320
13,443

【Reference】

Earnings Performance for the Individual Properties for the 33rd Fiscal Period (May 1, 2021 to October 31, 2021)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

※As of October 31, 2021

Other Regional Areas

Property No.

A122

A123

A124

A125

A127

A128

A012

A042

A044

A053

A054

A058

A069

A070

Property Name

Mitsubishijuko
Yokohama
Building

KDX Yokohama
Kannai Building

KDX
Hamamatsucho
Place

Chofu Center
Building

KDX
Kanda Ekimae
Building

Shinbashi
M-SQUARE
BrightPortus Center
Building

KDX Karasuma
Building

KDX Sendai
Building

KDX HakataMinami Building

KDX Kitahama
Building

KDX Nagoya
Sakae Building

KDX KobayashiDoshomachi
Building

KDX Sapporo
Building

Acquisition Date

December 7, 2017 January 31, 2018

July 2, 2018

June 14, 2019 February 7, 2020 June 30, 2020 September 21, 2005 June 1, 2007

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

December 1, 2010 March 25, 2011

14,7203.3%
14,55915,0002.9%
2213,495.34
13,441.81

9,500
2.2%
9,565
10,4002.0%
10
10,052.67
9,683.30

20,7004.7%
20,346
23,4004.5%
119,325.18
9,005.59

8,700
2.0%
9,022
10,2002.0%
7
11,834.73
11,834.73

3,300
0.7%
3,369
3,450
0.7%
7
2,175.29
2,175.29

16,3003.7%
16,353
20,6004.0%
5
5,392.72
4,390.68

5,570
1.3%
3,794
5,030
1.0%
29
11,501.07
10,027.62

5,400
1.2%
4,999
5,930
1.1%
42
8,730.18
8,730.18

2,100
0.5%
1,857
2,060
0.4%
31
3,948.03
3,948.03

4,900
1.1%
4,296
5,040
1.0%
49
10,112.80
9,547.75

2,220
0.5%
1,995
1,690
0.3%
13
4,004.99
4,004.99

7,550
1.7%
6,189
5,710
1.1%
17
6,923.12
6,923.12

2,870
0.7%
1,753
2,890
0.6%
8
7,072.26
7,072.26

2,005
0.5%
1,955
2,550
0.5%
20
3,786.64
3,786.64

99.6%
99.3%
99.9%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
422,643
400,559
22,083
129,558
38,27437,00145,798
6,182
703
1,597
293,084
42,821
250,2632,827
290,25630.7%
74,003
2,840
0.7%

96.3%
85.4%
100.0%
100.0%
100.0%
100.0%
100.0%
92.8%
184days
250,587
218,435
32,15289,43625,543
26,477
17,818
7,613
403
11,581
161,150
58,946102,204
12,762
148,38835.7%
52,954
8,402
3.4%

96.6%
82.3%
92.7%
100.0%
100.0%
100.0%
100.0%
184days
404,957
372,896
32,06098,28232,41027,92023,550
6,945
355
7,098
306,675
76,999229,675
11,617
295,057
24.3%
55,841
14,5233.6%

100.0%
100.0%
100.0%
100.0%
100.0%
184days
335,796297,789
38,006
108,464
42,717
26,40432,063
5,467
476
1,335
227,331
28,885
198,446
51,825
175,505
32.3%
52,807
11,4923.4%

100.0%
100.0%
100.0%
100.0%
184days
77,15568,903
8,252
22,909
5,526
7,497
5,699
3,586
66
533
54,245
4,699
49,54634,75919,48629.7%
14,995
2,681
3.5%

81.4%
100.0%
100.0%
184days
372,104
354,269
17,83577,694
26,34437,864
10,236
154
235
2,859
294,410
27,482
266,927350
294,060
20.9%
75,727
13,602
3.7%

87.2%
86.2%
90.3%
92.8%
97.3%
94.1%
100.0%
100.0%
100.0%
100.0%
184days249,425
206,563
42,861
97,58954,751
20,53017,733
446
1,134
2,992
151,836
56,532
95,303
4,639
147,196
39.1%
41,0598,189
3.3%

100.0%
100.0%
98.4%
100.0%
100.0%
100.0%
100.0%
100.0%
96.7%
97.8%
184days
226,428
198,195
28,232
71,523
20,901
24,896
17,830
5,012
332
2,550
154,904
35,710119,194
7,661
147,243
31.6%
49,792
7,782
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
95,83582,233
13,60230,173
11,352
7,094
9,165
864
152
1,543
65,662
20,64145,0204,287
61,37431.5%
14,189
3,295
3.4%

94.4%
98.7%
99.0%
99.0%
98.5%
99.5%
95.1%
99.5%
99.5%
95.2%
184days
202,663
176,746
25,91653,425
15,654
11,29822,741
1,797
317
1,617
149,237
39,408109,829
4,541
144,696
26.4%
22,5987,181
3.5%

100.0%
90.6%
100.0%
100.0%
100.0%
100.0%
100.0%
89.2%
89.2%
89.2%
184days
65,14155,892
9,249
27,142
7,019
4,324
6,479
746
125
8,447
37,998
15,10422,894734
37,264
41.7%
8,649
2,104
3.2%

100.0%
100.0%
100.0%
93.2%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
183,408
163,991
19,41660,607
17,224
20,444
13,448
3,034
239
6,215
122,801
73,35449,446
7,483
115,31833.0%
40,8926,249
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
204,305
186,253
18,051
98,547
16,065
11,285
12,863
1,757
244
56,331
105,758
53,72952,028105,758
48.2%
22,5706,327
3.1%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
97.8%
100.0%
92.9%
184days
97,75085,87911,871
31,364
9,593
9,989
9,134
1,251
140
1,256
66,385
22,13044,255
15,95150,43432.1%
19,982
3,349
3.4%

750,371
62,530124,369
10,364

83,362
6,946

330,605
27,550138,976
11,581

51,837
4,319

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

291,937
24,328

131,582
10,965

202,897
16,908300,615
25,051

212,367
17,697

Occupancy rate
Lease Information

As of October 31, 2021
As of April 30, 2021
As of October 31, 2020
As of April 30, 2020
As of October 31, 2019
As of April 30, 2019
As of October 31, 2018
As of April 30, 2018
As of October 31, 2017
As of April 30, 2017
Operating periods

Profit and Loss Information for the 33rd 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 2021 (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.
A069 KDX Kobayashi-Doshomachi Building: The rent for land to the land owner (Kobayashi Pharmaceutical Co., Ltd.) is stipulated according to specific terms under the land lease agreement and the annual rent to be paid is 107.9 million yen until the end of
August 2024.

- 45 -

【Reference】

Earnings Performance for the Individual Properties for the 33rd Fiscal Period (May 1, 2021 to October 31, 2021)：184days

Type

Office Buildings

Location

Other Regional Areas
A079

Property No.

Other

A082

A097

A098

Property NameKDX Nagoya
KDX Higashi KDX Utsunomiya KDX Hiroshima
Ekimae Building Umeda Building
Building
Building

Acquisition Date

December 26, 2011

Price Information

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

7,327
1.7%
7,803
10,1002.0%
177,903.84
7,820.46※As of October 31, 2021

A100

A104

A106

A110

A111

A118

A126

Tokyo
Metropolitan
Area
D002

Senri Life
Science Center
Building

KDX MinamiHonmachi
Building

KDX
Sakura-dori
Building

KDX
Shin-Osaka
Building

KDX Nagoya
Nichigin-mae
Building

KDX Sapporo
Kitaguchi
Building

Tosabori
Prime

Shinjuku 6chome
Building (Land)

Total of 96
Properties

March 28, 2012 May 30, 2014 September 1, 2014 October 15, 2014 December 2, 2014 January 9, 2015 September 1, 2015 March 15, 2016 July 20, 2017 January 31, 2020 April 18, 2014
2,770
2,350
1,300
13,000
2,200
5,900
4,550
3,500
1,800
5,000
2,880
0.6%
0.5%
0.3%
3.0%
0.5%
1.3%
1.0%
0.8%
0.4%
1.1%
0.7%
2,226
2,210
1,340
12,306
1,907
6,565
4,469
3,354
2,090
5,024
2,973
3,860
2,660
1,860
13,700
3,080
8,400
5,520
3,980
2,160
5,000
3,550
0.7%
0.5%
0.4%
2.6%
0.6%
1.6%
1.1%
0.8%
0.4%
1.0%
0.7%
4
24
23
61
16
34
18
15
15
8
1
17,155.65
5,280.02
12,318.24
5,986.25
4,363.96
3,319.16
5,635.39
1,355.13
4,994.88
5,278.51
4,001.53
4,994.88
5,154.74
4,001.53
17,089.69
5,280.02
12,318.24
5,663.24
4,363.96
3,192.55
5,016.09
1,355.13

440,180
100.0%
422,751
517,705
100.0%
1,172
482,247.31
470,544.49

Occupancy rate
Lease Information

As of October 31, 2021
As of April 30, 2021
As of October 31, 2020
As of April 30, 2020
As of October 31, 2019
As of April 30, 2019
As of October 31, 2018
As of April 30, 2018
As of October 31, 2017
As of April 30, 2017
Operating periods

Profit and Loss Information for the 33rd 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 2021 (thousands of yen)

Reference

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

Reference： Percentage of rental and other operating revenues

98.9%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
332,400
288,687
43,713112,741
31,45046,65728,236
4,057
346
1,994
219,659
49,199170,459
15,543204,11533.9%
93,316
11,2663.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
95.5%
100.0%
184days
157,808
121,650
36,157
49,681
10,616
12,502
22,299
2,692
185
1,384
108,127
35,82272,304
3,738
104,389
31.5%
25,005
5,427
3.4%

97.7%
100.0%
100.0%
100.0%
100.0%
100.0%
89.0%
89.0%
100.0%
100.0%
184days
125,586
111,244
14,342
36,117
14,670
8,691
8,343
2,223
188
2,000
89,46829,18260,2862,050
87,41828.8%
17,3834,388
3.5%

100.0%
100.0%
100.0%
100.0%
96.6%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
79,84865,812
14,036
27,813
8,836
6,732
7,476
3,925
150
691
52,035
14,69437,34026,93025,10534.8%
13,465
2,691
3.4%

99.6%
99.3%
100.0%
100.0%
99.0%
99.4%
99.8%
99.8%
99.8%
99.8%
184days
623,078
441,770
181,307
315,469
82,14863,09993,15532,053
1,188
43,823
307,608
140,453
167,155
31,796
275,81150.6%
125,560
18,2602.9%

100.0%
100.0%
100.0%
100.0%
96.1%
93.7%
96.4%
98.8%
100.0%
93.5%
184days109,667
89,271
20,39647,033
10,525
13,047
12,636
9,010
167
1,647
62,63424,49638,1382,384
60,25042.9%
26,0953,516
3.2%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
98.3%
184days
357,686
307,523
50,163
128,067
48,046
38,59027,566
12,083513
1,267
229,61951,067
178,552
55,121
174,498
35.8%
77,18911,985
3.4%

94.6%
94.6%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
161,180
145,290
15,89040,444
13,317
12,846
10,380
1,881
197
1,821
120,735
23,79096,944
5,983
114,752
25.1%
25,6935,753
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
96.2%
100.0%
94.6%
184days
124,612109,169
15,44330,621
9,531
9,829
8,796
1,082
139
1,242
93,99027,884
66,106
7,226
86,76424.6%
19,659
4,461
3.6%

96.2%
95.2%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
79,82867,987
11,84022,861
8,655
6,862
6,166
420
47
708
56,966
16,93240,033
5,059
51,90628.6%
13,726
2,791
3.5%

89.0%
89.0%
89.0%
100.0%
184days
116,201
96,56919,632
46,035
11,67912,17915,335
1,999
214
4,628
70,16519,08051,085
18,38851,77739.6%
24,3613,803
3.3%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
68,83568,831
4
6,856
6,656
200
61,97961,97961,97910.0%
13,313-599,350
49,945

196,254
16,354331,989
27,665

185,070
15,422

1,688,032
140,669

142,937
11,911

744,272
62,022

358,124
29,843

305,71025,475

120,720
10,060225,568
18,797

-

97.6%
96.7%
98.1%
99.5%
99.5%
99.2%
99.1%
99.0%
99.1%
97.9%
184days ※14,981,889
13,261,580
1,720,308
4,486,878
1,414,777
1,339,335
1,023,838
337,875
19,306
351,744
10,495,010
2,567,199
7,927,810
988,648
9,506,361
29.9%
2,677,894
493,064
3.3%

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

24,174,076
2,014,506*Total: Cost-weighted average management period (days)- 46 -

(Reference) Status of Borrowings

Borrowings as of October 31, 2021 are as follows.

Classification

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

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

Drawndown Date

(Note 3) August 31, 2020
(Note 3) November 30, 2020
November 30, 2020
(Note 5) January 29, 2021
(Note 4) January 29, 2021
February 26, 2021
(Note 4) March 31, 2021
July 12, 2021
August 31, 2021
August 31, 2021
August 31, 2021
September 30, 2021
October 29, 2021
July 10, 2014
July 10, 2014
September 1, 2014
September 1, 2014
March 20, 2014
September 30, 2014
October 31, 2014
January 29, 2016
January 29, 2016
February 18, 2015
February 18, 2015
March 20, 2014
April 30, 2015
(Note 6)
July 31, 2014
(Note 6)
July 31, 2019
(Note 6) September 3, 2014
(Note 6) September 3, 2014
(Note 6) August 31, 2015
(Note 6) August 31, 2015
(Note 6) August 31, 2015
(Note 6) August 31, 2015
(Note 6) August 31, 2015
(Note 6) August 31, 2015
September 30, 2021
March 12, 2014
March 20, 2014
October 31, 2014
October 31, 2014
October 31, 2014
October 31, 2014
October 31, 2014
January 30, 2015
February 18, 2015
February 18, 2015
February 27, 2015
March 12, 2015
March 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
February 18, 2016
February 18, 2016
March 31, 2016
April 28, 2016
April 28, 2016
April 28, 2016
July 29, 2016
August 2, 2016
October 31, 2016
October 31, 2016
October 31, 2016
October 31, 2016
October 31, 2016
December 12, 2016
December 28, 2016
January 16, 2017
January 31, 2017
March 28, 2017
June 30, 2017
August 10, 2017
August 31, 2017
September 21, 2017
September 21, 2017
September 21, 2017
September 21, 2017

Balance at the
Beginning of
Period(Thousands of
Yen)

Balance at theEnd of Period(Thousands ofYen)

1,000,000
1,000,000
500,000
1,300,000
500,000
2,000,000
500,000
6,800,000
2,000,000
500,000
800,000
500,000
4,000,000
1,000,000
3,000,000
2,500,000
500,000
1,250,000
350,000
3,000,000
2,300,000
2,200,000
1,000,000
1,000,000
950,000
500,000
500,000
500,000
500,000
500,000
500,000
29,850,000
1,800,000
2,000,000
2,000,000
1,500,000
1,000,000
2,000,000
1,000,000
1,500,000
1,700,000
1,250,000
2,100,000
1,000,000
2,500,000
2,000,000
1,000,000
1,500,000
2,000,000
2,500,000
2,500,000
1,000,000
2,000,000
1,800,000
1,000,000
500,000
1,000,000
2,000,000
2,000,000
1,000,000
1,500,000
1,000,000
1,000,000
2,500,000
1,000,000
4,000,000
1,500,000
500,000
1,500,000
500,000
700,000
500,000
1,500,000
3,500,000
1,000,000
1,000,000
1,500,000
1,000,000
1,000,000

500,000
500,000
300,000
2,000,000
2,000,000
800,000
500,000
500,000
500,000
3,000,000
10,600,000
2,500,000
500,000
1,250,000
350,000
3,000,000
2,300,000
2,200,000
1,000,000
1,000,000
950,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
18,550,000
1,800,000
2,000,000
2,000,000
1,500,000
1,000,000
2,000,000
1,000,000
1,500,000
1,700,000
1,250,000
2,100,000
1,000,000
2,500,000
2,000,000
1,000,000
1,500,000
2,000,000
2,500,000
2,500,000
1,000,000
2,000,000
1,800,000
1,000,000
500,000
1,000,000
2,000,000
2,000,000
1,000,000
1,500,000
1,000,000
1,000,000
2,500,000
1,000,000
4,000,000
1,500,000
500,000
1,500,000
500,000
700,000
500,000
1,500,000
3,500,000
1,000,000
1,000,000
1,500,000
1,000,000
1,000,000- 47 -

Average
Interest Rate
(Note 1)(%)

Last Repayment Date

Payment
MethodUsage

Remarks

August 31, 2021
0.335
0.385 November 30, 2021
0.335 November 30, 2021
January 29, 2022
0.385
January 29, 2022
0.319
0.385 February 26, 2022
March 31, 2022
0.319
June 30, 2022
0.335
August 31, 2022
0.335
August 31, 2022
0.335
August 31, 2022
0.335
0.385 September 30, 2022
0.325 October 29, 2022

Full onmaturity(Note 2)

Unsecured/
Unguaranteed

July 10, 2021
0.903
July 10, 2021
0.903
August 31, 2021
0.885
August 31, 2021
0.885
1.013 September 20, 2021
0.893 September 30, 2021
0.802 October 31, 2021
January 31, 2022
0.590
January 31, 2022
0.640
0.907 February 28, 2022
0.907 February 28, 2022
March 20, 2022
1.199
April 30, 2022
0.825
July 31, 2022
1.014
July 31, 2022
0.291
August 31, 2022
0.979
August 31, 2022
0.979
August 31, 2022
0.872
August 31, 2022
0.872
August 31, 2022
0.872
August 31, 2022
0.872
August 31, 2022
0.872
August 31, 2022
0.872
0.250 October 31, 2022

Full onmaturity(Note 2)

Unsecured/
Unguaranteed

March 12, 2023
March 12, 2023
October 31, 2023
October 31, 2023
October 31, 2023
October 31, 2024
October 31, 2024
January 31, 2025
February 29, 2024
February 28, 2025
February 28, 2025
February 28, 2025
March 31, 2025
September 30, 2024
October 31, 2024
October 30, 2025
October 30, 2025
October 30, 2025
October 30, 2025
November 30, 2025
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
October 31, 2026
October 31, 2026
October 31, 2026
October 31, 2026
November 30, 2026
December 28, 2026
January 31, 2027
January 31, 2027
March 31, 2027
June 30, 2027
July 28, 2027
August 31, 2023
March 31, 2024
September 30, 2025
March 31, 2027
September 21, 2027

Full onmaturity(Note 2)

Unsecured/
Unguaranteed

1.358
1.349
1.071
1.126
1.071
1.257
1.259
1.161
1.157
1.314
1.153
1.218
1.266
1.065
0.989
1.114
1.114
1.114
1.121
1.173
1.074
1.024
0.998
0.998
0.898
0.654
0.835
0.865
0.613
0.544
0.668
0.876
0.760
0.734
0.826
0.982
0.950
0.860
0.853
0.850
0.849
0.800
0.544
0.555
0.680
0.732
0.873

Classification
Long-Term Loans Payable
Note 1:
Note 2:
Note 3:Note 4:Note 5:Note 6:

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
September 21, 20170.851 September 30, 2027
2,500,000
2,500,000
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, 20170.969 November 30, 2027
1,000,000
1,000,000
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, 20170.744 December 28, 2025
500,000
500,000
Development Bank of Japan Inc.
December 28, 2017
500,000
500,000
0.878 December 28, 2026
Mizuho Trust & Banking Co., Ltd.
December 28, 2017
500,000
500,000
0.864 December 28, 2027
Aozora Bank, Ltd.
March 12, 2018
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
March 31, 2028
Resona Bank, Limited.
March 26, 2018
0.902
1,000,000
1,000,000
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
August 31, 2028
Mizuho Trust & Banking Co., Ltd.
August 20, 2018
1.003
500,000
500,000
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
1.013 October 31, 2028
1,500,000
1,500,000
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
March 31, 2029
Sumitomo Mitsui Trust Bank, Limited
March 29, 2019
0.839
2,950,000
2,950,000
Sumitomo Mitsui Trust Bank, Limited
June 14, 2019
June 30, 2023
500,000
500,000
0.246
Resona Bank, Limited.
June 14, 2019
500,000
500,000
0.517 December 28, 2026
SUMITOMO LIFE INSURANCE COMPANY
June 14, 2019
April 30, 2027
1,000,000
1,000,000
0.605
Sumitomo Mitsui Banking Corporation
June 14, 2019
March 31, 2029
1,000,000
1,000,000
0.725
July 31, 2023
The Hiroshima Bank, Ltd.
July 10, 20190.230
500,000
500,000
Sumitomo Mitsui Trust Bank, Limited
July 31, 2019
July 31, 2023
1,000,000
1,000,000
0.295
MUFG Bank, Ltd.
July 31, 2019
April 30, 2027
1,000,000
1,000,000
0.554
Full on
Unsecured/
Sumitomo Mitsui Trust Bank, Limited
July 31, 2019
April 30, 2027
1,000,000
1,000,000
0.554(Note 2)maturity
UnguaranteedAozora Bank, Ltd.
September 30, 2019
1,000,000
1,000,000
0.489 September 30, 2026
MUFG Bank, Ltd.
September 30, 2019
March 31, 2027
900,000
900,000
0.531
The Norinchukin Bank
September 30, 2019
March 31, 2027
800,000
800,000
0.425
Sumitomo Mitsui Trust Bank, Limited
January 31, 2020
January 31, 2025
700,000
700,000
0.406
Sumitomo Mitsui Trust Bank, Limited
January 31, 2020
January 31, 2027
1,500,000
1,500,000
0.526
Sumitomo Mitsui Trust Bank, Limited
January 31, 2020
January 31, 2029
1,500,000
1,500,000
0.675
Sumitomo Mitsui Banking Corporation
March 12, 2020
1,800,000
1,800,000
0.361 February 28, 2026
Sumitomo Mitsui Banking Corporation
March 31, 2020
March 31, 2028
1,000,000
1,000,000
0.642
Sumitomo Mitsui Banking Corporation
June 30, 2020
June 30, 2028
2,000,000
2,000,000
0.646Mizuho Bank, Ltd.
June 30, 2020
June 30, 2028
2,000,000
2,000,000
0.646Mizuho Trust & Banking Co., Ltd.
June 30, 2020
June 30, 2028
700,000
700,000
0.646
MUFG Bank, Ltd.
June 30, 2020
June 30, 2028
2,000,000
2,000,000
0.510
Sumitomo Mitsui Banking Corporation
July 31, 2020
July 31, 2028
2,700,000
2,700,000
0.636
Development Bank of Japan Inc.
August 31, 2020
August 31, 2030
1,500,000
1,500,000
0.705
Sumitomo Mitsui Trust Bank, Limited
September 30, 2020
1,000,000
1,000,000
0.396 September 30, 2025
Sumitomo Mitsui Trust Bank, Limited
September 30, 2020
1,000,000
1,000,000
0.511 September 30, 2027
Sumitomo Mitsui Trust Bank, Limited
September 30, 2020
700,000
700,000
0.738 September 30, 2030
Sumitomo Mitsui Banking Corporation
October 30, 2020
April 30, 2027
1,400,000
1,400,000
0.542
Sumitomo Mitsui Banking Corporation
October 30, 2020
1,500,000
1,500,000
0.803 October 31, 2030
Resona Bank, Limited.
October 30, 2020
300,000
300,000
0.803 October 31, 2030
MUFG Bank, Ltd.
November 12, 2020
April 30, 2027
1,300,000
1,300,000
0.552
MUFG Bank, Ltd.
November 12, 2020
700,000
700,000
0.808 November 12, 2030
Aozora Bank, Ltd.
November 12, 2020
500,000
500,000
0.808 November 12, 2030
MUFG Bank, Ltd.
November 30, 2020
May 31, 2027
200,000
200,000
0.516
Aozora Bank, Ltd.
November 30, 2020
900,000
900,000
0.763 November 30, 2030
MUFG Bank, Ltd.
November 30, 2020
800,000
800,000
0.763 November 30, 2030
Mizuho Bank, Ltd.
November 30, 2020
200,000
200,000
0.763 November 30, 2030
Mizuho Bank, Ltd.
January 29, 2021
January 31, 2024
1,000,000
1,000,000
0.287
January 31, 2028
Mizuho Bank, Ltd.
January 29, 2021
0.527
1,200,000
1,200,000
Sumitomo Mitsui Banking Corporation
January 29, 2021
January 31, 2030
2,300,000
2,300,000
0.678
MUFG Bank, Ltd.
January 29, 2021
January 31, 2030
2,000,000
2,000,000
0.678
Mizuho Bank, Ltd.
January 29, 2021
January 31, 2030
2,000,000
2,000,000
0.678
Mizuho Trust & Banking Co., Ltd.
January 29, 2021
800,000
800,000
0.755 November 30, 2030
The Nishi-Nippon City Bank, Ltd.
July 12, 2021
June 30, 2028
500,000
0.484
The Musashino Bank, Ltd.
July 30, 2021
July 31, 2026
1,000,000
0.350
MUFG Bank, Ltd.
September 21, 2021
1,000,000
0.300 February 28, 2023
MUFG Bank, Ltd.
September 21, 2021
August 31, 2023
2,000,000
0.300
MUFG Bank, Ltd.
September 21, 2021
1,000,000
0.300 February 29, 2024
Sub Total
151,100,000
156,600,000
Total
187,750,000
185,750,000
Average interest rates are the weighted average during the period and figures are rounded to the nearest third decimal place. Also, with regard to borrowings for which interest rate swap
transactions were implemented in order to hedge the interest rate volatility risk, the weighted average interest rates taking into consideration the effects of the interest rate swaps are indicated.
Funds procured through borrowings are used to acquire real estate or trust beneficiary interests in real estate and to repay borrowings, etc.
Partial prepayment of 500,000 thousand yen was made on July 30, 2021.
Prepayment was made on July 30, 2021.
Partial prepayment of 1,000,000 thousand yen was made on July 30, 2021.
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.

- 48 -