KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Translation of Japanese Original

FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED October 31, 2022 (REIT)(May 1, 2022, to October 31, 2022)
December 14, 2022
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:

Hikaru Teramoto, 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, 2023

Planned submission of semiannual securities report: January 27, 2023
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, 2022 (May 1, 2022, to October 31, 2022)(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, 2022

16,266

2.4

7,379

(0.6)

6,452

(0.7)

6,451

(0.7)

April 30, 2022

15,891

5.7

7,427

8.3

6,497

9.9

6,496

9.9

Net Income per Unit
For the six months ended

Return on Unitholders’ Equity

Ordinary Income to Total Assets

%

%

Yen

Ordinary Income toOperating Revenues%

October 31, 2022

7,566

2.8

1.4

39.7

April 30, 2022

7,580

2.8

1.4

40.9

Note: The Investment Corporation implemented a two-for-one split of investment units with October 31, 2022, as the record date of the split and November 1, 2022, as theeffective date. Net income per unit is calculated based on the assumption that the split of the investment units was implemented at the beginning of the fiscal period endedApril 30, 2022.

(2) Distribution
Distributions per Unit Total Distributions(Excluding Excess of (Excluding Excess of
Earnings)
Earnings)
For the six months ended

Yen

Distributions in
Excess of Earnings
per Unit

Total Distributions in
Excess of Earnings

Yen

Millions of Yen

Millions of Yen

Distribution Ratio to
Unitholders’ Equity

Payout Ratio%%

October 31, 2022

14,488

6,146

－

－

95.3

2.7

April 30, 2022

14,000

5,999

－

－

92.3

2.6

Note 1: Distributions per unit for the fiscal period ended October 31, 2022, are calculated by dividing the amount remaining after deducting the provision of reserve for reduction
entry (304 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.
Note 2: Distributions per unit for the fiscal period ended April 30, 2022, are calculated by dividing the amount remaining after deducting the provision of reserve for reduction
entry (497 million yen) from unappropriated retained earnings by the total number of investment units issued and outstanding. The main difference between distributions
per unit and net income per unit is due to this calculation.

(3) Financial Position
Total Assets

Net Assets

Net Assets to Total Assets

Net Assets per Unit

For the six months ended

Millions of Yen

Millions of Yen%

Yen

October 31, 2022

473,013229,56248.5

270,573

April 30, 2022

464,802231,76349.9

270,429

Note: The Investment Corporation implemented a two-for-one split of investment units with October 31, 2022, as the record date of the split and November 1, 2022, as theeffective date. Net assets per unit is calculated based on the assumption that the split of the investment units was implemented at the beginning of the fiscal period endedApril 30, 2022.

This notice is an English-language translation of the original Japanese announcement on our website released on December 14, 2022. 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)(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, 2022

10,496(13,525)791

30,917

April 30, 2022

10,403(6,596)400

33,156

2. FORECAST OF RESULTS FOR THE FISCAL PERIODS ENDING April 30, 2023 (November 1, 2022, to April 30, 2023) andOctober 31, 2023 (May 1, 2023, to October 31, 2023)(% 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, 2023

16,232

(0.2)

6,887

(6.7)

5,983

(7.3)

5,982

(7.3)

7,250

－

October 31, 2023

16,631

2.5

6,820

(1.0)

5,896

(1.5)

5,895

(1.5)

7,250

－

For the six months ending%

Net Income(Millions of Yen)

(Reference) Estimated net income per unit for the fiscal period ending April 30, 2023: 7,051 yen
Forecasted total number of investment units issued and outstanding as of April 30, 2023: 848,430 units
Forecasted average number of investment units during the fiscal period ending April 30, 2023: 848,430 units
Estimated net income per unit for the fiscal period ending October 31, 2023: 6,948 yen
Forecasted total number of investment units issued and outstanding as of October 31, 2023: 848,430 units
Forecasted average number of investment units during the fiscal period ending October 31, 2023: 848,430 units
Note 1: Distributions per unit for the fiscal period ending April 30, 2023, are calculated by dividing the amount obtained by adding the reversal of reserve for reduction entry (168million yen) to net income by the total number of investment units issued and outstanding.
Note 2: Distributions per unit for the fiscal period ending October 31, 2023, are calculated by dividing the amount obtained by adding the reversal of reserve for reduction entry(255 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: No(b) Changes other than (a): No(c) Changes in accounting estimate: No(d) Retrospective restatement: No(2) Total Number of Investment Units Issued and Outstanding(a) Total number of investment units issued and outstanding at period end (including own investment units)
As of October 31, 2022: 424,215 units
As of April 30, 2022: 428,510 units(b) Number of own investment units at period end
As of October 31, 2022: 0 units
As of April 30, 2022: 0 units
Note: Please refer to page 26, “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-Sixth Fiscal Period Ending April 30, 2023, and for the Thirty-Seventh Fiscal Period Ending October 31, 2023” onpage 8, and the actual operating revenues, operating income, ordinary income, net income, distributions per unit and distributions in excess ofearnings per unit may differ from forecasts due to the change in the situation. Accordingly, the Investment Corporation does not guarantee
payment of the forecast distributions.

This notice is an English-language translation of the original Japanese announcement on our website released on December 14, 2022. 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 ····························································································································· 6(3) Outlook ·································································································································· 7
2. Financial Statements ························································································································ 10(1) Balance Sheets························································································································· 10(2) Statements of Income ················································································································· 12(3) Statements of Unitholders’ Equity··································································································· 13(4) Basis for Calculating Cash Distribution ···························································································· 15(5) Statements of Cash Flows ············································································································ 16(6) Notes on Going Concern ············································································································· 17(7) Important Accounting Standards ···································································································· 17(8) Notes on Financial Statements······································································································· 18(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 ·················································································································· 39(3) Overview of Major Tenants ·········································································································· 40- 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).
Subsequentially, the Investment Corporation raised funds through public offerings and such as well as acquired and cancelled own
investment units (4,295 units) during the fiscal period under review (fiscal period ended October 31, 2022). As a result, as of the end of
the fiscal period under review (October 31, 2022), the number of investment units issued and outstanding totaled 424,215 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, 2022), the Japanese economy saw a negative growth rate ofreal GDP, but was pushed down by the significant increase in service imports, and continued to be on a moderate recovery trend
partially due to the increase in capital investments and exports. On the other hand, stagnation of personal consumption impacted byprice hikes was seen, but since infection control measures are also being implemented without imposing restrictions on activities
despite the deterioration of the infection status of COVID-19, the impact on the pace of recovery in consumption is believed to belimited.
In terms of the office leasing market, both the average vacancy rate and average rent (including for newly built office buildings) inTokyo’s five central wards remained generally flat according to the data announced by Miki Shoji Co., Ltd. The slight increase invacancy rate was mostly attributable to the fact that multiple newly built large-scale office buildings were completed with vacancies.
At mid-sized office buildings, vacancies have started to dissipate as the pace of lease cancellations has slowed down and movementsof tenants centering on Japanese companies have also become active.
April 2022
Average Vacancy Rate
Average Rent

October 2022

Change

6.38%

6.44%

+0.06%

20,328 yen

20,114 yen(214 yen)

Even in other major cities across Japan, the rise in average vacancy rate slowed down and both average vacancy rate and average rent
remained generally flat except in some cities.
In the office building transaction market, the amount of sales information of prime mid-sized office buildings remains small, andinvestors are concentrating on limited sales projects. Therefore, cap rates remain at continuously low levels. Due to the preceding risein interest rates, some overseas investors started to take a wait-and-see attitude, and projects that are advantageous to domestic
investors were also seen. However, as the investment appetite of domestic and overseas investors is generally strong and propertytransactions by real estate companies and other domestic and overseas investors as well as listed real estate investment corporations(J-REITs) have continued to be conducted, no significant change has been seen in the willingness to invest in office buildings.
(b) Management Performance
The Investment Corporation acquired two office buildings (Edobashi Building: Acquisition price 9,600 million yen, Shionogi Kobe
Building: Acquisition price 3,450 million yen) and sold an office building (KDX Kiba Building: Acquisition price 1,580 million yen,
Sale price 1,650 million yen) during the fiscal period under review.
The overview of the portfolio at the end of the fiscal period under review (excluding the TK interest (Note 1)) is as follows.
Number of Properties
Total Acquisition Price (Millions of yen)
Number of End Tenants for Office Buildings(Note 2) (Note 3)

End of Previous
Fiscal Period
97445,606

End of Fiscal Period
Under Review
98457,076

1,167

1,189

- 2 -

Change+1+11,470+22

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Percentage by Use (Acquisition Price Basis)
Office Buildings
OthersEnd of Previous
Fiscal Period
99.4%
0.6%

End of Fiscal Period
Under Review
99.4%
0.6%

Change+0.0%(0.0%)

Occupancy Rate of Office Buildings

End of Previous
End of Fiscal Period
ChangeFiscal Period
Under Review
Entire Office Building
98.3%
97.8%
(0.5%)
Tokyo’s Five Central Wards
97.9%
98.7%
+0.8%
Other Tokyo Metropolitan Areas
98.8%
97.1%
(1.7%)
Regional Areas
98.3%
97.4%
(0.9%)
Note 1: The initial investment amount for the TK interest is 1,107 million yen.
Note 2: When a tenant is leasing more than one property, it is counted as one tenant and the number of tenants is indicated accordingly.
Note 3: The number of end tenants for the entire portfolio is 1,190 as of the end of the fiscal period under review.

C. Capital Financing(a) Status of Investment Corporation Bonds
The Investment Corporation issued the Fourteenth Series Unsecured Investment Corporation Bonds (ranking pari passu among specified
investment corporation bonds) (“the Fourteenth Series Unsecured Investment Corporation Bonds”) (total issue amount: 1,000 million
yen, term: 5.0 years) on July 11, 2022, and allocated the proceeds to the redemption fund for the Eighth Series Unsecured Investment
Corporation Bonds (ranking pari passu among specified investment corporation bonds) that matured on July 19, 2022. As a result, thebalance of investment corporation bonds as of the fiscal period under review (October 31, 2022) is 13,000 million yen.
(b) Status of Borrowings
During the fiscal period under review, the Investment Corporation undertook borrowings of 16,150 million yen for repayment ofborrowings of the same amount that matured during the fiscal period, 8,100 million yen for early repayment made on August 31, 2022,
and 500 million yen for early repayment made on October 31, 2022. Furthermore, the Investment Corporation newly borrowed 9,800
million yen upon the acquisition of Edobashi Building.
The balance of borrowings at the end of the fiscal period under review is as follows.
Total borrowings

201,950 million yen

Short-term borrowings (Note 1)

300 million yen

Long-term borrowings (Note 1)

201,650 million yen

Investment corporation bonds

13,000 million yen

Balance of interest-bearing debt

214,950 million yen

Furthermore, interest rates for 112,550 million yen of long-term borrowings with floating interest rates have been practically fixed byutilizing interest rate swaps in order to hedge risk of rise in interest rates. As a result, the balance of long-term borrowings with fixedinterest rates including 84,100 million yen of long-term borrowings with fixed interest rates was 196,650 million yen at the end of the
fiscal period under review.
Long-term debt ratio (Note 2)

99.9%

Long-term fixed interest debt ratio (Note 3)

97.5%

Average remaining term of interest-bearing debt (Note 4)

4.0 years

Average interest rate of interest-bearing debt (Note 4)

0.82%

Interest-bearing debt ratio (Note 5)

45.4%

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.

- 3 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

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.

(c) Status of Credit Rating
The status of the credit ratings as of the end of fiscal period under review (October 31, 2022) is as follows:
Credit Rating Agency

Details of the Ratings
Long-term Issuer Rating

Japan Credit Rating Agency, Ltd. (JCR)

Ratings on Bonds
Preliminary Rating of Shelf Registration

AA(Outlook: Stable)
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
Planned Issuance Period
Use of Funds

100,000 million yen
December 8, 2020, to December 7, 2022
Acquisition funds for specified assets described in Article 2-1 of Investment Trust Act, repayment ofborrowings, redemption of investment corporation bonds (including short-term investment corporation
bonds), refund of lease and guarantee deposits, funds to pay for repairs and maintenance, working
capital, etc.

The Thirteenth Series Unsecured Investment Corporation Bonds of 2,000 million yen were issued on July 28, 2021, and the
Fourteenth Series Unsecured Investment Corporation Bonds of 1,000 million yen on July 11, 2022, based on the above shelfregistration statement.
The Investment Corporation filed a shelf registration statement for investment corporation bonds whose planned issuance period isfrom December 8, 2022, to December 7, 2024 (excluding short-term investment corporation bonds) on November 30, 2022.
D. Operating Results and Cash Distribution
As a result of the aforementioned management performance, the Investment Corporation reported operating revenues of 16,266 million
yen, operating income of 7,379 million yen, ordinary income of 6,452 million yen and net income of 6,451 million yen for the fiscal
period under review (fiscal period ended October 31, 2022).
Concerning the cash distributions for the fiscal period under review, special taxation measures for investment corporations (Article 6715 of the Act on Special Measures Concerning Taxation (Act No. 26 of the year 1957, including amendments thereafter; “the Special
Taxation Measures Act”)) are applied based on the cash distribution policies stipulated in the Articles of Incorporation. In addition, theInvestment Corporation decided to apply the “Special Provisions for Taxation in Cases of Repurchase of Specified Assets” (Article 657 of the Special Taxation Measures Act) in the fiscal period under review and internally reserve part of the unappropriated retained
earnings as reserve for reduction entry. Following this policy, the Investment Corporation distributed 6,146,026,920 yen, which is partof the amount remaining after deducting 304 million yen within the scope of application of the provisions of both Article 67-15 andArticle 65-7 of the Special Taxation Measures Act as provision of reserve for reduction entry from unappropriated retained earnings. As
a result, distribution per unit is 14,488 yen.

- 4 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)② Outlook for next fiscal period
A. External Growth Strategy(a) Investment Criteria
The Investment Corporation continues to invest mainly in mid-sized office buildings in the Tokyo Metropolitan Area under the policyof capturing the trend and investing timely in a flexible and dynamic manner.
Distribution Target by Property Type

Office Buildings

Central Urban Retail
Properties
OthersOf office buildings, rental office buildings of which the main use under the
Building Standard Act is office and for which the total floor area of the entire
building stated in the certificate of all registered matters (“total floor area”) fulfills
the following criteria (“mid-sized office building”).
・Tokyo 23 wards
Total floor area: 13,000 m2 or less・Outside Tokyo 23 wards
Total floor area: 20,000 m2 or lessOf office buildings, those that do not fall under the category of mid-sized officebuildings
Central urban retail properties with high tenant substitutability located in districts
with a high degree of bustle
Land with leasehold (limited proprietary right of land) or buildings with floor areaof which use under the Building Standards Act is not subject to investment inaccordance with the Investment Corporation’s investment policy

80-100%0-20%

Distribution Target by Area
The Investment Corporation mainly invests in real estate, etc. located in the Tokyo Metropolitan area (Tokyo and its three neighboring
prefectures: Kanagawa, Saitama and Chiba), which is the largest economic area and the most densely populated region in Japan. We
also make some diversified investments in real estate in rural economic zones (major urban areas such as government-designated cities)
to minimize risks seen when concentrating on a certain region, such as fluctuations in the local economy and real estate market,
population fluctuation and natural disasters such as earthquakes and typhoons.
(b) Use of Sponsor Support
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.
Note: Kenedix Group refers to the company group consisting of Kenedix, Inc. and its subsidiaries, related companies, etc. The same applies below.

B. Internal Growth Strategy
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- 5 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

C. Financial Strategy
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

D. Important Subsequent Events after the Closing Date(a) Split of Investment Units
The Investment Corporation implemented a two for one split of the investment units with October 31, 2022, as the record date andNovember 1, 2022, as the effective date.
・ Purpose of Split
The Investment Corporation aims to create an environment that makes it easier for investors to invest as well as further expand theinvestor base and improve the liquidity of investment units by lowering the per-investment unit price.
・ Method of Split
With October 31, 2022, as the record date, the Investment Corporation implemented a two-for-one split of its investment units heldby unitholders stated or recorded in the final unitholder registry on that day.
・ Number of Investment Units Increased Due to the Split, Etc.

(1) Total number of investment units issued and outstanding before the split: 424,215 units(2) Total number of investment units increased due to the split: 424,215 units(3) Total number of investment units issued and outstanding after the split: 848,430 units(4) Total number of authorized investment units after the split: 4,000,000 units(Reference Information)(a) 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 for when acquiring assets and repaying borrowings (including redemptions of investment corporation bonds).
Maximum Amount

5,000 million yen

Contract Date

November 25, 2022

Contract Period

November 30, 2022, to November 30, 2023

Contract Type

Bilateral type line of credit loan agreement (uncommitted)

Counterparty

Mizuho Bank, Ltd.

Collateral

Unsecured, unguaranteed(2) Risk Factors
There are no significant changes to the “Investment Risks” as described in the latest Securities Report submitted on July 26, 2022, and thedisclosures are omitted.

- 6 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)(3) Outlook
Forecasts for the thirty-sixth fiscal period (November 1, 2022, to April 30, 2023) and for the thirty-seventh fiscal period (May 1, 2023, toOctober 31, 2023) are presented as follows.
Thirty-sixth fiscal period (November 1, 2022, to April 30, 2023)
Operating Revenues

16,232 million yen

Operating Income

6,887 million yen

Ordinary Income

5,983 million yen

Net Income

5,982 million yen

Distributions per Unit

7,250 yen
- yen

Excess of Earnings

Thirty-seventh fiscal period (May 1, 2023, to October 31, 2023)
Operating Revenues

16,631 million yen

Operating Income

6,820 million yen

Ordinary Income

5,896 million yen

Net Income

5,895 million yen

Distributions per Unit

7,250 yen
- yen

Excess of Earnings

For preconditions and assumptions of the outlook, please refer to the following “Preconditions and Assumptions for the Thirty-Sixth Fiscal
Period Ending April 30, 2023, and for the Thirty-Seventh Fiscal Period Ending October 31, 2023.”
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.

- 7 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Preconditions and Assumptions for the Thirty-Sixth Fiscal Period Ending April 30, 2023,
and for the Thirty-Seventh Fiscal Period Ending October 31, 2023
Item
Preconditions and Assumptions
 The thirty-sixth fiscal period ending April 30, 2023: November 1, 2022, to April 30, 2023 (181 days)
Calculation Period The thirty-seventh fiscal period ending October 31, 2023: May 1, 2023, to October 31, 2023 (184 days)
 It is assumed that the Investment Corporation owns 98 properties that are composed of real estate and trust
beneficiary interest in real estate as of the date of this document. It is assumed that there will be no sale ofassets in the property portfolio by the end of the thirty-seventh fiscal period ending October 31, 2023.
Property Portfolio
 The Investment Corporation also holds the TK equity other than above. It assumes the refund of the TK equity
will not occur by the end of the thirty-seventh fiscal period ending October 31, 2023.
 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, 2022, and by considering
variable factors, such as seasonal factors against the backdrop of historical performance, as well as the recent
real estate market conditions, in addition to the difference in number of operating days due to transfers inexisting investment assets described in Property Portfolio .
Operating Revenues
 Dividends received of 38 million yen for the thirty-sixth fiscal period ending April 30, 2023, and 58 million
yen for the thirty-seventh fiscal period ending October 31, 2023, have been assumed with regard to the TK
equity stated in the above “Property Portfolio.” Forecasts are based on the assumption that there will be no rent in arrears or non-payments from tenants.
 Expenses related to rental business other than depreciation are based on the historic expenses, adjusted toreflect expense variables including seasonal factors.
 An amount of 1,514 million yen for the thirty-sixth fiscal period ending April 30, 2023, and 1,504 million yen
for the thirty-seventh fiscal period ending October 31, 2023, has been assumed for property and facility
management fees (property management and building maintenance fees, etc.).
 An amount of 1,394 million yen for the thirty-sixth fiscal period ending April 30, 2023, and 1,481 million yen
for the thirty-seventh fiscal period ending October 31, 2023, have been assumed for taxes and public dues
(property tax and city-planning tax, etc.). Only part of taxes and public dues (15 million yen) will berecognized as expenses in the thirty-sixth fiscal period ending April 30, 2023, for the reasons that property tax
and city-planning tax, etc. are settled with the former owner and such settled amount will be included in thecalculation of acquisition costs regarding the properties acquired or to be acquired after January 1, 2022. The
aggregate amount of the property tax and city-planning tax, etc. will be recognized as expenses in the thirtyseventh fiscal period ending October 31, 2023, onwards, and such amount is estimated at 46 million yen per
Operating Expenses
fiscal period.
 An amount of 2,636 million yen for the thirty-sixth fiscal period ending April 30, 2023, and 2,627 million yen
for the thirty-seventh fiscal period ending October 31, 2023, has been assumed for depreciation expense.
 An amount of 419 million yen for the thirty-sixth fiscal period ending April 30, 2023, and 373 million yen for
the thirty-sixth fiscal period ending October 31, 2023, has been assumed for repairs, maintenance andrenovation expenses. Repairs, maintenance and renovation expenses are estimated based on the amounts
budgeted by the Asset Management Company for each property and considered essential for the period.
Actual repairs, maintenance and renovation expenses for the fiscal period may, however, differ significantly
from 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 893 million yen for the thirty-sixth fiscal period
ending April 30, 2023, and 913 million yen for the thirty-seventh fiscal period ending October 31, 2023, is
Non-Operating Expenses
assumed.
Extraordinary Profit/Loss  Extraordinary profit/loss is not assumed.
 The balance of the borrowings and the investment corporation bonds as of December 14, 2022, is 201,950
million yen and 13,000 million yen, respectively.
 Of the borrowings as of December 14, 2022, a total of 4,800 million yen in borrowings is due for repayment
Borrowings andduring the thirty-sixth fiscal period ending April 30, 2023, and a total of 9,800 million yen in borrowings is
Investment Corporationdue for repayment during the thirty-seventh fiscal period ending October 31, 2023. However, it is assumed
Bonds
that all borrowings will be refinanced.
 Of the investment corporation bonds as of December 14, 2022, it is assumed that no investment corporation
bonds will mature by the end of the thirty-seventh fiscal period ending October 31, 2023.
Total Number of The total number of investment units issued and outstanding after the investment unit split implemented on
Investment Units Issued
November 1, 2022, with October 31, 2022, as the record date of the split is assumed to be 848,430 units.
- 8 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Item
and OutstandingDistributions per UnitDistributions in Excessof Earnings per Unit

Preconditions and Assumptions
It is assumed that there will be no change until the end of the thirty-seventh fiscal period ending October 31,
2023, other than the above.
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 adding 168 million yen of reversal of reserve for reduction entry to
net income will be distributed in the thirty-sixth fiscal period ending April 30, 2023, and the amount obtainedby adding 255 million yen of reversal of reserve for reduction entry to net income will be distributed in thethirty-seventh fiscal period ending October 31, 2023, but the amount of 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


- 9 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

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

Thirty-Fifth Fiscal Period(As of April 30, 2022)(As of October 31, 2022)

AssetsCurrent assets
Cash and deposits

23,037,269

20,376,036

Cash and deposits in trust

11,593,317

11,745,529

Accounts receivable-trade279,727

396,242

Prepaid expenses

71,220112,649

Other
Total current assets

10,146

13,24034,991,680

32,643,699

18,127,176

19,208,618

Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation(7,449,568)(7,768,708)

Buildings, net

10,677,608

11,439,910

Structures

44,22444,224

Accumulated depreciation(21,468)(22,699)

Structures, net

22,755

21,524

Machinery and equipment

456,232

464,676

Accumulated depreciation(322,911)(336,018)

Machinery and equipment, net

133,320

128,658

Tools, furniture and fixtures

104,554

106,355

Accumulated depreciation(79,754)(83,487)

Tools, furniture and fixtures, net

24,80022,868Land

27,520,902

30,128,905

Buildings in trust

130,362,510 *2

130,699,106

Accumulated depreciation(40,770,613)(42,535,054)

Buildings in trust, net

89,591,896

88,164,051

Structures in trust

429,795

429,675

Accumulated depreciation(225,247)(235,561)

Structures in trust, net

204,547

194,114

Machinery and equipment in trust

2,075,571

2,123,432

Accumulated depreciation(981,465)(1,038,762)

Machinery and equipment in trust, net

1,094,106

1,084,669

Tools, furniture and fixtures in trust

739,174

748,177

Accumulated depreciation(434,922)(458,579)

Tools, furniture and fixtures in trust, net

304,251

289,597296,760,716

305,091,543

800-

426,335,705

436,565,845

Land leasehold

285,257

285,257

Land leasehold in trust

346,103345,3297657

631,437

630,644

1,136,860

1,138,413

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

1,043,985

1,034,645

Other

478,443

813,924- 10 -*2

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

Total investments and other assets
Total noncurrent assets

Thirty-Fourth Fiscal Period

Thirty-Fifth Fiscal Period(As of April 30, 2022)(As of October 31, 2022)

2,792,179

3,119,872

429,759,322

440,316,362

51,15453,346

Deferred assets
Investment corporation bond issuance costs
Total deferred assets

51,15453,346464,802,158

473,013,408

Accounts payable

1,759,501

1,737,357

Short-term loans payable

8,600,000

300,000

Current portion of investment corporation bonds

1,000,000－

Current portion of long-term loans payable

Total assets
Liabilities
Current Liabilities

13,450,000

14,300,000

Accounts payable-other579,319559,553

Accrued expenses

88,892

101,839

Income taxes payable

794

831

Accrued consumption taxes

218,882308,775

Advances received

2,845,568

2,774,028

Deposits received

7,335

4,987

28,550,295

20,087,373

Investment corporation bonds

12,000,000

13,000,000

Long-term loans payable

170,100,000

187,350,000

Total current liabilities
Noncurrent liabilities

Tenant leasehold and security deposits

2,155,044

2,284,874

Tenant leasehold and security deposits in trust

20,222,559

20,728,309

Other

10,448537

Total noncurrent liabilities

204,488,052

223,363,720

Total liabilities

233,038,347

243,451,094

220,970,508

220,970,508

Net assets
Unitholders' equity
Unitholders' capital-

Deduction from unitholders' capital
Unitholders' capital, net(2,999,551) *4

220,970,508

217,970,957

Surplus
Voluntary reserve
Reserve for reduction entry

3,828,434

4,326,003

Total voluntary reserve

3,828,434

4,326,003

Unappropriated retained earnings (undisposed loss)

6,496,709

6,451,096

Total surplus

10,325,143

10,777,100

Total unitholders' equity

231,295,652

228,748,057

468,158

814,256

Valuation and translation adjustments
Deferred gains or losses on hedges
Total valuation and translation adjustments

468,158

Total net assets

231,763,810

Total liabilities and net assets

464,802,158- 11 -

814,256*1

229,562,314
473,013,408*1

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(2) Statements of Income(Thousands of Yen)
Thirty-Fourth Fiscal Period
November 1, 2021, toApril 30, 2022

Thirty-Fifth Fiscal Period
May 1, 2022, toOctober 31, 2022

Operating revenues
Rental revenues

13,336,478*1

13,841,688*1Other rental revenues

1,741,811*1

2,119,236*1

Gain on sales of real estate, etc.

770,595*2

240,982*2

Dividends income

42,21464,462

15,891,099

16,266,370

Total operating revenue
Operating expenses
Property related expenses

7,309,872*1

Asset management fees

962,007

976,930

Directors' compensation

6,300

6,300

Asset custody fees

23,65823,870Administrative service fees

58,94659,530

Audit fees

12,80012,8007,707,795

Other operating expenses

89,824

99,583

Total operating expenses

8,463,409

8,886,810

7,427,689

7,379,560

Interest income

48

45

Dividends and redemption-prescription

322

383

Interest on refund

75

525

Total non-operating income

446

954

Interest expenses

722,665

732,865Interest expenses on investment corporation bonds

34,951

35,987

Borrowing related expenses

149,392

139,175

7,348

7,659

Operating income
Non-operating income

Non-operating expenses

Amortization of investment corporation bond issuance costs
Other

15,831

12,386

Total non-operating expenses

930,189

928,074

Ordinary income

6,497,947

6,452,439

Income before income taxes

6,497,947

6,452,439

Income taxes-current

1,240

1,349

Income taxes-deferred

(2)

(6)

Total income taxes

1,237

1,343

Net income

6,496,709

6,451,096

Unappropriated retained earnings (undisposed loss)

6,496,709

6,451,096- 12 -*1

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(3) Statements of Unitholders’ Equity
Thirty-Fourth Fiscal Period (November 1, 2021, to April 30, 2022)(Thousands of Yen)
Unitholders' equity
Unitholders'
capitalSurplus

Balance at the beginning ofcurrent period

Unappropriated retained
earnings (undisposed
Total voluntary reserve
loss)

Voluntary reserve

Unitholders'
capitalReserve for
reduction entry

220,970,508

Total unitholders' equity
Total surplus

3,917,542

3,917,542

5,910,032

9,827,574

230,798,082(89,107)(89,107)

89,107--

Distribution from surplus(5,999,140)(5,999,140)(5,999,140)

Net income

6,496,709

6,496,709

6,496,709

Changes during the period
Reversal of reserve for
reduction entry

Items other than unitholders'equity, net－(89,107)(89,107)586,676

497,569

497,569* 220,970,508

3,828,434

3,828,434

6,496,709

10,325,143

231,295,652

Total changes during the period
Balance at the end of current
periodValuation and translation adjustments
Deferred gains orlosses on hedges
Balance at the beginning ofcurrent period(253,223)

Total valuationand translation
adjustments(253,223)

Total net assets

230,544,859

Changes during the period
Reversal of reserve for
reduction entry-

Distribution from surplus(5,999,140)

Net income

6,496,709

Items other than unitholders'equity, net

721,382

721,382

721,382

Total changes during the period

721,382

721,382

1,218,951

Balance at the end of current
period468,158

468,158

231,763,810- 13 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Thirty-Fifth Fiscal Period (May 1, 2022, to October 31, 2022)(Thousands of Yen)
Unitholders' equity
Unitholders' capital

Surplus
Voluntary reserve
Reserve for
reduction entry

Total voluntary
reserve

Unappropriatedretained earnings(undisposed loss)

3,828,434

3,828,434

6,496,709

10,325,143

497,569

497,569(497,569)-

Distribution from surplus(5,999,140)(5,999,140)

Net income

6,451,096

6,451,096

Unitholders'
capitalBalance at the beginning ofcurrent period

Deduction from Unitholders' capital,
unitholders' capitalnet-

220,970,508

220,970,508

Total surplus

Changes during the period
Provision of reserve for
reduction entry

Acquisition of own
investment units
Cancellation of own
investment units(2,999,551)(2,999,551)-(2,999,551)(2,999,551)

497,569

497,569(45,612)451,956※ 220,970,508(2,999,551)

217,970,957

4,326,003

4,326,003

6,451,096

10,777,100

Items other than unitholders'equity, net
Total changes during the period
Balance at the end of current
periodValuation and translation
adjustments

Unitholders' equity

Balance at the beginning ofcurrent period

Own investment
units

Total unitholders'equityDeferred gains orlosses on hedges

Total valuationand translation
adjustments

Total net assets-

231,295,652

468,158

468,158

231,763,810

Changes during the period
Provision of reserve for
reduction entry--

Distribution from surplus(5,999,140)(5,999,140)

Net income

6,451,096

6,451,096(2,999,551)(2,999,551)(2,999,551)

2,999,551--

Acquisition of own
investment units
Cancellation of own
investment units
Items other than unitholders'equity, net

346,097

346,097

346,097

Total changes during the period-(2,547,594)

346,097

346,097(2,201,496)

Balance at the end of current
period-228,748,057

814,256

814,256

229,562,314- 14 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(4) Basis for Calculating Cash Distribution(Unit: Yen)
Thirty-Fourth Fiscal Period
November 1, 2021, to April 30, 2022
I.

Unappropriated retained earnings at theend of fiscal period under review
II. Total distribution amountThirty-Fifth Fiscal Period
May 1, 2022, to October 31, 2022

6,496,709,393

6,451,096,681

5,999,140,000

6,146,026,920(14,000)(14,488)497,569,393

304,852,318-

217,443

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 theSpecial Taxation Measures Act and shall be up to theamount of its profits as the ceiling. Following thispolicy, the Investment Corporation has decided to
distribute 5,999,140,000 yen, which is the amountremaining after deducting the provision of reserve for
reduction entry stipulated in Article 64 of the Special
Taxation Measures Act from unappropriated retained
earnings, 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 theSpecial Taxation Measures Act and shall be up to theamount of its profits as the ceiling. Following thispolicy, the Investment Corporation has decided to
distribute 6,146,026,920 yen, which is part of theamount remaining after deducting the provision ofreserve for reduction entry stipulated in Article 65-7 ofthe Special Taxation Measures Act fromunappropriated retained earnings, as profit
distribution.
In addition, the Investment Corporation decided not to
distribute cash in excess of distributable profit,
stipulated in Article 35 (2) of its Articles ofIncorporation.

(Distributions per unit)
III. Voluntary reserve (provision)
Provision of reserve for reduction entry
IV. Retained earnings brought forward to
the next period
Method of calculating the distribution
amount- 15 -

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

Thirty-Fourth Fiscal Period
November 1, 2021, to April 30, 2022

Thirty-Fifth Fiscal Period
May 1, 2022, to October 31, 2022

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

6,497,947

6,452,439

Depreciation

2,588,401

2,631,665

113,771

117,004

Interest income

(48)

(45)

Interest expenses

757,616

768,853

7,348

7,659

Decrease (increase) in accounts receivable-trade

6,382(116,515)

Decrease (increase) in prepaid expenses

38,563(41,429)

Increase (decrease) in accounts payable(32,507)

205,756

Increase (decrease) in accounts payable-other

113,911(19,922)

Increase (decrease) in accrued consumption taxes(49,257)

89,892

Increase (decrease) in advances received

244,082(71,540)

Increase (decrease) in deposits received

4,590(2,211)

943,1311,350,357

Decrease (increase) in long-term prepaid expenses(54,719)(107,663)

Other(18,460)(11,589)

11,160,754

11,252,712

48

45(756,682)(755,906)

(784)

(801)

10,403,336

10,496,050(45,527)(3,668,262)

Purchase of property, plant and equipment in trust(7,322,312)(11,021,726)

Payments of tenant leasehold and security deposits(64,187)(30,007)

Amortization of long-term prepaid 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
Net cash provided by (used in) investment activities
Purchase of property, plant and equipment

Proceeds from tenant leasehold and security deposits

100,541

172,628

Payments of tenant leasehold and security deposits in trust(675,174)(551,922)

Proceeds from tenant leasehold and security deposits in trust

1,124,969

1,302,971

Payments of restricted bank deposits in trust(271,464)(31,536)

Proceeds from restricted bank deposits in trust

557,038

302,201(6,596,116)(13,525,653)

Proceeds from short-term loans payable

6,800,000

7,800,000

Repayment of short-term loans payable(8,800,000)(16,100,000)

Net cash provided by (used in) investment activities
Net cash provided by (used in) financing activities

Proceeds from long-term loans payable

18,300,000

26,750,000

Repayment of long-term loans payable(9,900,000)(8,650,000)-

990,148(1,000,000)(5,999,077)(5,998,599)

Net cash provided by (used in) financing activities

400,922791,248

Net increase (decrease) in cash and cash equivalents

4,208,142(2,238,355)

Cash and cash equivalents at the beginning of period

28,948,207

33,156,349

Cash and cash equivalents at the end of period

33,156,349

Proceeds of investment corporation bond issuance
Redemption of investment corporation bonds
Purchase of own investment units
Dividends paid

- 16 -(3,000,300)*

30,917,994*

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. The amount of property tax, etc. included in the acquisition cost of real estate, etc.
was 28,605 thousand yen in the thirty-fourth fiscal period and 28,034 thousand yen in thethirty-fifth fiscal period.
(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.

- 17 -

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 non-deductible consumption tax
Non-deductible consumption taxes applicable to the acquisition of assets are included in
the cost of acquisition for each asset.

(8) Notes on Financial Statements(Notes on Balance Sheets)*1. Minimum unitholders’ equity pursuant to Article 67, paragraph 4 of the Act on Investment Trusts and Investment Corporations(Thousands of Yen)
Thirty-Fourth Fiscal Period(as of April 30, 2022)

Thirty-Fifth Fiscal Period(as of October 31, 2022)
50,00050,000*2. The amount of advanced depreciation of property, plant and equipment acquired by government subsidy, etc.
(Thousands of Yen)
Thirty-Fourth Fiscal Period(as of April 30, 2022)
Buildings in trust

Thirty-Fifth Fiscal Period(as of October 31, 2022)
26,230- 18 -

26,230KENEDIX OFFICE INVESTMENT CORPORATION (8972)

3. Commitment line agreement
The Investment Corporation has concluded a commitment line agreement with bank of account, etc.

(Thousands of Yen)

Maximum amountThirty-Fourth Fiscal Period(as of April 30, 2022)
9,000,000

Drawn credit facility--

9,000,000

9,000,000

Balance

Thirty-Fifth Fiscal Period(as of October 31, 2022)
9,000,000*4. Status of cancellation of own investment units
Thirty-Fourth Fiscal Period(as of April 30, 2022)

Thirty-Fifth Fiscal Period(as of October 31, 2022)

Total number of units cancelled-

4,295 units

Total amount of cancellation-

2,999,551 thousand yen(Notes on Statements of Income)*1. Breakdown of real estate rental business profit and loss

(Thousands of Yen)

Thirty-Fourth Fiscal Period(November 1, 2021, to April 30, 2022)

Thirty-Fifth Fiscal Period(May 1, 2021, to October 31, 2022)

A. Rental and other operating revenues
Rental revenues
Leasing income

11,829,399

12,335,332

Common area charges

1,507,079

1,506,356

Subtotal

13,336,478

13,841,688

Other rental revenues
Parking space rental revenues

486,655

507,846

Utility charge reimbursement

1,027,409

1,268,984

Miscellaneous

227,746

342,405

Subtotal
Total rental and other operating revenues

1,741,811

2,119,236

15,078,289

15,960,925

B. Rental and other operating expenses
Property-related expenses
Property management fees and facility management fees

1,450,957

1,482,699

Utilities

1,115,245

1,445,057

Taxes

1,341,445

1,369,695

Repairs and maintenance costs

406,830

398,775

Insurance

19,58520,280Trust fees

29,86730,194

Others357,542

329,428

Depreciation

2,588,398

2,631,665

7,309,872

7,707,795

7,768,417

8,253,129

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

- 19 -

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

Thirty-Fourth Fiscal Period (November 1, 2021, to April 30, 2022)(Thousands of Yen)
KDX Toranomon 1Chome Building（partial sale due to expropriation）
Revenue from sale of real estate, etc.

1,731,347 (Note)

Cost of real estate, etc. sold943,131

Other sales expenses

17,620Gain on sale of real estate, etc.

770,595

Note: Revenue from sale of real estate, etc. includes 29,150 thousand yen of compensation for property transfer.

Thirty-Fifth Fiscal Period (May 1, 2022, to October 31, 2022)(Thousands of Yen)KDX Kiba Building
Revenue from sale of real estate, etc.

1,650,000

Cost of real estate, etc. sold1,350,357

Other sales expenses

58,659Gain on sale of real estate, etc.

240,982(Notes on Statements of Changes in Unitholders’ Equity)* Total number of authorized investment units and total number of investment units issued and outstanding
Thirty-Fourth Fiscal Period
November 1, 2021, to April 30, 2022
Total number of authorized investment units
Total number of investment units issued andoutstanding

Thirty-Fifth Fiscal Period
May 1, 2022, to October 31, 2022

2,000,000 units

2,000,000 units

428,510 units

424,215 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-Fourth Fiscal Period
November 1, 2021, to April 30, 2022

Thirty-Fifth Fiscal Period
May 1, 2022, to October 31, 2022

Cash and deposits

23,037,269

20,376,036

Cash and deposits in trust

11,593,317

11,745,529

Restricted bank deposits held in trust (Note)(1,474,236)(1,203,571)

Cash and cash equivalents

33,156,349

30,917,994

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

(Notes on Lease Transactions)Operating lease transactions(Lessor)(Thousands of Yen)
Thirty--Fourth Fiscal Period(as of April 30, 2022)

Thirty- Fifth Fiscal Period(as of October 31, 2022)

Unearned lease payments
Due within one year

3,198,073

3,478,791

Due after one year

8,224,029

7,628,983

Total

11,422,103

11,107,775- 20 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(Notes on Financial Instruments)
1. Items with Regard to the Current Status of Financial Instruments(1) Action Policy with Regard to Financial Instruments
The Investment Corporation procures essential funds for acquiring properties and undertaking the repayment of loans primarily 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 iscompany policy to not conduct speculative derivative transactions. Management of surplus funds is undertaken in a prudent mannerthat 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 eight 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
and hedged 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
the issuer with regard to investment securities.
B. Management of Liquidity Risk (Risk of Defaulting on Payments by the Due Date) Associated with Funds Procurement
Although loans and other liabilities are subject to liquidity risks, the Investment Corporation reduces such risks by spreading out
payment due dates and by using diversified fund procurement methods. Liquidity risk is also managed by such means as regularly
checking the balance of cash reserves.
(4) Supplemental Explanation of Items with Regard to Fair Value of Financial Instruments
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.
Thirty-Fourth Fiscal Period (as of April 30, 2022)(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

1,000,000

999,800(200)

13,450,000
12,000,000
170,100,000
196,550,000
468,158

13,482,518
12,025,400
169,880,655
196,388,374
468,158

32,51825,400(219,344)(161,625)-- 21 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Thirty-Fifth Fiscal Period (as of October 31, 2022)(Thousands of Yen)
Book Value

Fair Value

Difference(1) Current portion of investment corporation
bonds(2) Current portion of long-term loans payable
14,300,000
14,338,060
38,060(3) Investment corporation bonds
13,000,000
12,971,800(28,200)(4) Long-term loans payable
187,350,000
186,596,720(753,279)
Total
214,650,000
213,906,580(743,419)
Derivative transaction
814,256
814,256* 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-Fourth Fiscal Period (as of April 30, 2022)(Thousands of Yen)

Due within 1 yr.

1-2 yrs.

2-3 yrs.

3-4 yrs.

4-5 yrs.

More than 5 yrs.

Investment corporation bonds

1,000,000

2,000,000

4,000,000-

2,000,000

4,000,000

Long-term loans payable

13,450,000

19,700,000

20,850,000

26,400,000

35,100,000

68,050,000

14,450,000

21,700,000

24,850,000

26,400,000

37,100,000

72,050,000

Total

Thirty-Fifth Fiscal Period (as of October 31, 2022)(Thousands of Yen)

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

1-2 yrs.

2-3 yrs.

3-4 yrs.

4-5 yrs.

More than 5 yrs.

-

4,000,000

2,000,000

2,000,000

3,000,000

2,000,000

14,300,000

25,600,000

29,950,000

30,800,000

38,500,000

62,500,000

14,300,000

29,600,000

31,950,000

32,800,000

41,500,000

64,500,000- 22 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(Notes on Derivative Transactions)
1. Items that do not apply hedge accounting
Thirty-Fourth Fiscal Period (as of April 30, 2022) and Thirty-Fifth Fiscal Period (as of October 31, 2022): Not applicable
2. Items that apply hedge accounting
Thirty-Fourth Fiscal Period (as of April 30, 2022)
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 from72,650,000
71,650,000 468,158
counterparty financial
institutions.

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

37,250,000

30,100,000

*

-

Total

109,900,000

101,750,000

468,158-* 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-Fifth Fiscal Period (as of October 31, 2022)
Hedge accounting
Type of derivative transactions
methodPrinciple method

Main target ofrisk hedge

Interest rate swap transactions
Long-term loans
Fixed rate payable･Floating rate receivable payable(Thousands of Yen)
Contracted amountCalculation method for
Fair value
applicable fair value
More than 1 yr.
Based on the quoted
price obtained from82,450,000
79,950,000 814,256
counterparty financial
institutions.

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

30,100,000

27,100,000

*

-

Total

112,550,000

107,050,000

814,256-* 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-Fourth Fiscal Period (November 1, 2021, to April 30, 2022)
Revenue from contracts with customers *1

Net sales to external customers

Revenue from sale of real estate, etc.

1,731,347 thousand yen*2 770,595 thousand yen

Utility charge reimbursement

1,027,409 thousand yen

1,027,409 thousand yen

Other- thousand yen

14,093,094 thousand yen

Total

2,758,756 thousand yen

15,891,099 thousand yen*1 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 Revenue from sale of real estate, etc. is recorded as gain and loss on sale of real estate, etc. in the statement of income. Therefore, theamount calculated by deducting the cost of real estate, etc. sold and other sales expenses from the revenue from sale of real estate,etc. is indicated.

Thirty-Fifth Fiscal Period (May 1, 2022, to October 31, 2022)
Revenue from contracts with customers *1

Net sales to external customers

Revenue from sale of real estate, etc.

1,650,000 thousand yen*2 240,982 thousand yen

Utility charge reimbursement

1,268,984 thousand yen

1,268,984 thousand yen

Other- thousand yen

14,756,403 thousand yen

Total

2,918,984 thousand yen

16,266,370 thousand yen*1 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.
- 23 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)*2 Revenue from sale of real estate, etc. is recorded as gain and loss on sale of real estate, etc. in the statement of income. Therefore, theamount calculated by deducting the cost of real estate, etc. sold and other sales expenses from the revenue from sale of real estate,etc. is indicated.

2. Information Utilized as the Base for Understanding Revenue from Contracts with Customers
The information is as described in the notes on important accounting standards for the thirty-fourth fiscal period (November 1, 2021, to April
30, 2022) and the thirty-fifth fiscal period (May 1, 2022, to October 31, 2022).
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-Fourth Fiscal Period(November 1, 2021, to April 30, 2022)
Claims generated from contracts with customers(balance at beginning of fiscal year)
Claims generated from contracts with customers(balance at end of fiscal year)

Thirty-Fifth Fiscal Period(May 1, 2022, to October 31, 2022)

246,452 thousand yen

247,784 thousand yen

247,784 thousand yen

324,473 thousand yen

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

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

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

Contract liabilities (balance at end of fiscal year)- thousand yen- thousand yen(2) Transaction value allocated to remaining performance obligations
Not applicable for the thirty-fourth fiscal period (November 1, 2021, to April 30, 2022) and the thirty-fifth fiscal period (May 1, 2022,
to October 31, 2022).
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-Fourth Fiscal Period (November 1, 2021, to April 30, 2022)(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 thestatement of income.
② Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of the amount 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.
- 24 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Thirty-Fifth Fiscal Period (May 1, 2022, to October 31, 2022)(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 thestatement of income.
② Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of the amount 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-Fourth Fiscal Period(as of April 30, 2022)

Thirty-Fifth Fiscal Period(as of October 31, 2022)

Deferred tax assets
30

37

Amortization of land leasehold in trust

5,562

5,806

Deferred gains or losses on hedges

3,287

168

Enterprise tax payable

Subtotal deferred tax assets
Valuation allowance
Total deferred tax assets

8,879

6,012

(8,849)(5,974)30

37

2. Significant components causing difference between statutory income tax rate and the effective tax rate after tax effect accounting(Unit: %)Thirty-Fourth Fiscal Period(as of April 30, 2022)

Thirty-Fifth Fiscal Period(as of October 31, 2022)
31.46

31.46

Deductible cash distributions(29.05)(29.97)

Provision amount of reserve for reduction entry(2.41)(1.49)

Others0.01

0.01

Effective tax rate

0.02

0.02

Statutory tax rate
(Adjustments)(Notes on Related-party Transactions)
1. Parent company, major corporate unitholders and otherThirty-Fourth Fiscal Period (November 1, 2021, to April 30, 2022) and Thirty-Fifth Fiscal Period (May 1, 2022, to October 31, 2022):
Not applicable
2. Affiliated companies and otherThirty-Fourth Fiscal Period (November 1, 2021, to April 30, 2022) and Thirty-Fifth Fiscal Period (May 1, 2022, to October 31, 2022):
Not applicable
3. Fellow subsidiary companies and otherThirty-Fourth Fiscal Period (November 1, 2021, to April 30, 2022) and Thirty-Fifth Fiscal Period (May 1, 2022, to October 31, 2022):
Not applicable
4. Directors, major individual unitholders and otherThirty-Fourth Fiscal Period (November 1, 2021, to April 30, 2022) and Thirty-Fifth Fiscal Period (May 1, 2022, to October 31, 2022):
Not applicable- 25 -

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-Fourth Fiscal Period
November 1, 2021, to April 30, 2022

Thirty-Fifth Fiscal Period
May 1, 2022, to October 31, 2022

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

422,751,947

426,967,143

4,215,195

10,229,346

426,967,143
437,196,489
Balance at the end of the period
535,600,000
553,221,000
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-fourth fiscal period, the principal
increase/decrease factors were the acquisition of trust beneficiary interest in real estate of 1 property totaling 6,461,511 thousand yen, partial
sale of real estate pertaining to land expropriation totaling 943,131 thousand yen and depreciation amounting to 2,588,398 thousand yen.
For the thirty-fifth fiscal period, the principal increase/decrease factors were the acquisitions of 1 real estate property and trust beneficiaryinterest in real estate of 1 property totaling 13,346,136 thousand yen, sale of trust beneficiary interest in real estate of 1 property totaling
1,350,357 thousand yen and depreciation amounting to 2,631,665 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-Fourth Fiscal Period
November 1, 2021, to April 30, 2022
270,429 yen

Thirty-Fifth Fiscal Period
May 1, 2022, to October 31, 2022
270,573 yen

7,580 yen
7,566 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 Investment Corporation implemented a two-for-one split of the investment units with October 31, 2022, as the record date of the split
and November 1, 2022, as the effective date. Net assets per unit and net income per unit are calculated based on the assumption that the split
was implemented at the beginning of the thirty-fourth fiscal period.
Note 3: The basis of calculation for the net income per unit is as follows.
Thirty-Fourth Fiscal Period
Thirty-Fifth Fiscal Period
November 1, 2021, to April 30, 2022
May 1, 2022, to October 31, 2022
Net income
6,496,709
6,451,096(Thousands of Yen)
Amount not vested in ordinary unitholders(Thousands of Yen)
Net income for ordinary investment units
6,496,709
6,451,096(Thousands of Yen)
Average number of investment units
857,020852,530
during the period (unit)(Notes on Important Subsequent Events)
Split of Investment Units
The Investment Corporation implemented a two-for-one split of the investment units with October 31, 2022, as the record date and November
1, 2022, as the effective date.
1. Purpose of Split
The Investment Corporation aims to create an environment that makes it easier for investors to invest as well as further expand the investor
base and improve the liquidity of investment units by lowering the per-investment unit price.
2. Method of Split
With October 31, 2022, as the record date, the Investment Corporation implemented a two-for-one split of its investment units held byunitholders stated or recorded in the final unitholder registry on that day.
3. Number of Investment Units Increased Due to the Split, Etc.

(1) Total number of investment units issued and outstanding before the split: 424,215 units(2) Total number of investment units increased due to the split: 424,215 units(3) Total number of investment units issued and outstanding after the split: 848,430 units(4) Total number of authorized investment units after the split: 4,000,000 units- 26 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

For the figures of information per unit when assuming that the investment unit split had been implemented at the beginning of the previous
fiscal period, please refer to “Notes on Information per Unit.”(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)September 30, 2022
Cancellation(4,295)424,215(2,999)217,970(Note 3)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.
Note 3: The Investment Corporation acquired own investment units through the market purchase on the Tokyo Stock Exchange pursuant to adiscretionary trading contract pertaining to the acquisition of own investment units with a securities company from June 15, 2022, toSeptember 9, 2022. As for the acquired own investment units (4,295 units), the Investment Corporation cancelled all the acquired units on
September 30, 2022, based on the resolution at its board of directors’ meeting held on September 22, 2022.
Note 4: The Investment Corporation implemented a two for one split of its investment units owned by the investors stated or recorded in the final
unitholder registry as of October 31, 2022, with such date as the record date and November 1, 2022, as the effective date. As a result, thenumber of investment units issued and outstanding totaled 848,430 units. This has caused no change to the unitholders’ capital.

- 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-Fourth Fiscal Period(as of April 30, 2022)

Tokyo Metropolitan Area

Total Amount Held
(Millions of Yen)
(Note 1)
26,949

Ratio(%)(Note 2)
5.8

Total Amount Held
(Millions of Yen)
(Note 1)26,807

Ratio(%)(Note 2)
5.7

11,714

2.5

15,2193.2

38,664

8.3

42,027

8.9

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-Fifth Fiscal Period(as of October 31, 2022)

38,664

8.3

42,0278.9

314,903

67.8

322,131

68.1

70,42515.2

70,06414.8

385,32982.9

392,195

82.9

2,973

0.6

2,973

0.6

2,973

0.6

2,973

0.6

388,302

83.5

395,169

83.5

Investment Securities (Note 3)

1,136

0.2

1,138

0.2

Bank Deposits and Other Assets

36,6987.9

34,678

7.3

Total Assets

464,802100.0

473,013100.0

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-Fourth Fiscal Period(as of April 30, 2022)
AmountRatio(Millions of Yen)(%)
Total Liabilities

233,038

Total Net Assets
Total Assets

Thirty-Fifth Fiscal Period(as of October 31, 2022)
AmountRatio(Millions of Yen)
(%)
50.1

243,45151.5

231,76349.9

229,56248.5

464,802100.0

473,013100.0② Details of Investment Assets
A. Major Components of Investment Securities
Details of investment assets held by the Investment Corporation as of October 31, 2022, 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(Millionsof Yen)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

Type

Area

Tokyo
OfficeMetropolitan
Buildings
Area

No.

Property Name

(Unit: Millions of Yen)

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

A-1

KDX Nihonbashi 313 Building

5,940

5,601

7,110

7,330

3.7

7,020

3.5

3.9

B

1.3

A-3

Higashi-Kayabacho Yuraku Building

4,450

3,935

5,340

5,380

3.8

5,290

3.5

3.8

A

1.0

A-4

KDX Hatchobori Building

3,680

3,206

3,580

3,640

4.0

3,550

3.8

4.2

B

0.8

A-5

KDX Nakano-Sakaue Building

2,533

2,312

2,510

2,540

4.2

2,500

4.0

4.4

B

0.6

A-6

Harajuku F.F. Building

2,450

2,349

3,880

3,880

4.2

3,880

3.9

4.2

A

0.5

A-7

KDX Minami Aoyama Building

2,270

2,171

2,870

2,870

3.6

2,870

3.3

3.6

A

0.5

A-8

KDX Kanda Kitaguchi Building

1,950

1,737

1,640

1,670

4.0

1,620

3.8

4.2

B

0.4

A-13

KDX Kojimachi Building

5,950

5,421

5,530

5,520

3.3

5,540

3.0

3.3

A

1.3

A-14

KDX Funabashi Building

2,252

2,153

3,100

3,120

4.8

3,080

4.5

4.9

A

0.5

A-16

Toshin 24 Building

5,300

4,811

5,610

5,600

4.0

5,610

3.7

4.0

A

1.2

A-17

KDX Ebisu Building

4,640

4,264

6,270

6,240

3.6

6,290

3.2

3.6

A

1.0

A-19

KDX Hamamatsucho Building

3,460

3,064

3,600

3,710

3.6

3,550

3.4

3.8

B

0.8

A-20

KDX Kayabacho Building

2,780

2,620

3,360

3,370

4.0

3,340

3.6

4.1

A

0.6

A-21

KDX Shinbashi Building

3,728

3,656

5,670

5,670

3.3

5,670

3.0

3.3

A

0.8

A-22

KDX Shin-Yokohama Building

2,520

2,115

2,650

2,650

4.5

2,640

4.2

4.5

A

0.6

A-27

KDX Kajicho Building

2,350

2,251

2,320

2,380

4.0

2,290

3.8

4.2

B

0.5

A-29

KDX Higashi-Shinjuku Building

2,950

2,863

4,080

4,160

4.1

4,040

3.9

4.3

B

0.6

A-30

KDX Nishi-Gotanda Building

4,200

3,591

3,690

3,730

3.9

3,640

3.7

4.0

A

0.9

A-31

KDX Monzen-Nakacho Building

1,400

1,229

1,150

1,190

4.5

1,130

4.3

4.7

B

0.3

A-32

KDX Shiba-Daimon Building

6,090

5,770

6,380

6,370

3.8

6,380

3.5

3.8

A

1.3

A-33

KDX Okachimachi Building

2,000

1,983

2,100

2,150

4.0

2,080

3.8

4.2

B

0.4

A-35

KDX Hachioji Building

1,155

1,135

1,240

1,250

4.9

1,230

4.7

5.1

B

0.3

A-37

KDX Ochanomizu Building

6,400

6,416

8,440

8,450

3.6

8,430

3.3

3.6

A

1.4

A-38

KDX Nishi-Shinjuku Building

1,500

1,520

1,560

1,560

4.0

1,560

3.7

4.0

A

0.3

A-41

KDX Shinjuku 286 Building

2,300

2,342

2,890

2,890

3.6

2,880

3.3

3.6

A

0.5

A-46

Hiei Kudan-Kita Building

7,600

7,363

8,520

8,700

3.6

8,440

3.4

3.8

B

1.7

A-48

KDX Kawasaki-Ekimae Hon-cho
Building

3,760

3,218

3,220

3,280

4.5

3,160

4.0

4.6

A

0.8

A-51

KDX Hamacho Nakanohashi Building

2,310

2,165

2,180

2,180

4.1

2,180

3.8

4.1

A

0.5

A-55

Shin-toshin Maruzen Building

2,110

2,023

1,720

1,720

4.0

1,710

3.6

4.1

A

0.5

A-56

KDX Jimbocho Building

2,760

2,783

2,360

2,370

3.9

2,350

3.5

4.0

A

0.6

A-59

KDX Iwamoto-cho Building

1,864

1,537

1,730

1,720

4.0

1,730

3.7

4.0

A

0.4

A-60

KDX Harumi Building

10,250

8,175

8,700

8,720

3.6

8,680

3.3

3.6

A

2.2

A-62

Koishikawa TG Building

3,080

3,022

3,400

3,400

3.9

3,400

3.6

3.9

A

0.7

A-63

KDX Gotanda Building

2,620

2,626

3,620

3,620

4.0

3,620

3.7

4.0

A

0.6

A-64

KDX Nihonbashi 216 Building

2,010

1,746

2,850

2,850

3.5

2,850

3.2

3.5

A

0.4

A-66

KDX Shinjuku Building

6,800

6,896

10,50010,5003.2

10,500

2.9

3.2

A

1.5

A-67

KDX Ginza 1chome Building

4,300

4,085

5,960

6,120

3.4

5,890

3.2

3.6

B

0.9

A-71

KDX Iidabashi Building

4,670

4,741

5,800

5,940

3.9

5,740

3.7

4.1

B

1.0

A-72

KDX Higashi-Shinagawa Building

4,590

4,566

4,880

4,930

4.0

4,860

3.8

4.2

B

1.0

A-73

KDX Hakozaki Building

2,710

2,605

3,600

3,640

4.2

3,580

4.0

4.4

B

0.6

A-78

KDX Tachikawa Ekimae Building

1,267

1,312

1,910

1,910

4.6

1,900

4.3

4.6

A

0.3

A-83

KDX Fuchu Building

6,120

5,784

8,730

8,980

4.5

8,620

4.3

4.7

B

1.3

A-84

KDX Kasuga Building

2,800

2,596

4,280

4,280

3.8

4,280

3.5

3.8

A

0.6

- 29 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Type

Area

Tokyo
Metropolitan
Area

OfficeBuildings

Other
Regional
Areas

No.

Property Name

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

A-85

KDX Nakameguro Building

1,880

1,856

3,580

3,610

4.1

3,560

3.9

4.3

B

0.4

A-86

KDX Omiya Building

2,020

2,093

3,210

3,260

4.8

3,190

4.6

5.0

B

0.4

A-87

Nihonbashi Horidomecho First

2,200

2,246

3,180

3,210

4.0

3,160

3.8

4.2

B

0.5

A-88

KDX Shinjuku 6-chome Building

1,900

1,937

3,490

3,590

4.0

3,450

3.8

4.2

B

0.4

A-89

KDX Takanawadai Building

5,250

5,532

7,160

7,160

3.8

7,150

3.5

3.8

A

1.1

A-90

KDX Ikebukuro Building

3,900

3,452

5,230

5,360

3.7

5,180

3.5

3.9

B

0.9

A-91

KDX Mita Building

3,180

3,119

4,270

4,260

3.7

4,280

3.4

3.7

A

0.7

A-92

KDX Akihabara Building

2,600

2,452

3,300

3,310

3.6

3,280

3.3

3.6

A

0.6

A-93

KDX Iidabashi Square

4,350

4,724

6,430

6,540

3.8

6,380

3.6

4.0

B

1.0

A-94

KDX Musashi-Kosugi Building

12,00010,34319,00019,1003.8

18,900

3.5

3.8

A

2.6

A-95

KDX Toyosu Grand Square

8,666

7,460

9,930

10,100

4.3

9,850

4.1

4.5

B

1.9

A-96

KDX Takadanobaba Building

3,650

3,547

4,740

4,800

4.1

4,710

3.8

4.3

B

0.8

A-99

KDX Ikebukuro West Building

1,934

1,972

2,610

2,680

4.0

2,580

3.8

4.2

B

0.4

A-101

KDX Yokohama Building

7,210

7,222

9,530

9,780

4.2

9,420

4.0

4.4

B

1.6

A-102

KDX Yokohama Nishiguchi Building

2,750

2,600

3,420

3,480

4.2

3,390

4.0

4.4

B

0.6

A-107

KDX Ginza East Building

3,600

3,620

4,170

4,170

3.7

4,170

3.4

3.7

A

0.8

A-108

Pentel Building

3,350

3,577

4,201

4,287

3.7

4,168

3.5

3.9

B

0.7

A-109

KDX Hamamatsucho Center Building

3,950

3,982

4,580

4,730

3.5

4,520

3.3

3.7

B

0.9

A-112

KDX Toranomon 1Chome Building

14,616

14,787

25,10025,1002.9

25,100

2.6

2.9

A

3.2

A-113

KDX Shin-Nihonbashi Ekimae Building

3,829

3,951

4,690

4,690

3.3

4,690

3.0

3.3

A

0.8

A-115

ARK Mori Building

4,169

4,179

5,040

5,240

3.4

4,960

3.2

3.6

B

0.9

A-116

KDX Nishi-Shinbashi Building

8,400

8,479

9,330

9,600

3.3

9,220

3.1

3.5

B

1.8

A-117

BR Gotanda

2,200

2,276

2,590

2,640

3.9

2,530

3.5

4.1

A

0.5

A-119

KDX Shibuya Nanpeidai Building

3,500

3,527

3,970

4,060

3.4

3,930

3.4

3.6

B

0.8

A-120

KDX Yoyogi Building

2,479

2,382

2,420

2,420

4.2

2,420

3.7

4.3

A

0.5

A-121

Ginza 4chome Tower

9,800

9,325

15,90015,9002.9

15,900

2.6

2.9

A

2.1

A-122

Mitsubishijuko Yokohama Building

14,72014,49114,80015,0003.8

14,700

3.3

4.0

B

3.2

A-123

KDX Yokohama Kannai Building

9,500

9,453

10,40010,7003.9

10,200

3.7

4.1

B

2.1

A-124

KDX Hamamatsucho Place

20,70020,195

24,10024,8003.2

23,800

3.0

3.4

B

4.5

A-125

KDX Chofu Building

8,700

8,996

10,30010,400

4.3

10,200

3.9

4.4

A

1.9

A-127

KDX Kanda Ekimae Building

3,300

3,359

3,590

3,620

3.3

3,560

3.0

3.3

A

0.7

A-128

KDX Shinbashi Ekimae Building

16,30016,30021,10021,1002.7

21,100

2.4

2.7

A

3.6

A-130

Edobashi Building

9,600

9,710

10,30010,3003.2

10,200

2.9

3.2

A

2.1

A-12

Portus Center Building

5,570

3,688

5,070

5,140

5.4

5,040

5.2

5.6

B

1.2

A-42

KDX Karasuma Building

5,400

4,969

5,960

6,090

4.6

5,900

4.4

4.8

B

1.2

A-44

KDX Sendai Building

2,100

1,825

1,920

1,930

5.1

1,920

5.1

5.3

B

0.5

A-53

KDX Hakata-Minami Building

4,900

4,237

5,330

5,370

5.4

5,280

5.1

5.5

A

1.1

A-54

KDX Kitahama Building

2,220

1,984

1,770

1,770

4.8

1,770

4.3

4.9

A

0.5

A-58

KDX Nagoya Sakae Building

7,550

6,048

5,740

5,830

4.2

5,700

4.0

4.4

B

1.7

A-69

KDX Kobayashi-Doshomachi Building

2,870

1,679

2,910

2,950

7.8

2,870

4.0

11.6

A

0.6

A-70

KDX Sapporo Building

2,005

1,924

2,680

2,750

4.6

2,650

4.4

4.8

B

0.4

A-79

KDX Nagoya Ekimae Building

7,327

7,781

10,40010,4003.7

10,400

3.4

3.7

A

1.6

A-82

KDX Higashi Umeda Building

2,770

2,163

4,060

4,120

4.1

4,040

3.9

4.3

B

0.6

A-97

KDX Utsunomiya Building

2,350

2,169

2,690

2,680

5.3

2,690

5.1

5.5

B

0.5

A-98

KDX Hiroshima Building

1,300

1,315

1,930

1,930

5.0

1,920

4.7

5.1

A

0.3

A-100

Senri Life Science Center Building

13,00012,06013,80013,9004.3

13,700

4.1

4.5

B

2.8

A-104

KDX Minami-Honmachi Building

2,200

1,864

3,250

3,240

4.0

3,250

3.7

4.0

A

0.5

A-106

KDX Sakura-dori Building

5,900

6,602

8,600

8,710

4.4

8,550

4.2

4.6

B

1.3

A-110

KDX Shin-Osaka Building

4,550

4,446

5,560

5,710

4.0

5,490

3.8

4.2

B

1.0

A-111

KDX Nagoya Nichigin-mae Building

3,500

3,300

4,230

4,230

3.8

4,230

3.5

3.8

A

0.8

KDX Sapporo Kitaguchi Building

1,800

2,078

2,330

2,420

4.6

2,290

4.4

4.8

B

0.4

A-118

- 30 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Type

Area

OfficeBuildings

Other
Regional
Areas

OthersNo.

Property Name

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

A-126

KDX Tosabori Building

5,000

5,074

5,020

5,050

3.9

4,980

3.6

3.9

A

1.1

A-129

KDX Sendai Honcho Building (Note 6)

6,360

6,449

6,500

6,790

4.6

6,370

4.4

4.8

B

1.4

A-131

Shionogi Kobe Building

3,450

3,617

3,620

3,750

4.3

3,560

4.0

4.4

B

0.8

Subtotal of Office Buildings (97 properties)

454,196434,223 549,561 555,937-

546,048

-

-

-

99.4

Tokyo
Metropolitan
Area

2,880

2,973

3,660

3,690

3.3

3,650

3.2

3.3

B

0.6

Subtotal of Others Properties (1 property)

2,880

2,973

3,660

3,690

-

3,650

-

-

Total of 98 properties

457,076

437,196 553,221 559,627-

549,698

-

-

-

100.0

D-2

Shinjuku 6chome Building (Land)

0.6

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 (98properties).
Note 6: The property name has been changed as follows. The same applies below.
Property No.

New Property NameA-129

KDX Sendai Honcho Building

Former Property Name
Sendai Honcho Building- 31 -

Effective Date
November 1, 2022

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(b) Property Distribution
Distribution by Property TypesType

Number of
Properties

Acquisition Price(Millions of Yen)

Ratio (Note)(%)

Office Buildings

97

454,196

99.4

Others

1

2,880

0.6

98

457,076

100.0

Total
Geographic Distribution
Area

Number of
Properties

Acquisition Price(Millions of Yen)

Ratio (Note)(%)

Tokyo Metropolitan Area

77

364,954

79.8

Other Regional Areas

21

92,12220.2

98457,076

100.0

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

Number of
Properties

Acquisition Price(Millions of Yen)

Ratio (Note)(%)

Less than 1,000

-

-

-

1,000 - 2,500

29

57,77712.6

2,500 - 5,000

39

137,27930.0

5,000 - 7,500

1590,61719.8

7,500 - 10,000

869,81615.3

10,000 - 12,500

222,2504.9

12,500 - 15,000

342,3369.3

15,000 - 17,500

1

16,3003.6

17,500 - 20,000

-

-

-

20,000 or more

1

20,7004.5

98457,076

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 than100%.

- 32 -

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-27

KDX Kajicho Building

526.43

Offices, Retail Shops

3,147.70
7,885.40

Offices, Retail Shops
Parking
Offices, Retail Shops
Parking

3,960.22
6,180.51

A-29

KDX Higashi-Shinjuku Building

1,340.97

Offices
Storage, Parking

A-30

KDX Nishi-Gotanda Building

684.41

Offices, Parking

5,192.87

A-31

KDX Monzen-Nakacho Building

580.99

Offices, Retail Shops

2,668.91

A-32

KDX Shiba-Daimon Building

1,188.28

Offices

7,824.03

A-33

KDX Okachimachi Building

239.72

Offices

1,882.00

A-35

KDX Hachioji Building

460.62A-37

KDX Ochanomizu Building

1,515.28

A-38

KDX Nishi-Shinjuku Building

626.06

Offices, Parking

2,017.63

A-41

KDX Shinjuku 286 Building

421.70

Offices, Parking

3,432.04

A-46

Hiei Kudan-Kita Building

1,844.83

Offices, Retail Shops
Office Room
Parking, Storage

11,425.31

A-48

KDX Kawasaki-Ekimae Hon-cho Building

1,968.13

Offices

7,420.87

A-51

KDX Hamacho Nakanohashi Building

462.29

Offices

3,280.41

A-55

Shin-toshin Maruzen Building

457.64

Offices, Retail Shops
Parking

3,439.37

A-56

KDX Jimbocho Building

465.92

Offices

3,292.13
1,618.65

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

2,821.21
7,720.08

A-59

KDX Iwamoto-cho Building

266.86

Offices
Residential Complex

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

A-66

KDX Shinjuku Building

1,118.12

Offices, Retail Shops
Parking

10,348.02

A-67

KDX Ginza 1chome Building

678.24

Offices, Bank

4,724.62

A-71

KDX Iidabashi Building

967.38

Offices, Parking

5,422.64- 33 -

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

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

March 1990

6.4

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
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
SRC
B1F8

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-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

A-84

KDX Kasuga Building

1,319.24

Offices, Retail Shops
Parking

6,444.31

A-85

KDX Nakameguro Building

730.26

Offices

3,455.90

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

A-99

KDX Ikebukuro West Building

603.21

Offices, Retail Shops,
Parking

3,477.86

A-101

KDX Yokohama Building

2,499.38

Offices, Parking

15,894.75

A-102

KDX Yokohama Nishiguchi Building

1,029.45

Offices

6,556.59

A-107

KDX Ginza East Building

1,216.99

Offices, Parking

6,413.60
18,880.89

5,007.98

A-108

Pentel Building

2,502.63

Offices, Bank,
Residence

A-109

KDX Hamamatsucho Center Building

835.83

Offices, Garage

3,981.69

A-112

KDX Toranomon 1Chome Building

1,449.82

Offices, Retail Shops
Parking

11,212.05

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

435.14

Offices

2,543.00
7,327.63

A-128

KDX Shinbashi Ekimae Building

874.36

Offices, Clinic,
Retail Shops

A-130

Edobashi Building

924.00

Offices

8,076.42

A-12

Portus Center Building

13,936.63

Offices, Retail Shops
Storage, Parking

79,827.08

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- 34 -

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

13,238.16
4,652.96
9,594.00

Type of Structure(Note 4)
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
B1F10
SRC・S
B2F25
SRC
B1F8
SRC
B1F10
SRC
B1F9
S
F10
S
F11

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

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

November 1986

6.5

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

Area

Usage
(Note 2)

Total Floor Area(m2) (Note 3)

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

A-82

KDX Higashi Umeda Building

804.50A-97

KDX Utsunomiya Building

1,412.00

A-98

KDX Hiroshima Building

706.78

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

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
SRC
B1F12
S・SRC
B1F10

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

November 1984

1.0

May 1992

2.0

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

A-129

KDX Sendai Honcho Building

1,995.04

Offices, Retail Shops

13,049.82

A-131

Shionogi Kobe Building

1,290.18

Offices

8,501.91

-

-

-

-

Avg. 26.5 yrs.

-

1,355.13

-

-

-

-

-

Subtotal of Others Properties (1 property)

-

-

-

-

-

-

Total of 98 properties

-

-

-

-

Avg. 26.5 yrs.

3.1

Tokyo
Metropolitan
Area

D-2

Shinjuku 6chome Building (Land)49,260.78

Type of Structure(Note 4)

A-100

Other
Regional
Areas

Subtotal of Office Buildings (97 properties)
Other

Site Area(m2) (Note 1)

No.

7,694.03
19,680.16
7,987.35

Note 1: Site area data is based on figures recorded in the land register (including relevant figures for land leasehold, if any). Data may not match with theactual current status. In the case of buildings with compartmentalized ownership, the figure indicates the site area of the entire land subject to site
rights.
Note 2: Usage is based on data recorded in the land register. For buildings with compartmentalized ownership, the usage type of exclusively owned area isshown.
Note 3: Total floor area is based on figures recorded in the land register and does not include related structures. The total floor area for the entire building isreported for compartmentalized ownership.
Note 4: Type of structure data is based on data recorded in the land register. For buildings with compartmentalized ownership, the structure and the numberof floors of the entire building that includes the compartmentalized ownership is shown. The following abbreviations are used to report data relating
to structure and the number of floors:
SRC: Steel-Reinforced Concrete; RC: Reinforced Concrete; S: Steel Frame; B: Below Ground Level; F: Above Ground Level.
For example: B2F9: Two floors below ground level and nine floors above ground level.
Note 5: Completion date is the date of construction completion recorded in the land register. Average age subtotal and total data are calculated using theweighted average based on acquisition prices as of October 31, 2022, 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 2022.
Note 7: KDX Kobayashi Doshomachi Building includes the fixed-term land leasehold with a special agreement to transfer building.

- 35 -

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

OfficeBuildings

Area

Tokyo
Metropolitan
Area

No.

Property Name

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)

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

KDX Nihonbashi 313 Building

5,732.83

5,732.83

-

-

16

100.0

203,263

279,304

A-3

Higashi-Kayabacho Yuraku Building

4,379.20

4,379.20

-

-

9

100.0

104,060

218,746

A-4

KDX Hatchobori Building

3,323.14

3,323.14

-

-

4

100.0

113,637

113,595

A-5

KDX Nakano-Sakaue Building

4,289.49

3,908.10

18

14

23

91.1

92,871

114,013

A-6

Harajuku F.F. Building

3,071.15

3,071.15

-

-

2

100.0

106,077

143,995

A-7

KDX Minami Aoyama Building

1,815.19

1,815.19

-

-

8

100.0

79,427

95,939

A-8

KDX Kanda Kitaguchi Building

1,918.23

1,918.23

-

-

10

100.0

52,36576,040A-13

KDX Kojimachi Building

3,719.37

3,719.37

-

-

9

100.0

126,029

224,466

A-14

KDX Funabashi Building

3,854.53

3,854.53

-

-

21

100.0

114,846

165,805

A-16

Toshin 24 Building

6,616.68

6,616.68

-

-

20

100.0

180,994

280,960

A-17

KDX Ebisu Building

3,072.34

3,072.34

-

-

5

100.0

154,973

271,352

A-19

KDX Hamamatsucho Building

2,724.35

2,724.35

-

-

9

100.0

103,111

134,922

A-20

KDX Kayabacho Building

3,019.94

3,019.94

-

-

7

100.0

98,501

147,935

A-21

KDX Shinbashi Building

2,803.96

2,803.96

-

-

9

100.0

137,652

218,725

A-22

KDX Shin-Yokohama Building

4,768.94

4,603.14

-

-

20

96.5

96,482

162,213

A-26

KDX Kiba Building

-

-

-

-

-

-

21,853-

A-27

KDX Kajicho Building

2,564.79

2,564.79

-

-

10

100.0

71,17996,059A-29

KDX Higashi-Shinjuku Building

5,859.92

5,859.92

-

-

6

100.0

145,495

129,129

A-30

KDX Nishi-Gotanda Building

3,883.02

3,883.02

-

-

12

100.0

115,970

155,037

A-31

KDX Monzen-Nakacho Building

2,008.74

2,008.74

-

-

7

100.0

47,18648,898A-32

KDX Shiba-Daimon Building

5,997.36

5,997.36

-

-

9

100.0

178,040

260,684

A-33

KDX Okachimachi Building

1,792.54

1,792.54

-

-

2

100.0

66,875

112,850

A-35

KDX Hachioji Building

2,159.05

2,159.05

-

-

10

100.0

50,77854,947A-37

KDX Ochanomizu Building

5,861.72

5,024.18

-

-

9

85.7

166,600

303,538

A-38

KDX Nishi-Shinjuku Building

1,593.59

1,593.59

-

-

10

100.0

51,52883,284A-41

KDX Shinjuku 286 Building

2,443.99

2,443.99

-

-

6

100.0

84,635150,991

Hiei Kudan-Kita Building

6,908.96

6,222.47

-

-

13

90.1

242,375

338,343

5,126.69

5,126.69

-

-

1

100.0

108,777

156,186

2,237.07

2,237.07

-

-

9

100.0

71,858100,356

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

55,44876,475A-56

KDX Jimbocho Building

2,323.44

2,323.44

-

-

6

100.0

75,63289,302A-59

KDX Iwamoto-cho Building

1,529.79

1,468.61

3

2

8

96.0

51,55669,542

A-60

KDX Harumi Building

9,294.00

9,294.00

-

-

11

100.0

251,754375,146

A-62

Koishikawa TG Building

3,934.35

3,934.35

-

-

2

100.0

126,753

155,252

A-63

KDX Gotanda Building

3,157.04

3,157.04

-

-

10

100.0

101,242

152,317A-64

KDX Nihonbashi 216 Building

1,615.20

1,615.20

-

-

8

100.0

68,933

118,231A-66

KDX Shinjuku Building

5,801.65

5,801.65

-

-

23

100.0

238,266

337,646

A-67

KDX Ginza 1chome Building

3,573.59

3,573.59

-

-

4

100.0

151,048

193,218

A-71

KDX Iidabashi Building

4,350.61

4,136.80

-

-

11

95.1

130,862

189,096

A-72

KDX Higashi-Shinagawa Building

7,117.94

7,117.94

-

-

6

100.0

174,644242,858

A-73

KDX Hakozaki Building

3,992.60

3,992.60

-

-

8

100.0

126,317

169,444

A-78

KDX Tachikawa Ekimae Building

1,612.13

1,612.13

-

-

5

100.0

65,821

133,345

A-83

KDX Fuchu Building

10,151.50

9,478.52

-

-

40

93.4

272,592

476,142

A-84

KDX Kasuga Building

4,347.43

4,069.94

-

-

11

93.6

124,032

155,779

A-85

KDX Nakameguro Building

2,726.69

2,726.69

-

-

7

100.0

111,491

174,789

A-86

KDX Omiya Building

3,833.49

3,833.49

1

1

17

100.0

126,493

211,046

A-87

Nihonbashi Horidomecho First

3,106.42

3,022.47

8

6

11

97.3

103,644

124,317A-88

KDX Shinjuku 6-chome Building

4,037.44

3,642.20

-

-

5

90.2

116,196

101,483

A-89

KDX Takanawadai Building

6,970.54

6,970.54

-

-

7

100.0

204,052

284,068- 36 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Type

Area

Tokyo
Metropolitan
Area

OfficeBuildings

Other
Regional
Areas

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.

Property Name

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

KDX Ikebukuro Building

3,110.74

3,110.74

-

-

8

100.0

143,074

221,731

A-91

KDX Mita Building

3,331.65

3,331.65

-

-

12

100.0

119,156

197,632

A-92

KDX Akihabara Building

2,288.65

2,288.65

-

-

7

100.0

78,049135,359

A-93

KDX Iidabashi Square

4,571.92

4,571.92

-

-

9

100.0

183,506

310,449

A-94

KDX Musashi-Kosugi Building

12,978.57

10,598.21

-

-

11

81.7

468,784

716,887

A-95

KDX Toyosu Grand Square

11,797.84

11,346.90

-

-

14

96.2

311,057

456,306

A-96

KDX Takadanobaba Building

4,596.20

4,596.20

-

-

11

100.0

150,091

171,624

A-99

KDX Ikebukuro West Building

2,532.71

2,532.71

-

-

8

100.0

78,741

78,423

A-101 KDX Yokohama Building

10,922.27

10,922.27

-

-

26

100.0

317,671419,671

KDX Yokohama Nishiguchi
A-102
Building

4,983.35

4,983.35

-

-

14

100.0

126,444

176,083

A-107 KDX Ginza East Building

4,400.92

4,400.92

-

-

12

100.0

110,970

156,992

A-108 Pentel Building

4,346.66

4,346.66

5

5

10

100.0

141,150

206,008

KDX Hamamatsucho Center
A-109
Building

3,052.76

3,052.76

-

-

8

100.0

112,907

178,697

A-112 KDX Toranomon 1Chome Building

8,179.00

7,974.63

-

-

2

97.5

605,190

638,050

KDX Shin-Nihonbashi Ekimae
A-113
Building

3,279.09

3,279.09

-

-

10

100.0

127,439

219,527

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

5,735.58

5,735.58

-

-

7

100.0

220,608

313,015

A-117 BR Gotanda

3,320.24

3,320.24

-

-

6

100.0

111,007120,234

A-119 KDX Shibuya Nanpeidai Building

2,205.33

2,205.33

-

-

1

100.0

98,034

176,681A-120 KDX Yoyogi Building

1,173.55

1,173.55

-

-

10

100.0

73,337106,034

A-121 Ginza 4chome Tower

5,624.23

5,624.23

-

-

4

100.0

306,219

338,450

A-122 Mitsubishijuko Yokohama Building

13,495.34

13,236.08

-

-

21

98.1

417,588665,714

A-123 KDX Yokohama Kannai Building

10,052.67

10,052.67

-

-

11

100.0

289,803434,737

A-124 KDX Hamamatsucho Place

9,325.18

9,325.18

-

-

12

100.0

488,635

991,220

A-125 KDX Chofu Building

11,834.73

11,724.80

-

-

6

99.1

328,412220,716

A-127 KDX Kanda Ekimae Building

2,175.29

2,175.29

-

-

7

100.0

77,54685,157

A-128 KDX Shinbashi Ekimae Building

5,403.25

5,403.25

-

-

8

100.0

332,586

715,190

A-130 Edobashi Building

5,695.70

5,695.70

-

-

7

100.0

134,980

284,760

A-12

Portus Center Building

11,501.01

9,463.69

-

-

30

82.3

235,914

266,538

A-42

KDX Karasuma Building

8,730.26

8,314.95

-

-

40

95.2

229,289

305,070

A-44

KDX Sendai Building

3,948.03

3,948.03

-

-

30

100.0

98,056

181,412A-53

KDX Hakata-Minami Building

10,112.80

9,886.22

-

-

50

97.8

210,422296,222

A-54

KDX Kitahama Building

4,007.96

4,007.96

-

-

14

100.0

75,589106,374

A-58

KDX Nagoya Sakae Building

6,923.12

6,923.12

-

-

17

100.0

213,362

281,972

A-69

KDX Kobayashi-Doshomachi
Building

7,072.26

7,072.26

-

-

8

100.0

213,228

223,146

A-70

KDX Sapporo Building

3,779.73

3,779.73

-

-

19

100.0

106,785

149,669

A-79

KDX Nagoya Ekimae Building

7,904.22

7,904.22

-

-

19

100.0

315,902534,508

A-82

KDX Higashi Umeda Building

4,994.88

4,994.88

-

-

4

100.0

158,595

149,015

A-97

KDX Utsunomiya Building

5,278.51

5,278.51

-

-

26

100.0

132,311

149,888

A-98

KDX Hiroshima Building

4,001.53

3,675.34

-

-

22

91.8

74,661

100,778

A-100 Senri Life Science Center Building

17,155.65

17,155.65

-

-

63

100.0

685,096954,233

A-104 KDX Minami-Honmachi Building

5,280.02

5,280.02

-

-

16

100.0

118,111

166,416

A-106 KDX Sakura-dori Building

12,314.53

12,314.53

-

-

35

100.0

355,763

521,172

A-110 KDX Shin-Osaka Building

5,985.76

5,813.51

-

-

19

97.1

158,950

221,067

A-111 KDX Nagoya Nichigin-mae Building

4,363.96

4,363.96

-

-

16

100.0

127,719

177,981

A-118 KDX Sapporo Kitaguchi Building

3,319.16

3,319.16

-

-

16

100.0

82,095

111,771

A-126 KDX Tosabori Building

5,635.38

5,635.38

-

-

12

100.0

107,267

218,317

A-129 KDX Sendai Honcho Building

8,886.10

8,478.83

-

-

43

95.4

205,293276,252

A-131 Shionogi Kobe Building
Subtotal of Office Buildings (98 properties)

5,674.72

5,404.57

-

-

19

95.2

52,542125,073498,660.48

487,624.68

35

28

1,263

97.8

15,892,058

22,955,798- 37 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Type

Area

No.

Property Name

OthersTokyo
Metropolitan
Area

D-2

Shinjuku 6Chome Building (Land)

Subtotal of Others Properties (1 property)
Total of 99 properties

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
2
(%)
(m )
(Thousandsof Yen)
Units
Units
(Note
5)
(Thousandsof
Yen)(Note 6)(Note 2)
(Note 3) (Note 4)(Note 7)(Note 8)1,355.13

1,355.13--

1,355.13

1,355.13--

500,015.61

488,979.81

35

1

100.0

68,86657,3851

100.0

68,86657,38597.8

15,960,925

23,013,183

1,264

28 (Note 11)

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.

- 38 -

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-sixth fiscal period(November 1, 2022, to April 30, 2023) are as follows. Planned capital expenditures may include portions classified into expenses foraccounting purposes as a result.
Property Name
(Location)
KDX Fuchu Building(Fuchu, Tokyo)
KDX Kasuga Building(Bunkyo-ku, Tokyo)
Portus Center Building(Sakai, Osaka)
Edobashi Building(Chuo-ku, Tokyo)
KDX Shin-Osaka Building(Osaka, Osaka)PurposeSchedule

Upgrade of common area, etc.

November 2022
to April 2023

Upgrade of common area, etc.

Planned Amount of Capital Expenditures(Millions of Yen)
Paid in the
Total Amount
Total
Fiscal Period
Previously Paid
under Review
134

-

-

As above

126

-

-

Renovation of elevator, etc.

As above

124

-

-

Upgrade of common area, etc.

As above

105

-

-

Renovation of external wall, etc.

As above69--

KDX Nagoya Ekimae Building(Nagoya, Aichi)

Renewal of transformer
equipment, etc.

As above

58--

Harajuku F.F. Building(Shibuya-ku, Tokyo)

Renovation of plumbing
equipment, etc.

As above

55--

KDX Tosabori Building(Osaka, Osaka)

Renovation of air-conditioning
equipment, etc.

As above55--

KDX Kanda Ekimae Building(Chiyoda-ku, Tokyo)

Upgrade of common area, etc.

As above40--

KDX Sapporo Kitaguchi Building(Sapporo, Hokkaido)

Renovation of mechanicalparking lot, etc.

As above30--

KDX Nakameguro Building(Meguro-ku, Tokyo)

Upgrade of common area, etc.

As above

19--

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

- 39 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)② Capital Expenditures During the Fiscal Period under Review (Fiscal Period Ended October 31, 2022)
The Investment Corporation undertook the following major capital expenditures. In the fiscal period under review (fiscal period
ended October 31, 2022), the Investment Corporation completed works across its entire portfolio totaling 866 million yen. The total
construction cost amounted to 1,264 million yen including 398 million yen for repairs, maintenance and renovation expenses in thefiscal period under review.
Property Name
(Location)

PurposeKDX Fuchu Building(Fuchu, Tokyo)
KDX Sakura-dori Building(Nagoya, Aichi)
Pentel Building(Chuo-ku, Tokyo)
KDX Nakano-Sakaue Building(Nakano-ku, Tokyo)

Term

Renewal of air-conditioning
system, etc.

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

Amount of Capital Expenditures(Millions of Yen)

May 2022
to October 2022

189

Renovation of external wall, etc.

As above

72

Renovation of elevator, etc.

As above

45

Upgrade of exclusively owned
area, etc.

As above

41

Upgrade of common area, etc.

As above

22

Other

494

Portfolio Total

866

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, 2022).
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, 2022)
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

2.3

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

1.0

4

JASTEC Co., Ltd.

KDX Takanawadai Building

4,892.89

1.0

5Japan Pension Service

KDX Chofu Building

4,710.40

1.0

Subtotal

32,344.68

6.6

Total Portfolio

488,979.81

100.0

Name of End Tenant

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 are rounded
to the nearest first decimal place.
Note 2: Not disclosed because the tenant has not given consent.

- 40 -