Supplementary Material on the Sale
Announced Today“Notice Concerning Sale of Property (KDX Hon-Atsugi Building)”

February 26, 2021

Outline of the sale announced today
Property to be sold （on April 30, 2021）

Highlights of the sale

KDX Hon-Atsugi Building

Decided on the transfer with the consideration ofappropriate timing and accounting the risk
anticipation of further decline in profitability due toan increase in operating expenses (e.g., repairs).

Impacts of transfer, etc.

Location

Atsugi, Kanagawa

Total floor area

3,603.63㎡

Completion dateMay 1995Occupancy rate

77.5%

（As of January 31, 2021）

Appraisal value（As of October 31, 2020）

Assumed book value（As of April 30, 2021）

Anticipated sale price

1,190 million yen
1,115 million yen
935 million yen

NOI yield (actual) (Note 1)

2.6%

NOI yield after depreciation(actual) (Note 2)

0.5%

Sale price NOI yield (Note 3)

3.6%• Improve portfolio profitability by disposing of theproperty with stagnant occupancy / low yield
Changes in
the Property’s
Occupancy Rate

End of 28th
fiscal period（2019/4）

End of 29th
fiscal period（2019/10）

End of 30th
fiscal period（2020/4）

End of 31st
fiscal period（2020/10）

80.5%

70.6%

70.9%

77.5%

• Avoided the negative impact on DPU in the 32nd
fiscal period by totaling the gain on sale of KDX
Shin-Nihonbashi Building
DPU（forecast）
in 32nd fiscalperiod (2021/4)

15,180 yen

Note 1: Calculated by dividing the sum of the NOI (actual) for the 30th (2020/4) and 31st (2020/10) fiscal periods by the acquisition priceNote 2: Calculated by dividing the sum of rental operating income (actual) for the 30th (2020/4) and 31st (2020/10) fiscal periods by the acquisition priceNote 3: Calculated by dividing the sum of the NOI (actual) for the 30th (2020/4) and 31st (2020/10) fiscal periods by the anticipated sale price

Provision of reserve
for reduction entry
in 32nd fiscal
period (2021/4)（Estimate）

423 mn yen

1Disclaimer

The contents of this document, including summary notes, quotes, data and other information, are provided solely for
informational purposes and not intended for the purpose of soliciting investment in, or as a recommendation to purchase or sell,
any specific products.
Please be aware that matters described herein may change or cease to exist without prior notice of any kind. This document
contains forward-looking statements and anticipations of future results, based on current assumptions and beliefs in light ofcurrently available information and resources. Risks and uncertainties, both known and unknown, including those relating to thefuture performance of the real estate market in Japan, interest rate fluctuations, competitive scenarios, and changing
regulations or taxation, may cause Kenedix Office Investment Corporation (KDO)'s actual results, performance, achievements
and financial performance to be materially different from those explicitly or implicitly expressed in this document.
With respect to any and all terms herein, including without limitation, this document, the information provided is intended to bethorough. However, no assurance or warranties are given with respect to the accuracy or completeness thereof.
Neither KDO nor Kenedix Real Estate Fund Management, Inc. (KFM) shall be liable for any errors, inaccuracies, loss ordamage, or for any actions taken in reliance thereon, or undertake any obligation to publicly update the information contained inthis document after the date of this document.
Revised editions of this document will be posted on our website (https://www.kdo-reit.com/en/) if there should be majorcorrections going forward.

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