KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Translation of Japanese Original

FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED April 30, 2022 (REIT)(November 1, 2021, to April 30, 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

June 14, 2022

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 submission of semiannual securities report: July 26, 2022

Planned start of distribution payments: July 15, 2022

Preparing presentation material:

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

1. PERFORMANCE FOR THE FISCAL PERIOD ENDED April 30, 2022 (November 1, 2021, to April 30, 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%

April 30, 2022

15,891

5.7

7,427

8.3

6,497

9.9

6,496

9.9

October 31, 2021

15,028

(7.8)

6,857

(14.2)

5,911(15.8)

5,909(15.8)Net Income per Unit

Return on Unitholders’ Equity

Ordinary Income to Total
AssetsOrdinary Income toOperating Revenues

For the six months ended

Yen

%

%

%

April 30, 2022

15,161

2.8

1.4

40.9

October 31, 2021

13,791

2.6

1.3

39.3

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

Total Distributions(Excluding Excessof Earnings)

Distributions in
Excess of Earnings
per Unit

Total Distributions
in Excess of
Earnings

For the six months ended

Yen

Millions of Yen

Yen

Millions of Yen%%

April 30, 2022

14,000

5,999

－

－

92.3

2.6

October 31, 2021

14,000

5,999

－

－

101.5

2.6

Distribution Ratio to
Unitholders’ Equity

Payout Ratio

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

(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

April 30, 2022

464,802231,76349.9

540,859

October 31, 2021

456,327

230,54450.5

538,015(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

April 30, 2022

10,403(6,596)400

33,156

October 31, 2021

8,123

(1,137)(6,605)28,948This notice is an English-language translation of the original Japanese announcement on our website released on June 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)

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

October 31, 2022

15,959

0.4

7,114

(4.2)

6,191

(4.7)

6,190

(4.7)

14,150－April 30, 2023

15,600

(2.3)

6,743

(5.2)

5,837

(5.7)

5,836

(5.7)

14,150－For the six months ending%

Net Income(Millions of Yen)

(Reference) Estimated net income per unit for the fiscal period ending October 31, 2022: 14,446 yen
Forecasted total number of investment units issued and outstanding as of October 31, 2022: 428,510 units
Forecasted average number of investment units during the fiscal period ending October 31, 2022: 428,510 units
Estimated net income per unit for the fiscal period ending April 30, 2023: 13,619 yen
Forecasted total number of investment units issued and outstanding as of April 30, 2023: 428,510 units
Forecasted average number of investment units during the fiscal period ending April 30, 2023: 428,510 units
The forecasted number of investment units at the end of the fiscal period is 428,510 units issued as of the date of this document, and it is assumed that there will be no
additional issuance of investment units and acquisition and cancellation of own investment units until the end of the fiscal period ending April 2023. For the management
conditions when taking into consideration the acquisition and cancellation of own investment units, please refer to “(3) Outlook (Reference Information)” on page 7.
Note 1: Distributions per unit for the fiscal period ending October 31, 2022, are calculated by dividing the amount remaining after deducting the provision of reserve for reduction
entry (127 million yen) from net income by the total number of investment units issued and outstanding.
Note 2: Distributions per unit for the fiscal period ending April 30, 2023, are calculated by dividing the amount obtained by adding the reversal of reserve for reduction entry (227
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 April 30, 2022: 428,510 units
As of October 31, 2021: 428,510 units(b) Number of own investment units at period end
As of April 30, 2022: 0 units
As of October 31, 2021: 0 units
Note: Please refer to page 25, “Notes on Information per Unit” for the number of investment units as the base of the calculation of net income 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-Fifth Fiscal Period Ending October 31, 2022, and for the Thirty-Sixth Fiscal Period Ending April 30, 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 June 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 ···························································································· 14(5) Statements of Cash Flows ············································································································ 15(6) Notes on Going Concern ············································································································· 16(7) Important Accounting Standards ···································································································· 16(8) Notes on Financial Statements······································································································· 17(9) Changes in the Total Number of Investment Units Issued and Outstanding ··················································· 26
3. Reference Information ······················································································································ 27(1) Information Concerning Price of Assets in the Property Portfolio, Etc. ························································ 27(2) Capital Expenditures ·················································································································· 37(3) Overview of Major Tenants ·········································································································· 38- 1 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

1. Operating Conditions(1) Operating Conditions① Operating conditions for the fiscal period under review
A. The Investment Corporation
Kenedix Office Investment Corporation (“the Investment Corporation”) was established on May 6, 2005, in accordance with the Act on
Investment Trusts and Investment Corporations (Act No. 198 of the year 1951, including amendments thereafter) (“Investment TrustAct”). On July 21, 2005, the Investment Corporation was listed on the Real Estate Investment Trust Market of the Tokyo Stock Exchange,
Inc. (“the Tokyo Stock Exchange”) with a total of 75,400 investment units issued and outstanding (Securities Code: 8972). Subsequently,
the Investment Corporation raised funds through public offerings and such. As a result, as of the end of the fiscal period under review(April 30, 2022), the number of investment units issued and outstanding totaled 428,510 units.
The Investment Corporation entrusts Kenedix Real Estate Fund Management, Inc. (“the Asset Management Company”) with its asset
management and strives to maximize unitholder profits by securing stable earnings and sustainable growth of investment assets. To thisend, the Investment Corporation adopts the basic policy of conducting flexible and dynamic investment that seeks to respond to theenvironment and market trends, endeavors to ensure a timely response to opportunities, and form a portfolio.
B. Investment Environment and Management Performance(a) Investment Environment
During the fiscal period under review (fiscal period ended April 30, 2022), the Japanese economy saw sluggish demand mainly forface-to-face services caused by the rapid spread of the Omicron variant after the beginning of the year and the application of semiemergency COVID-19 measures in some areas resulting in personal consumption and public investment decreasing. However, thegrowth rate of domestic private demand remained positive from the previous quarter (October-December 2021).
In terms of the office leasing market, floor reduction and downsizing were implemented with the spread of remote work and followedby certain companies relocating for downsizing or office integration, but these movements temporarily settled down afterwards. The
average vacancy rate in Tokyo’s five central wards announced by Miki Shoji Co., Ltd. has remained generally flat and the range of
decrease of the average rent (including for newly built office buildings) is on a downward trend.
October 2021
Average Vacancy Rate
Average Rent

April 2022

Change

6.47%

6.38%

(0.09%)

20,804 yen

20,328 yen(476 yen)In other major cities across Japan, some cities saw a rise in rent, but both average vacancy rate and average rent remained generallyflat.
In the office building transaction market, interest rates remain stable at low levels even after the Russian aggression against Ukraine,
the amount of sales information of prime mid-sized office buildings remains small, and investors are concentrating on limited sales
projects. Therefore, cap rates remain at continuously low levels and no significant change has been seen. In addition, as propertytransactions by domestic and overseas investors such as listed real estate investment corporations (J-REITs) and real estate companies
continue to be conducted, the willingness to invest in office buildings remains strong.
(b) Management Performance
The Investment Corporation acquired an office building (Sendai Honcho Building: Acquisition price 6,360 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
96
440,180

End of Fiscal Period
Under Review
97445,606

1,106

1,167

End of Previous
Fiscal Period
99.3%
0.7%

End of Fiscal Period
Under Review
99.4%
0.6%

Change+1+5,426+61

Percentage by Use (Acquisition Price Basis)
Office Buildings
Others- 2 -Change+0.1%(0.1%)

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Occupancy Rate of Office Buildings
End of Previous
End of Fiscal Period
ChangeFiscal Period
Under Review
Entire Office Building
97.6%
98.3%
+0.7%
Tokyo’s Five Central Wards
96.8%
97.9%
+1.1%
Other Tokyo Metropolitan Areas
98.5%
98.8%
+0.3%
Regional Areas
97.4%
98.3%
+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 1,168 as of the end of the fiscal period under review.

C. Capital Financing(a) Status of Borrowings and Investment Corporation Bonds
During the fiscal period under review, the Investment Corporation undertook borrowings of 1,000 million yen for repayment ofborrowings of the same amount that matured during the fiscal period, 16,700 million yen for early repayment made on November 30,
2021, and 1,000 million yen for early repayment made on April 28, 2022. Furthermore, the Investment Corporation newly borrowed
6,400 million yen upon the acquisition of Sendai Honcho Building.
The balance of borrowings at the end of the fiscal period under review is as follows.
Total borrowings

192,150 million yen

Short-term borrowings (Note 1)

8,600 million yen

Long-term borrowings (Note 1)

183,550 million yen

Investment corporation bonds

13,000 million yen

Balance of interest-bearing debt

205,150 million yen

Furthermore, interest rates for 109,900 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 71,650 million yen of long-term borrowings with fixed interest rates was 181,550 million yen at the end of the
fiscal period under review.
Long-term debt ratio (Note 2)

95.8%

Long-term fixed interest debt ratio (Note 3)

94.8%

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

4.1 years

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

0.84%

Interest-bearing debt ratio (Note 5)

44.1%

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

(b) Status of Credit Rating
The status of the credit ratings as of the end of fiscal period under review (April 30, 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

- 3 -

AA
(Outlook: Stable)
AA

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(c) Status of Shelf Registration
The Investment Corporation filed a shelf registration statement for investment corporation bonds (excluding short-term investment
corporation bonds) on November 30, 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, based on theabove shelf registration statement.
D. Operating Results and Cash Distribution
As a result of the aforementioned management performance, the Investment Corporation reported operating revenues of 15,891 million
yen, operating income of 7,427 million yen, ordinary income of 6,497 million yen and net income of 6,496 million yen for the fiscal
period under review (fiscal period ended April 30, 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 the Event of Acquisition of Replacement Assets due toExpropriation, etc.” (Article 64 of the Special Taxation Measures Act) in the fiscal period under review and internally reserve part of theunappropriated retained earnings as reserve for reduction entry. Following this policy, the Investment Corporation distributed
5,999,140,000 yen, which is the amount remaining after deducting 497 million yen within the scope of application of the provisions ofboth Article 67-15 and Article 64 of the Special Taxation Measures Act as provision of reserve for reduction entry from unappropriatedretained earnings. As a result, distribution per unit is 14,000 yen.
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.

- 4 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)(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
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) Determination of Acquisition of Own Investment Units
The Investment Corporation decided at its board of directors’ meeting held on June 14, 2022, matters pertaining to the acquisition of
own investment units based on the provisions of Article 80-2 of the Investment Trust Act, which are applied by replacing theprovisions of Article 80-5, Paragraph 2 of the same act. Moreover, all of the acquired investment units are scheduled to be cancelledduring the fiscal period ending October 2022.
・ Reason for Acquisition of Own Investment Units
The Investment Corporation decided to acquire the own investment units by judging that the improvement of capital efficiency andimplementation of unitholder return through the acquisition and cancellation of own investment units will lead to the improvementof unitholder value over the medium to long term, comprehensively taking into account such factors as the level of investment unit
price, status of cash on hand, financial status and market environment.
- 5 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

・ Details of Matters Pertaining to the Acquisition(1) Total Number of Investment Units
That Can Be Acquired

6,000 units (maximum amount)
Ratio to the total number of investment units issued and outstanding (excluding own
investment units) 1.4%

(2) Total Acquisition Price ofInvestment Units

3,000 million yen (maximum amount)(3) Acquisition Method(4) Acquisition Period

Purchase on the Tokyo Stock Exchange based on the discretionary investment agreement
pertaining to the acquisition of own investment units with securities company
June 15, 2022 to September 9, 2022

(Reference Information)(a) Acquisition of Asset
The Investment Corporation concluded a trust beneficiary interest purchase and sale agreement for the acquisition of the following trust
beneficiary interest in real estate on April 26, 2022.
Type ofSpecified
Asset

Scheduled Acquisition
Date

Property Name

Location

SellerPlannedAcquisition
Price (Millions
of Yen)(Note 2)

Appraisal Value(Millions of
Yen)(Note 3)

SMFL
MIRAI
Chuo-ku,
Edobashi Building
Partners
9,600
10,200Tokyo
Company,
LimitedNote 1: The trust beneficiary interest purchase and sale agreement with the seller (“the Transaction Agreement”) on the acquisition of the Property
falls under the category of forward commitment etc. made by investment corporations as stipulated in the “Comprehensive Guidelines forSupervision of Financial Instruments Business Operators, etc.” ruled by the Financial Services Agency of Japan. In the event of a violation of
the Transaction Agreement made by the Investment Corporation or the seller, the penalty is stipulated to be an amount equivalent to 5% of thetransaction price in the Transaction Agreement.
Note 2: Excluding acquisition costs, adjustment amount of property tax and city-planning tax, and consumption tax, etc.
Note 3: The price as of April 30, 2022, is indicated.

June 30, 2022, or date
not later than June 30,
2022, to be agreed
separately

Trust
beneficiaryinterest inreal estate(b) Sale of Asset
The Investment Corporation concluded a trust beneficiary interest purchase and sale agreement for the sale of the following trust beneficiaryinterest in real estate on May 31, 2022.
Scheduled Date of Sale

Type ofSpecified
Asset

Property Name

Location

Buyer

Planned Sale
Price (Millions
of Yen)(Note 1)Trust
beneficiary
Koto-ku,
Undisclosed
KDX Kiba Building
1,650
interest inTokyo(Note 3)
real estate
Note 1: Excluding sale costs, adjustment amount of property tax and city-planning tax, and consumption tax, etc.
Note 2: The price as of April 30, 2022, is indicated.
Note 3: Not disclosed as approval from the buyer has not been obtained.

July 29, 2022

Appraisal Value(Millions ofYen) (Note 2)
1,150(2) Risk Factors
There are no significant changes to the “Investment Risks” as described in the latest Securities Report submitted on January 28, 2022, andthe disclosures are omitted.

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

15,959 million yen

Operating Income

7,114 million yen

Ordinary Income

6,191 million yen

Net Income

6,190 million yen

Distributions per Unit

14,150 yen- yen

Excess of Earnings

Thirty-sixth fiscal period (November 1, 2022, to April 30, 2023)
Operating Revenues

15,600 million yen

Operating Income

6,743 million yen

Ordinary Income

5,837 million yen

Net Income

5,836 million yen

Distributions per Unit

14,150 yen- yen

Excess of Earnings(Reference Information)
Forecasts for the thirty-fifth fiscal period (May 1, 2022, to October 31, 2022) and for the thirty-sixth fiscal period (November 1, 2022, toApril 30, 2023) when taking into consideration the acquisition of the own investment units are as follows.
Thirty-fifth fiscal period (May 1, 2022, to October 31, 2022)
Operating Revenues

15,959 million yen

Operating Income

7,110 million yen

Ordinary Income

6,186 million yen

Net Income

6,185 million yen

Distributions per Unit

14,290 yen- yen

Excess of Earnings

Thirty-sixth fiscal period (November 1, 2022, to April 30, 2023)
Operating Revenues

15,600 million yen

Operating Income

6,740 million yen

Ordinary Income

5,833 million yen

Net Income

5,832 million yen

Distributions per Unit

14,290 yen- yen

Excess of Earnings

For preconditions and assumptions of the outlook, please refer to the following “Preconditions and Assumptions for the Thirty-Fifth Fiscal
Period Ending October 31, 2022, and for the Thirty-Sixth Fiscal Period Ending April 30, 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-Fifth Fiscal Period Ending October 31, 2022, and for the Thirty-Sixth Fiscal Period Ending
April 30, 2023
Item
Preconditions and Assumptions
 The thirty-fifth fiscal period ending October 31, 2022: May 1, 2022, to October 31, 2022 (184 days)
Calculation Period The thirty-sixth fiscal period ending April 30, 2023: November 1, 2022, to April 30, 2023 (181 days)
 It is assumed that the acquisition of Edobashi Building described in “Notice Concerning Acquisition of
Properties (Edobashi Building・Sendai Honcho Building)” announced on April 26, 2022, and the sale of
KDX Kiba Building described in “Notice Concerning Sale of Property (KDX Kiba Building)” announced on
May 31, 2022, will be conducted, in addition to the 97 properties that are composed of real estate and trust
beneficiary interest in real estate owned by the Investment Corporation as of the end of the thirty-fourth fiscal
Property Portfolio
period (April 30, 2022).
 It is assumed that there will be no sale of assets in the property portfolio by the end of the thirty-sixth fiscal
period ending April 30, 2023, other than above.
 The Investment Corporation also holds the TK equity other than above. It assumes the refund of the TK equity
will not occur by the end of the thirty-sixth fiscal period ending April 30, 2023.
 The actual results may fluctuate due to changes in the property portfolio.
 Rental revenues are estimated based on valid leasing agreements as of June 14, 2022, and by considering
variable factors, such as seasonal factors against the backdrop of historical performance, as well as leasing
conditions, such as the recent real estate market conditions, in addition to the difference in number of operatingdays due to transfers in existing investment assets.
 Dividends received of 46 million yen for the thirty-fifth fiscal period ending October 31, 2022, and 42
million yen for the thirty-sixth fiscal period ending April 30, 2023, have been assumed with regard to the TK
Operating Revenues
equity stated in the above “Property Portfolio.” Forecasts are based on the assumption that there will be no rent in arrears or non-payments from tenants.
 It is estimated that gain on sale of real estate, etc. of 239 million yen for the thirty-fifth fiscal period ending
October 31, 2022, will be recorded with the sale of owned assets described in “Notice Concerning Sale ofProperty (KDX Kiba Building)” announced on May 31, 2022.
 In addition to the above, rental revenues are estimated by considering a certain degree of decrease due to theimpact of COVID-19.
 Expenses related to rental business other than depreciation are based on the historic expenses, adjusted toreflect expense variables including seasonal factors.
 An amount of 1,476 million yen for the thirty-fifth fiscal period ending October 31, 2022, and 1,492 million
yen for the thirty-sixth fiscal period ending April 30, 2023, has been assumed for property and facility
management fees (property management and building maintenance fees, etc.).
 An amount of 1,370 million yen for the thirty-fifth fiscal period ending October 31, 2022, and 1,387 million
yen for the thirty-sixth fiscal period ending April 30, 2023, have been assumed for taxes and public dues
(property tax and city-planning tax, etc.). Taxes and public dues regarding the properties acquired or to beacquired after January 1, 2022, will not be recognized as expenses in the thirty-fifth fiscal period ending
October 31, 2022, for the reasons that property tax and city-planning tax, etc. are settled with the former ownerand such settled amount will be included in the calculation of acquisition costs. A part of such settled amount(10 million yen) will be recognized as expenses in the thirty-sixth fiscal period ending April 30, 2023. The
aggregate amount of the property tax and city-planning tax, etc. will be recognized as expenses in the thirtyOperating Expenses
seventh fiscal period ending October 31, 2023, onwards, and such amount is estimated at 38 million yen per
fiscal period.
 An amount of 2,631 million yen for the thirty-fifth fiscal period ending October 31, 2022, and 2,617 million
yen for the thirty-sixth fiscal period ending April 30, 2023, has been assumed for depreciation expense.
 An amount of 438 million yen for the thirty-fifth fiscal period ending October 31, 2022, and 396 million yen
for the thirty-sixth fiscal period ending April 30, 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 902 million yen for the thirty-fifth fiscal period
Non-Operating Expenses
ending October 31, 2022, and 897 million yen for the thirty-sixth fiscal period ending April 30, 2023, isassumed.
- 8 -KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Item
Extraordinary Profit/Loss Borrowings andInvestment Corporation
Bonds







Total Number of
Investment Units Issued
and OutstandingDistributions per UnitDistributions in Excessof Earnings per Unit

Preconditions and Assumptions
Extraordinary profit/loss is not assumed.
The balance of the borrowings and the investment corporation bonds as of June 14, 2022, is 192,150 million
yen and 13,000 million yen, respectively. In addition, it is assumed that 9,800 million yen will be newly
borrowed in the thirty-fifth fiscal period ending October 31, 2022, as funds for acquisition of the assets to beacquired.
Of the borrowings as of June 14, 2022, a total of 10,450 million yen in borrowings is due for repayment during
the thirty-fifth fiscal period ending October 31, 2022, and a total of 11,600 million yen in borrowings is due
for repayment during the thirty-sixth fiscal period ending April 30, 2023. However, it is assumed that all
borrowings will be refinanced.
Of the investment corporation bonds as of June 14, 2022, 1,000 million yen of investment corporation bonds
will mature by the end of the thirty-sixth fiscal period ending April 30, 2023. However, it is assumed that all
investment corporation bonds will be redeemed with the funds procured through the issuance of investment
corporation bonds and borrowings, etc.
The total number of investment units issued and outstanding is assumed to be 428,510 units, which is the total
number of investment units issued and outstanding as of April 30, 2022.
Regarding the management conditions when taking into consideration the acquisition of the own investment
units described in (Reference Information), it is assumed that the closing price as of June 10, 2022, is 662,000
yen, the own investment units will be acquired until the maximum amount of the total acquisition price ofinvestment units (3,000 million yen) is reached (in such case, the total number of investment units to beacquired will be 4,531 units) and all the acquired own investment units will be cancelled during the thirty-fifth
fiscal period ending October 31, 2022 (in such case, the total number of investment units issued andoutstanding at the end of the thirty-fifth fiscal period ending October 31, 2022, will be 423,979 units). It is also
assumed that there will be no change until the end of the thirty-sixth fiscal period ending April 30, 2023, except
for the acquisition and cancellation of the own investment units.
Distributions per unit are calculated in accordance with the Cash Distribution Policies outlined in theInvestment Corporation’s Articles of Incorporation.
It is assumed that the amount obtained by deducting 127 million yen of the provision of reserve for reduction
entry from net income will be distributed in the thirty-fifth fiscal period ending October 31, 2022, and theamount obtained by adding 227 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, but the amount of provision of reserve for
reduction entry and reversal of reserve for reduction entry may change due to the management conditions, etc.
Actual distributions per unit may differ significantly from forecast figures due to a variety of reasons includingtransfers in investment assets, rental revenues impacted by tenant turnover or incidence of major unforeseenrenovation expense.



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

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

Other


- 9 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

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

Thirty-Fourth Fiscal Period(As of October 31, 2021)(As of April 30, 2022)

Cash and deposits

19,273,842

23,037,269

Cash and deposits in trust

11,434,175

11,593,317

Accounts receivable-trade286,109279,727

Prepaid expenses

109,784

71,220AssetsCurrent assets

Other
Total current assets

8,478

10,146

31,112,390

34,991,680

18,103,290

18,127,176

Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation(7,140,580)(7,449,568)

Buildings, net

10,962,709

10,677,608

Structures

44,22444,224

Accumulated depreciation(20,238)(21,468)

Structures, net

23,98522,755

Machinery and equipment

452,189456,232

Accumulated depreciation(309,897)(322,911)

Machinery and equipment, net

142,292

133,320

Tools, furniture and fixtures

101,522

104,554

Accumulated depreciation(76,005)(79,754)

Tools, furniture and fixtures, net

25,51624,800Land

27,520,902

27,520,902

Buildings in trust

128,595,353 *2

130,362,510

Accumulated depreciation(38,615,129)(40,770,613)

Buildings in trust, net

89,980,223

89,591,896

Structures in trust

391,649

429,795

Accumulated depreciation(212,382)(225,247)

Structures in trust, net

179,266

204,547

Machinery and equipment in trust

2,003,777

2,075,571

Accumulated depreciation(917,306)(981,465)

Machinery and equipment in trust, net

1,086,471

1,094,106

Tools, furniture and fixtures in trust

723,095

739,174

Accumulated depreciation(406,805)(434,922)

Tools, furniture and fixtures in trust, net

316,289

304,251

291,876,758

296,760,716

5,300

800

422,119,717

426,335,705

Land leasehold

285,257

285,257

Land leasehold in trust

346,877

346,1039876

632,233

631,437

1,138,386

1,136,860

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

1,103,037

1,043,985

30,454478,443

Other- 10 -*2

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

Total investments and other assets
Total noncurrent assets

Thirty-Third Fiscal Period

Thirty-Fourth Fiscal Period(As of October 31, 2021)(As of April 30, 2022)

2,404,768

2,792,179

425,156,719

429,759,322

58,50351,154

Deferred assets
Investment corporation bond issuance costs
Total deferred assets

58,50351,154456,327,613

464,802,158

Accounts payable

1,642,689

1,759,501

Short-term loans payable

10,600,000

8,600,000

Current portion of investment corporation bonds

1,000,000

1,000,000

Current portion of long-term loans payable

Total assets

Liabilities
Current Liabilities

18,550,000

13,450,000

Accounts payable-other465,668

579,319

Accrued expenses

87,95888,892

Income taxes payable

776

794

Accrued consumption taxes

268,140

218,882

Advances received

2,601,486

2,845,568

Deposits received

2,744

7,335

Other
Total current liabilities

111－

35,219,575

28,550,295

Noncurrent liabilities
Investment corporation bonds

12,000,000

12,000,000

Long-term loans payable

156,600,000

170,100,000

Tenant leasehold and security deposits

2,128,145

2,155,044

Tenant leasehold and security deposits in trust

19,551,492

20,222,559

Other283,539

10,448

Total noncurrent liabilities

190,563,178

204,488,052

Total liabilities

225,782,754

233,038,347

220,970,508

220,970,508

Reserve for reduction entry

3,917,542

3,828,434

Total voluntary reserve

3,917,542

3,828,434

Unappropriated retained earnings (undisposed loss)

5,910,032

6,496,709

Total surplus

9,827,574

10,325,143

230,798,082

231,295,652(253,223)

468,158

Net assets
Unitholders' equity
Unitholders' capital
Surplus
Voluntary reserve

Total unitholders' equity
Valuation and translation adjustments
Deferred gains or losses on hedges
Total valuation and translation adjustments(253,223)

Total net assets

230,544,859

Total liabilities and net assets

456,327,613- 11 -

468,158*1

231,763,810
464,802,158*1

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

Thirty-Third Fiscal Period
May 1, 2021, toOctober 31, 2021
Operating revenues
Rental revenues

13,261,580*113,336,478*1

Other rental revenues

1,720,308*1

1,741,811*1*2

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

770,595

46,86042,21415,028,749

15,891,099

Operating expenses
Property related expenses

7,054,078*1

Asset management fees

930,027

962,007

Directors' compensation

8,400

6,300

Asset custody fees

23,68723,658Administrative service fees

59,00458,946

Audit fees

12,80012,8007,309,872

Other operating expenses

82,76989,824

Total operating expenses

8,170,767

8,463,409

6,857,981

7,427,689

Interest income

45

48

Dividends and redemption-prescription

371

322

7

75

424

446

Interest expenses

775,597

722,665Interest expenses on investment corporation bonds

34,59434,951

Borrowing related expenses

128,022

149,392

6,802

7,348

Operating income
Non-operating income

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

Amortization of investment corporation bond issuance costs
Other

2,277

15,831

947,294930,189

Ordinary income

5,911,112

6,497,947

Income before income taxes

5,911,112

6,497,947

Income taxes-current

1,181

1,240

Income taxes-deferred

6

(2)

1,188

1,237

5,909,924

6,496,709

108－

5,910,032

6,496,709

Total non-operating expenses

Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)- 12 -*1

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(3) Statements of Unitholders’ Equity
Thirty-Third Fiscal Period (May 1, 2021, to October 31, 2021)(Thousands of Yen)
Valuation and translation
adjustments

Unitholders' equity
Surplus
Unitholders'
capitalVoluntary reserve

Unappropriatedretained earnings(undisposed loss)

Total surplus

Total unitholders' Deferred gains orequitylosses on hedges

Total valuationand translation
adjustments

Total net assets(498,680)

230,981,676

Reserve for
reduction entry

Total voluntary
reserve

3,493,596

3,493,596

7,016,251

10,509,848

231,480,356

423,945423,945(423,945)－－－

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

Net income

5,909,924

5,909,924

5,909,924

5,909,924

Balance at the beginning ofcurrent period

220,970,508(498,680)

Changes during the period
Provision of reserve for
reduction entry

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

245,456

245,456－

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

245,456

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

3,917,542

3,917,542

5,910,032

9,827,574

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

230,544,859

Thirty-Fourth Fiscal Period (November 1, 2021, to April 30, 2022)(Thousands of Yen)
Valuation and translation
adjustments

Unitholders' equity
Surplus
Unitholders'
capitalVoluntary reserve

Unappropriatedretained earnings(undisposed loss)

Total surplus

Total unitholders' Deferred gains orequitylosses on hedges

Total valuationand translation
adjustments

Total net assets(253,223)

230,544,859

Reserve for
reduction entry

Total voluntary
reserve

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)(5,999,140)

Net income

6,496,709

6,496,709

6,496,709

6,496,709

Balance at the beginning ofcurrent period

220,970,508(253,223)

Changes during the period
Reversal of reserve for
reduction entry

Items other than unitholders'equity, net
Total changes during the period
Balance at the end of current
period721,382

721,382

721,382－(89,107)(89,107)586,676

497,569

497,569

721,382

721,382

1,218,951* 220,970,508

3,828,434

3,828,434

6,496,709

10,325,143

231,295,652

468,158

468,158

231,763,810- 13 -

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

Unappropriated retained earnings at theend of fiscal period under review

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

5,910,032,522

6,496,709,393

89,107,478-

5,999,140,000

5,999,140,000(14,000)(14,000)-

497,569,393--

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, the maximum integral
multiple amount of the total number of investment
units issued and outstanding of 428,510 units, basedon the total amount obtained by adding the reversal ofreserve for reduction entry to the unappropriatedretained earnings for the fiscal period under review.
In addition, the Investment Corporation decided not to
distribute cash in excess of distributable profit,
stipulated in Article 35 (2) of its Articles ofIncorporation.

In accordance with the policy stipulated in Article 35(1) of its Articles of Incorporation, the Investment
Corporation determines that the amount of distribution
shall exceed the amount equivalent to 90% of its
distributable profit as stipulated in Article 67-15 of 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.

II. Voluntary reserve (reversal)
Reversal of reserve for reduction entry
III. Total distribution amount(Distributions per unit)
IV. Voluntary reserve (provision)
Provision of reserve for reduction entry
V. Retained earnings brought forward to
the next period
Method of calculating the distribution
amount- 14 -

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

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

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

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

5,911,112

6,497,947

Depreciation

2,567,220

2,588,401

118,773

113,771

Interest income

(45)

(48)

Interest expenses

810,191

757,616

6,802

7,348

Amortization of long-term prepaid expenses

Amortization of investment corporation bond issuance
expenses
Decrease (increase) in accounts receivable-trade(30,301)

6,382

Decrease (increase) in prepaid expenses(38,950)

38,563

Increase (decrease) in accounts payable

241,808(32,507)

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

113,911

Increase (decrease) in accrued consumption taxes(208,440)(49,257)

Increase (decrease) in advances received(250,010)

244,082

Increase (decrease) in deposits received(9,620)4,590-

943,131

Decrease (increase) in long-term prepaid expenses(39,136)(54,719)

Other(26,736)(18,460)

8,922,947

11,160,75445

48(798,964)(756,682)

(820)

(784)

8,123,207

10,403,336(76,560)(45,527)

Purchase of property, plant and equipment in trust(1,062,136)(7,322,312)

Payments of tenant leasehold and security deposits(247,466)(64,187)

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

222,552

100,541

Payments of tenant leasehold and security deposits in trust(809,827)(675,174)

Proceeds from tenant leasehold and security deposits in trust

848,272

1,124,969

Payments of restricted bank deposits in trust(12,137)(271,464)-

557,038(1,137,304)(6,596,116)

Proceeds from short-term loans payable

7,300,000

6,800,000

Repayment of short-term loans payable(3,500,000)(8,800,000)

Proceeds from long-term loans payable

6,000,000

18,300,000

Repayment of long-term loans payable(11,800,000)(9,900,000)

Proceeds of investment corporation bond issuance

1,986,113-

Dividends paid

(6,591,270)(5,999,077)

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

400,922

Net increase (decrease) in cash and cash equivalents

380,746

4,208,142

Cash and cash equivalents at the beginning of period

28,567,460

28,948,207

Cash and cash equivalents at the end of period

28,948,207

Proceeds from restricted bank deposits in trust
Net cash provided by (used in) investment activities
Net cash provided by (used in) financing activities- 15 -*

33,156,349*

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 none in the thirty-third fiscal period and 28,605 thousand yen in the thirty-fourth 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.

- 16 -

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

Thirty-Fourth Fiscal Period(as of April 30, 2022)
50,00050,000*2. The amount of advanced depreciation of property, plant and equipment acquired by government subsidy, etc.
(Thousands of Yen)
Thirty-Third Fiscal Period(as of October 31, 2021)
Buildings in trust

Thirty-Fourth Fiscal Period(as of April 30, 2022)
26,230- 17 -

26,230KENEDIX OFFICE INVESTMENT CORPORATION (8972)

3. Commitment line agreement(Thousands of Yen)

The Investment Corporation has concluded a commitment line agreement with bank of account, etc.
Thirty-Third Fiscal Period(as of October 31, 2021)

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

Maximum amount

9,000,000

9,000,000

Drawn credit facility--

9,000,000

9,000,000

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

(Thousands of Yen)

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

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

A. Rental and other operating revenues
Rental revenues
11,710,362

Leasing income

11,829,399

Common area charges

1,551,218

1,507,079

Subtotal

13,261,580

13,336,478

Other rental revenues
Parking space rental revenues

475,555

486,655

Utility charge reimbursement

1,025,789

1,027,409

Miscellaneous

218,963

227,746

Subtotal

1,720,308

1,741,811

14,981,889

15,078,289

Property management fees and facility management fees

1,414,777

1,450,957

Utilities

1,023,838

1,115,245

Taxes

1,339,335

1,341,445

Repairs and maintenance costs

337,875

406,830

Insurance

19,306

19,585

Trust fees

29,767

29,867

Others321,977

357,542

Depreciation

2,567,199

2,588,398

7,054,078

7,309,872

7,927,810

7,768,417

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

Total rental and other operating expenses
C. Rental operating profit (A – B)
*2. Gain and loss on sale of real estate, etc.

Thirty-Third Fiscal Period (May 1, 2021, to October 31, 2021)
Not applicable.
Thirty-Fourth Fiscal Period (November 1, 2021, to April 30, 2021)(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.

- 18 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(Notes on Statements of Changes in Unitholders’ Equity)* Total number of authorized investment units and total number of investment units issued and outstanding
Thirty-Third Fiscal Period
May 1, 2021, to October 31, 2021
Total number of authorized investment units
Total number of investment units issued andoutstanding

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

2,000,000 units

2,000,000 units

428,510 units

428,510 units(Notes on Statements of Cash Flow)* Reconciliation of balance sheet items to cash and cash equivalents at end of period in the cash flows statements(Thousands of Yen)
Thirty-Third Fiscal Period
May 1, 2021, to October 31, 2021

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

Cash and deposits

19,273,842

23,037,269

Cash and deposits in trust

11,434,175

11,593,317

Restricted bank deposits held in trust (Note)(1,759,810)(1,474,236)

Cash and cash equivalents

28,948,207

33,156,349

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

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

Unearned lease payments
2,863,474

Due within one year

3,198,073

Due after one year

7,163,359

8,224,029

Total

10,026,834

11,422,103(Notes on Financial Instruments)
1. Items with Regard to the Current Status of Financial Instruments(1) Action Policy with Regard to Financial Instruments
The Investment Corporation procures essential funds for acquiring properties and undertaking the repayment of loans primarily throughbank loans and the issuance of investment corporation bonds and new investment units. The Investment Corporation makes use ofderivative instruments primarily as a risk hedge against interest rate fluctuations and to lessen interest payments. In addition, it is company
policy to not conduct speculative derivative transactions. Management of surplus funds is undertaken in a prudent manner that considers
fully such factors as safety, liquidity, interest rate conditions and cash flows.
(2) Financial Instruments and Respective Risks
Investment securities are TK interests, which are subject to credit risk of the issuer and risk of fluctuation of value of real estate, etc.
Loans and investment corporation bonds are used primarily for procuring funds necessary for the acquisition of properties and have a
repayment date of a maximum of about eight years and seven months following the closing date. Although a certain portion of said
liabilities are subject to risk of interest rate fluctuation, the Investment Corporation utilizes derivative instruments in order to hedge against
such risks.
Derivative instruments are interest rate swaps. The Investment Corporation hedges against risk of fluctuation in interest rates by fixing its
interest payments for funds procured on a floating-interest-rate basis. With regard to hedge accounting methods, hedging instruments andhedged items, hedge policy, and the method of evaluation of hedge effectiveness, please refer to “5. Accounting for hedges” in “(7)Important Accounting Standards.”- 19 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(3) Risk Management Structure with Regard to Financial Instruments
A. Management of Market Risk (Risk Associated with Fluctuations in Interest Rates and Others)
The Investment Corporation uses interest rate swap transactions to minimize risks associated with interest payment rate fluctuations
on funds procured. The Investment Corporation will periodically grasp the value of real estate, etc. and financial condition, etc. of theissuer with regard to investment securities.
B. Management of Liquidity Risk (Risk of Defaulting on Payments by the Due Date) Associated with Funds Procurement
Although loans and other liabilities are subject to liquidity risks, the Investment Corporation reduces such risks by spreading out
payment due dates and by using diversified fund procurement methods. Liquidity risk is also managed by such means as regularly
checking the balance of cash reserves.
(4) Supplemental Explanation of Items with Regard to Fair Value of Financial Instruments
Because the factors incorporated into the calculation of fair value of financial instruments are subject to change, differing assumptions
are adopted which may alter fair value. Moreover, the contract amounts, etc. of derivative transactions in “2. Items with Regard to Fair
Value of Financial Instruments” do not indicate the market risk of derivative transactions.
2. Items with Regard to Fair Value of Financial Instruments
The book value per the balance sheet, fair values, as well as their difference are as follows. Moreover, because “Cash and deposits,” “Cashand deposits in trust” and “Short-term loans payable” are settled with cash in the short term, the fair value can be considered as equivalent
to the book value. Therefore, the notes for them have been omitted.
Thirty-Third Fiscal Period (as of October 31, 2021)(Thousands of Yen)
Book Value(1) Current portion of investment corporation
bonds(2) Current portion of long-term loans payable(3) Investment corporation bonds(4) Long-term loans payable
Total
Derivative transaction

Fair Value

Difference

1,000,000

999,400(600)

18,550,000
12,000,000
156,600,000
188,150,000(253,223)

18,585,583
12,054,400
157,523,811
189,163,194(253,223)

35,58354,400923,811
1,013,194-

Thirty-Fourth Fiscal Period (as of April 30, 2022)(Thousands of Yen)
Book Value

Fair Value

Difference(1) Current portion of investment corporation
1,000,000
999,800(200)
bonds(2) Current portion of long-term loans payable
13,450,000
13,482,518
32,518(3) Investment corporation bonds
12,000,000
12,025,400
25,400(4) Long-term loans payable
170,100,000
169,880,655(219,344)
Total
196,550,000
196,388,374(161,625)
Derivative transaction
468,158
468,158* 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.
- 20 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

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-Third Fiscal Period (as of October 31, 2021)
Due within 1 yr.

(Thousands of Yen)
1-2 yrs.

2-3 yrs.

3-4 yrs.

4-5 yrs.

More than 5 yrs.

Investment corporation bonds

1,000,000-

4,000,000

2,000,000

2,000,000

4,000,000

Long-term loans payable

18,550,000

14,300,000

13,700,000

21,350,000

26,100,000

81,150,000

19,550,000

14,300,000

17,700,000

23,350,000

28,100,000

85,150,000

Total

Thirty-Fourth Fiscal Period (as of April 30, 2022)
Due within 1 yr.

(Thousands of Yen)
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- 21 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(Notes on Derivative Transactions)
1. Items that do not apply hedge accounting
Thirty-Third Fiscal Period (as of October 31, 2021) and Thirty-Fourth Fiscal Period (as of April 30, 2022): Not applicable
2. Items that apply hedge accounting
Thirty-Third Fiscal Period (as of October 31, 2021)
Hedge accounting
methodPrinciple method

Type of derivative transactions

Main target ofrisk hedge

Interest rate swap transactions
Long-term loans
Fixed rate payable･Floating rate receivable payable(Thousands of Yen)
Contracted amountCalculation method for
Fair value
applicable fair value
More than 1 yr.
Based on the quoted
price obtained from70,350,000
69,350,000 (253,223)
counterparty financial
institutions.

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

44,150,000

30,100,000

Total

114,500,000

99,450,000 (253,223)*-* Special treatment of interest-rate swaps is reported at the fair value of applicable long-term loans payable. This is because such swaps are handled together

with hedged long-term loans payable.
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 loans
Fixed rate payable･Floating rate receivable payableinterest rate swaps

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.

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

Net sales to external customers－ thousand yen－ thousand yen

1,025,789 thousand yen

1,025,789 thousand yen

Other－ thousand yen

14,002,959 thousand yen

Total

1,025,789 thousand yen

15,028,749 thousand yen

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

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.
- 22 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

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

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

212,192,000 yen

246,452,000 yen

246,452,000 yen

247,784,000 yen

Contract assets (balance at beginning of fiscal year)

- yen

- yen

Contract assets (balance at end of fiscal year)

- yen

- yen

Contract liabilities (balance at beginning of fiscal year)

- yen

- yen

Contract liabilities (balance at end of fiscal year)

- yen

- yen

(2) Transaction value allocated to remaining performance obligations
Not applicable.
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-Third Fiscal Period (May 1, 2021, to October 31, 2021)(1) Information about each product and service
Disclosure is omitted because net sales to external customers for a single product/service category account for over 90% of the operating
revenues on the statement of income.
(2) Information about each geographic area
① Net sales
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating revenues on the statementof income.
② Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of the amount ofproperty, plant and equipment on the balance sheet.
(3) Information about each major customer
Disclosure is omitted because net sales to a single external customer account for less than 10% of the operating revenues on the statementof income.

- 23 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

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 the statementof income.
② Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of the amount ofproperty, plant and equipment on the balance sheet.
(3) Information about each major customer
Disclosure is omitted because net sales to a single external customer account for less than 10% of the operating revenues on the statementof income.
(Notes on Tax-effect Accounting)
1. Significant components of deferred tax assets and liabilities(Thousands of Yen)
Thirty-Third Fiscal Period(as of October 31, 2021)

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

Deferred tax assets
27

30

Amortization of land leasehold in trust

5,318

5,562

Deferred gains or losses on hedges

89,201

3,287Enterprise tax payable

94,548

8,879(94,520)(8,849)27

30

Subtotal deferred tax assets
Valuation allowance
Total deferred tax assets

2. Significant components causing difference between statutory income tax rate and the effective tax rate after tax effect accounting(Unit: %)Thirty-Third Fiscal Period(as of October 31, 2021)
Statutory tax rate

Thirty-Fourth Fiscal Period(as of April 30, 2022)
31.46

31.46

(31.93)(29.05)0.47-(Adjustments)
Deductible cash distributions
Reversal of reserve for reduction entry-(2.41)

Others0.01

0.01

Effective tax rate

0.02

0.02

Provision amount of reserve for reduction entry(Notes on Related-party Transactions)
1. Parent company, major corporate unitholders and otherThirty-Third Fiscal Period (May 1, 2021, to October 31, 2021) and Thirty-Fourth Fiscal Period (November 1, 2021, to April 30, 2022):
Not applicable
2. Affiliated companies and otherThirty-Third Fiscal Period (May 1, 2021, to October 31, 2021) and Thirty-Fourth Fiscal Period (November 1, 2021, to April 30, 2022):
Not applicable
3. Fellow subsidiary companies and otherThirty-Third Fiscal Period (May 1, 2021, to October 31, 2021) and Thirty-Fourth Fiscal Period (November 1, 2021, to April 30, 2022):
Not applicable
4. Directors, major individual unitholders and otherThirty-Third Fiscal Period (May 1, 2021, to October 31, 2021) and Thirty-Fourth Fiscal Period (November 1, 2021, to April 30, 2022):
Not applicable- 24 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(Notes on Real Estate for Rental Purposes)
The Investment Corporation owns real estate for rental purposes mainly in the Tokyo Metropolitan Area for the purpose of generating rental
revenue.
The book value per balance sheet for the fiscal period under review, changes during the period and fair value concerning the above real estate
for rental purposes are as follows.
(Thousands of Yen)
Thirty-Third Fiscal Period
May 1, 2021, to October 31, 2021

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

Book value
Balance at the beginning of the period

424,337,948

422,751,947

Changes during the period(1,586,000)

4,215,195

422,751,947
426,967,143
Balance at the end of the period
517,705,000
535,600,000
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-third fiscal period, the principal
increase/decrease factor was depreciation amounting to 2,567,199 thousand yen. For 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 thousandyen.

Income and loss for real estate for rental purposes are listed in “Notes on the Statements of Income.”(Notes on Information per Unit)
Thirty-Third Fiscal Period
May 1, 2021, to October 31, 2021
538,015 yen

Net Assets per unit

Thirty-Fourth Fiscal Period
November 1, 2021, to April 30, 2022
540,859 yen

13,791 yen
15,161 yen
Net income per unit
Note 1: Net income per unit is calculated by dividing net income by the weighted average (based on number of days) number of units. Net income
per unit after adjusting for diluted investment units is not included because there were no dilutive investment units.
Note 2: The basis of calculation for the net income per unit is as follows.
Thirty-Third Fiscal Period
Thirty-Fourth Fiscal Period
May 1, 2021, to October 31, 2021
November 1, 2021, to April 30, 2022
Net income
5,909,924
6,496,709(Thousands of Yen)
Amount not vested in ordinary unitholders(Thousands of Yen)
Net income for ordinary investment units
5,909,924
6,496,709(Thousands of Yen)
Average number of investment units
428,510428,510during the period (unit)(Notes on Important Subsequent Events)
Determination of Acquisition of Own Investment Units
The Investment Corporation decided at its board of directors’ meeting held on June 14, 2022, the matters pertaining to the acquisition of own
investment units based on the provisions of Article 80-2 of the Investment Trust Act which is applied by replacing the provisions of Article
80-5, Paragraph 2 of the same act. Moreover, all of the acquired investment units are scheduled to be cancelled during the fiscal period ending
October 2022.
1. Reason for Acquisition of Own Investment Units
The Investment Corporation decided to acquire the own investment units by judging that the improvement of capital efficiency andimplementation of unitholder return through the acquisition and cancellation of own investment units by comprehensively taking into
account such factors as the level of investment unit price, status of cash on hand, financial status and market environment will lead to theimprovement of unitholder value over the medium to long term.
2. Details of Matters Pertaining to the Acquisition(1) Total Number of Investment
Units that Can be Acquired:(2) Total Acquisition Price ofInvestment Units(3) Acquisition Method:(4) Acquisition Period::

6,000 units (maximum amount)
Ratio to the total number of investment units issued and outstanding (excluding
own investment units) 1.4%
3,000 million yen (maximum amount)
Purchase on the Tokyo Stock Exchange based on the discretionary investment
agreement pertaining to the acquisition of own investment units with securities
company
June 15, 2022 to September 9, 2022

- 25 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(Omission of Disclosure)
Disclosure of notes on the marketable securities, retirement payment, asset retirement obligations and gains and losses on equity-method, etc.
is omitted since the need for disclosure of such is considered low.
(9) Changes in the Total Number of Investment Units Issued and Outstanding
Changes in the total number of investment units issued and outstanding and unitholders’ capital in the last 5 years from the fiscal period underreview are summarized in the following table.
Total Number of Investment
Unitholders’ Capital
Units Issued and Outstanding(Millions of Yen)
(Units)Settlement Date
Particulars
Remarks
Increase
Increase
Balance
Balance(Decrease)(Decrease)
May 28, 2018
Public offering
22,500427,385
14,067220,267(Note 1)
June 15, 2018
Third-party allotment
1,125
428,510703
220,970(Note 2)
Note 1: The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring a portion offunds for the acquisition of new properties. The offer price was 646,425 yen per unit with an issue price of 625,209 yen per unit.
Note 2: The Investment Corporation undertook an additional issue of new investment units with an issue price of 625,209 yen per unit by way ofthird-party allotment with the aim of procuring a portion of funds for the acquisition of new properties.

- 26 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

3. Reference Information(1) Information Concerning Price of Assets in the Property Portfolio, Etc.
① Component of Assets
Thirty-Third Fiscal Period(as of October 31, 2021)
Asset Class

Type

Area

Office Buildings

Real EstateTokyo Metropolitan Area

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

Ratio(%)(Note 2)
5.9

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

Ratio(%)(Note 2)
5.8

11,826

2.6

11,714

2.5

38,9608.5

38,664

8.3

Other Regional Areas

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

Total for Office Buildings
Tokyo Metropolitan Area

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

38,9608.5

38,664

8.3

316,503

69.4

314,903

67.8

64,31414.1

70,42515.2

380,81783.5

385,329

82.9

2,973

0.7

2,973

0.6

2,973

0.7

2,973

0.6

383,79184.1

388,302

83.5

Investment Securities (Note 3)

1,138

0.2

1,136

0.2

Bank Deposits and Other Assets

32,437

7.1

36,698

7.9

Total Assets

456,327100.0

464,802

100.0

Total for Others
Total of Trust Beneficiary Interests in Real Estate

Note 1: “Total Amount Held” is the amount allocated in the balance sheets at the end of the fiscal period (figures are on a net book value basis after deducting
depreciation) and truncated at less than 1 million yen.
Note 2: “Ratio” is the ratio of the amount allocated in the balance sheets to the total assets, rounded to the first decimal place.
Note 3: Interests in a silent partnership operated by G.K. KRF 43 are indicated.
Thirty-Third Fiscal Period(as of October 31, 2021)
AmountRatio(Millions of Yen)(%)
Total Liabilities

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

225,78249.5

233,038

50.1

Total Net Assets

230,54450.5

231,763

49.9

Total Assets

456,327100.0

464,802

100.0② Details of Investment Assets
A. Major Components of Investment Securities
Details of investment assets held by the Investment Corporation as of April 30, 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

－

－

1,136

－

1,136

0.2

－

－

－

1,136

－

1,136

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.

- 27 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

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

Type

Area

Tokyo
OfficeMetropolitan
Buildings
Area

No.

Property Name

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

Direct Capitalization
MethodDiscounted Cash Flow Method

Value

Overall
Capitalization
Rate (%)

Value

Terminal
Discount
Capitalization
Rate (%)
Rate (%)

Appraiser(Note 4)

Ratio(%)
(Note 5)A-1

KDX Nihonbashi 313 Building

5,940

5,620

7,100

7,310

3.7

7,010

3.5

3.9

B

1.3

A-3

Higashi-Kayabacho Yuraku Building

4,450

3,931

5,340

5,350

3.9

5,320

3.6

3.9

A

1.0

A-4

KDX Hatchobori Building

3,680

3,228

3,580

3,640

4.0

3,550

3.8

4.2

B

0.8

A-5

KDX Nakano-Sakaue Building

2,533

2,290

2,510

2,540

4.2

2,500

4.0

4.4

B

0.6

A-6

Harajuku F.F. Building

2,450

2,361

3,600

3,600

4.3

3,600

4.0

4.3

A

0.5

A-7

KDX Minami Aoyama Building

2,270

2,177

2,820

2,820

3.7

2,820

3.4

3.7

A

0.5

A-8

KDX Kanda Kitaguchi Building

1,950

1,745

1,640

1,670

4.0

1,620

3.8

4.2

B

0.4

A-13

KDX Kojimachi Building

5,950

5,443

5,360

5,360

3.4

5,350

3.1

3.4

A

1.3

A-14

KDX Funabashi Building

2,252

2,167

2,940

2,960

4.9

2,920

4.6

5.0

A

0.5

A-16

Toshin 24 Building

5,300

4,860

5,470

5,460

4.1

5,470

3.8

4.1

A

1.2

A-17

KDX Ebisu Building

4,640

4,285

6,110

6,080

3.7

6,130

3.3

3.7

A

1.0

A-19

KDX Hamamatsucho Building

3,460

3,076

3,600

3,710

3.6

3,550

3.4

3.8

B

0.8

A-20

KDX Kayabacho Building

2,780

2,637

3,240

3,250

4.1

3,230

3.7

4.2

A

0.6

A-21

KDX Shinbashi Building

3,728

3,665

5,500

5,500

3.4

5,500

3.1

3.4

A

0.8

A-22

KDX Shin-Yokohama Building

2,520

2,134

2,610

2,610

4.6

2,600

4.3

4.6

A

0.6

A-26

KDX Kiba Building

1,580

1,356

1,150

1,150

4.5

1,140

4.2

4.5

A

0.4

A-27

KDX Kajicho Building

2,350

2,256

2,320

2,380

4.0

2,290

3.8

4.2

B

0.5

A-29

KDX Higashi-Shinjuku Building

2,950

2,883

4,070

4,150

4.1

4,040

3.9

4.3

B

0.7

A-30

KDX Nishi-Gotanda Building

4,200

3,613

3,590

3,630

4.0

3,550

3.8

4.1

A

0.9

A-31

KDX Monzen-Nakacho Building

1,400

1,238

1,140

1,180

4.5

1,120

4.3

4.7

B

0.3

A-32

KDX Shiba-Daimon Building

6,090

5,802

6,210

6,210

3.9

6,210

3.6

3.9

A

1.4

A-33

KDX Okachimachi Building

2,000

1,990

2,090

2,150

4.0

2,070

3.8

4.2

B

0.4

A-35

KDX Hachioji Building

1,155

1,140

1,240

1,250

4.9

1,230

4.7

5.1

B

0.3

A-37

KDX Ochanomizu Building

6,400

6,445

8,230

8,250

3.7

8,210

3.4

3.7

A

1.4

A-38

KDX Nishi-Shinjuku Building

1,500

1,506

1,530

1,530

4.1

1,530

3.8

4.1

A

0.3

A-41

KDX Shinjuku 286 Building

2,300

2,356

2,820

2,830

3.7

2,810

3.4

3.7

A

0.5

A-46

Hiei Kudan-Kita Building

7,600

7,375

8,570

8,770

3.6

8,490

3.4

3.8

B

1.7

A-48

KDX Kawasaki-Ekimae Hon-cho
Building

3,760

3,253

3,280

3,280

4.5

3,270

4.0

4.6

A

0.8

A-51

KDX Hamacho Nakanohashi Building

2,310

2,180

2,190

2,190

4.2

2,190

3.9

4.2

A

0.5

A-55

Shin-toshin Maruzen Building

2,110

2,032

1,780

1,790

4.1

1,770

3.7

4.2

A

0.5

A-56

KDX Jimbocho Building

2,760

2,793

2,590

2,600

4.0

2,580

3.6

4.1

A

0.6

A-59

KDX Iwamoto-cho Building

1,864

1,547

1,690

1,680

4.1

1,690

3.8

4.1

A

0.4

A-60

KDX Harumi Building

10,250

8,253

8,690

8,720

3.7

8,650

3.4

3.7

A

2.3

A-62

Koishikawa TG Building

3,080

3,033

3,320

3,320

4.0

3,320

3.7

4.0

A

0.7

A-63

KDX Gotanda Building

2,620

2,629

3,530

3,530

4.1

3,520

3.8

4.1

A

0.6

A-64

KDX Nihonbashi 216 Building

2,010

1,752

2,760

2,760

3.6

2,760

3.3

3.6

A

0.5

A-66

KDX Shinjuku Building

6,800

6,923

10,40010,4003.3

10,300

3.0

3.3

A

1.5

A-67

KDX Ginza 1chome Building

4,300

4,097

5,940

6,110

3.4

5,870

3.2

3.6

B

1.0

A-71

KDX Iidabashi Building

4,670

4,769

5,830

6,000

3.9

5,760

3.7

4.1

B

1.0

A-72

KDX Higashi-Shinagawa Building

4,590

4,595

4,870

4,920

4.0

4,850

3.8

4.2

B

1.0

A-73

KDX Hakozaki Building

2,710

2,633

3,490

3,520

4.2

3,480

4.0

4.4

B

0.6

A-78

KDX Tachikawa Ekimae Building

1,267

1,317

1,760

1,750

4.7

1,760

4.4

4.7

A

0.3

- 28 -

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

Type

Area

Tokyo
Metropolitan
Area

OfficeBuildings

Other
Regional
Areas

No.

Property Name

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

Direct Capitalization
MethodValue

Overall
Capitalization
Rate (%)

Discounted Cash Flow Method

Value

Terminal
Discount
Capitalization
Rate (%)
Rate (%)

Appraiser(Note 4)

Ratio(%)
(Note 5)A-83

KDX Fuchu Building

6,120

5,647

8,780

9,020

4.5

8,670

4.3

4.7

B

1.4

A-84

KDX Kasuga Building

2,800

2,605

4,220

4,220

3.9

4,220

3.6

3.9

A

0.6

A-85

KDX Nakameguro Building

1,880

1,868

3,580

3,620

4.1

3,560

3.9

4.3

B

0.4

A-86

KDX Omiya Building

2,020

2,104

3,180

3,210

4.8

3,170

4.6

5.0

B

0.5

A-87

Nihonbashi Horidomecho First

2,200

2,251

3,180

3,210

4.0

3,160

3.8

4.2

B

0.5

A-88

KDX Shinjuku 6-chome Building

1,900

1,951

3,530

3,590

4.0

3,500

3.8

4.2

B

0.4

A-89

KDX Takanawadai Building

5,250

5,546

6,960

6,970

3.9

6,950

3.6

3.9

A

1.2

A-90

KDX Ikebukuro Building

3,900

3,479

5,240

5,340

3.7

5,190

3.5

3.9

B

0.9

A-91

KDX Mita Building

3,180

3,125

4,210

4,200

3.8

4,210

3.5

3.8

A

0.7

A-92

KDX Akihabara Building

2,600

2,463

3,230

3,260

3.7

3,200

3.4

3.7

A

0.6

A-93

KDX Iidabashi Square

4,350

4,751

6,420

6,540

3.8

6,370

3.6

4.0

B

1.0

A-94

KDX Musashi-Kosugi Building

12,00010,44318,80018,9003.8

18,700

3.5

3.8

A

2.7

A-95

KDX Toyosu Grand Square

8,666

7,539

9,930

10,100

4.3

9,850

4.1

4.5

B

1.9

A-96

KDX Takadanobaba Building

3,650

3,564

4,640

4,690

4.1

4,620

3.8

4.3

B

0.8

A-99

KDX Ikebukuro West Building

1,934

1,984

2,530

2,570

4.0

2,510

3.8

4.2

B

0.4

A-101

KDX Yokohama Building

7,210

7,270

9,470

9,780

4.2

9,340

4.0

4.4

B

1.6

A-102

KDX Yokohama Nishiguchi Building

2,750

2,616

3,400

3,480

4.2

3,370

4.0

4.4

B

0.6

A-107

KDX Ginza East Building

3,600

3,638

4,060

4,050

3.8

4,060

3.5

3.8

A

0.8

A-108

Pentel Building

3,350

3,549

4,200

4,286

3.7

4,168

3.5

3.9

B

0.8

A-109

KDX Hamamatsucho Center Building

3,950

3,973

4,580

4,730

3.5

4,520

3.3

3.7

B

0.9

A-112

KDX Toranomon 1Chome Building

14,616

14,85024,40024,4003.0

24,400

2.7

3.0

A

3.3

A-113

KDX Shin-Nihonbashi Ekimae Building

3,829

3,965

4,520

4,520

3.4

4,520

3.1

3.4

A

0.9

A-115

ARK Mori Building

4,169

4,183

5,040

5,240

3.4

4,960

3.2

3.6

B

0.9

A-116

KDX Nishi-Shinbashi Building

8,400

8,487

9,330

9,600

3.3

9,210

3.1

3.5

B

1.9

A-117

BR Gotanda

2,200

2,285

2,520

2,570

4.0

2,470

3.6

4.2

A

0.5

A-119

KDX Shibuya Nanpeidai Building

3,500

3,530

3,970

4,060

3.4

3,930

3.4

3.6

B

0.8

A-120

KDX Yoyogi Building

2,479

2,390

2,380

2,380

4.3

2,380

3.8

4.4

A

0.6

A-121

Ginza 4chome Tower

9,800

9,357

15,50015,5003.0

15,500

2.7

3.0

A

2.2

A-122

Mitsubishijuko Yokohama Building

14,72014,531

15,20015,5003.8

15,000

3.3

4.0

B

3.3

A-123

KDX Yokohama Kannai Building

9,500

9,508

10,60010,9003.9

10,400

3.7

4.1

B

2.1

A-124

KDX Hamamatsucho Place

20,70020,272

24,10024,8003.2

23,800

3.0

3.4

B

4.6

A-125

KDX Chofu Building

8,700

9,014

10,200

10,200

4.4

10,100

4.0

4.5

A

2.0

A-127

KDX Kanda Ekimae Building

3,300

3,364

3,500

3,520

3.4

3,470

3.1

3.4

A

0.7

A-128

KDX Shinbashi Ekimae Building

16,30016,327

21,10021,1002.8

21,000

2.5

2.8

A

3.7

A-12

Portus Center Building

5,570

3,738

5,050

5,210

5.4

4,980

5.2

5.6

B

1.2

A-42

KDX Karasuma Building

5,400

4,964

5,950

6,070

4.6

5,900

4.4

4.8

B

1.2

A-44

KDX Sendai Building

2,100

1,840

1,930

1,940

5.1

1,920

5.1

5.3

B

0.5

A-53

KDX Hakata-Minami Building

4,900

4,268

5,170

5,200

5.5

5,130

5.2

5.6

A

1.1

A-54

KDX Kitahama Building

2,220

1,994

1,730

1,720

4.9

1,730

4.4

5.0

A

0.5

A-58

KDX Nagoya Sakae Building

7,550

6,119

5,800

5,840

4.2

5,780

4.0

4.4

B

1.7

A-69

KDX Kobayashi-Doshomachi Building

2,870

1,725

2,920

2,950

7.8

2,890

4.1

11.1

A

0.6

A-70

KDX Sapporo Building

2,005

1,941

2,580

2,630

4.6

2,560

4.4

4.8

B

0.4

A-79

KDX Nagoya Ekimae Building

7,327

7,795

10,30010,3003.8

10,200

3.5

3.8

A

1.6

A-82

KDX Higashi Umeda Building

2,770

2,199

4,060

4,110

4.1

4,040

3.9

4.3

B

0.6

A-97

KDX Utsunomiya Building

2,350

2,190

2,690

2,680

5.3

2,690

5.1

5.5

B

0.5

A-98

KDX Hiroshima Building

1,300

1,327

1,890

1,900

5.1

1,880

4.8

5.2

A

0.3

A-100

Senri Life Science Center Building

13,00012,185

13,70013,9004.3

13,600

4.1

4.5

B

2.9

A-104

KDX Minami-Honmachi Building

2,200

1,887

3,200

3,190

4.1

3,200

3.8

4.1

A

0.5

A-106

KDX Sakura-dori Building

5,900

6,582

8,580

8,750

4.4

8,510

4.2

4.6

B

1.3

A-110

KDX Shin-Osaka Building

4,550

4,453

5,530

5,700

4.0

5,460

3.8

4.2

B

1.0

A-111

KDX Nagoya Nichigin-mae Building

3,500

3,328

4,120

4,120

3.9

4,120

3.6

3.9

A

0.8

A-118

KDX Sapporo Kitaguchi Building

1,800

2,085

2,230

2,300

4.6

2,200

4.4

4.8

B

0.4

- 29 -

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

Type

Area

No.

OfficeBuildings

Other
Regional
Areas

OthersTokyo
Metropolitan
Area

Property Name

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

Direct Capitalization
MethodDiscounted Cash Flow Method

Value

Overall
Capitalization
Rate (%)

Value

Terminal
Discount
Capitalization
Rate (%)
Rate (%)

Appraiser(Note 4)

Ratio(%)
(Note 5)A-126

KDX Tosabori Building

5,000

5,051

5,010

5,040

4.0

4,970

3.7

4.0

A

1.1

A-129

Sendai Honcho Building

6,360

6,459

6,500

6,780

4.6

6,380

4.4

4.8

B

1.4

423,993 531,940 538,296-

528,248

-

-

-

99.4

Subtotal of Office Buildings (96 properties)

442,726
2,880

2,973

3,660

3,690

3.3

3,640

3.2

3.3

B

0.6

Subtotal of Others Properties (1 property)

2,880

2,973

3,660

3,690

-

3,640

-

-

0.6

Total of 97 properties

445,606

426,967 535,600

541,986-

531,888

-

-

-

D-2

Shinjuku 6chome Building (Land)

100.0

Note 1: Acquisition prices are the purchase prices for trust beneficiary interests or properties acquired by the Investment Corporation (excluding acquisition
costs, property tax, city planning tax, consumption tax, etc., rounded down to the nearest million yen.).
Note 2: Figures of less than 1 million are rounded down from the amounts on the balance sheet.
Note 3: Appraisal values at the end of fiscal period are based on the asset valuation method and standards outlined in the Investment Corporation’s Articles
of Incorporation and regulations formulated by the Investment Trusts Association, Japan. Appraisal values are transcribed from valuation reports
prepared by Japan Real Estate Institute and Daiwa Real Estate Appraisal Co., Ltd.
Note 4: Appraisals of the properties were entrusted to two appraisers: Japan Real Estate Institute and Daiwa Real Estate Appraisal Co., Ltd. In the table, theappraisers are referred to as “A” for Japan Real Estate Institute and “B” for Daiwa Real Estate Appraisal Co., Ltd.
Note 5: Figures are the acquisition price of each asset as a percentage of the total acquisition prices for the portfolio rounded down to the nearest first decimal
place. The figures entered in the subtotal and total columns are those obtained by dividing the subtotal (total) of acquisition prices of properties
corresponding to each subtotal and total column by the total acquisition price of the entire assets (97properties).

(b) Property Distribution
Distribution by Property TypesType

Number of
Properties

Acquisition Price(Millions of Yen)

Ratio (Note)(%)

Office Buildings

96442,726

99.4

Others

1

2,880

0.6

97

445,606

100.0

Total
Geographic Distribution
Area

Number of
Properties

Acquisition Price(Millions of Yen)

Ratio (Note)(%)

Tokyo Metropolitan Area

77

356,934

80.1

Other Regional Areas

20

88,67219.9

97445,606

100.0

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

Number of
Properties

Acquisition Price(Millions of Yen)

Ratio (Note)(%)

Less than 1,000

-

-

-

1,000 - 2,50030

59,35713.3

2,500 - 5,000

38

133,82930.0

5,000 - 7,500

1590,61720.3

7,500 - 10,000

7

60,21613.5

10,000 - 12,500

222,2505.0

12,500 - 15,000

342,3369.5

15,000 - 17,500

1

16,3003.7

17,500 - 20,000

-

-

-

20,000 or more

1

20,7004.6

97445,606

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%.

- 30 -

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

OfficeBuildings

Area

Tokyo
Metropolitan
Area

No.

Property Name

Site Area(m2) (Note 1)

Usage(Note 2)

Total Floor Area(m2) (Note 3)

A-1

KDX Nihonbashi 313 Building

1,047.72

Offices

8,613.09

A-3

Higashi-Kayabacho Yuraku Building

773.43

Offices

5,916.48

A-4

KDX Hatchobori Building

992.20

Offices

4,800.43

A-5

KDX Nakano-Sakaue Building

1,235.16

A-6

Harajuku F.F. Building

708.35

A-7

KDX Minami Aoyama Building

369.47

A-8

KDX Kanda Kitaguchi Building

410.18

Offices

2,393.94

A-13

KDX Kojimachi Building

612.17

Offices, Retail Shops

5,323.81

A-14

KDX Funabashi Building

1,180.41

Offices, Retail Shops

5,970.12
8,483.17

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

6,399.42
3,812.44
1,926.98

A-16

Toshin 24 Building

1,287.16

Offices, Retail Shops
Parking

A-17

KDX Ebisu Building

724.22

Offices, Retail Shops

4,394.58

A-19

KDX Hamamatsucho Building

504.26

Offices, Retail Shops
Parking

3,592.38

A-20

KDX Kayabacho Building

617.17

Offices, Parking

3,804.86

A-21

KDX Shinbashi Building

536.11A-22

KDX Shin-Yokohama Building

705.00A-26

KDX Kiba Building

922.77

Offices, Parking

2,820.64

A-27

KDX Kajicho Building

526.43

Offices, Retail Shops

3,147.70

A-29

KDX Higashi-Shinjuku Building

1,340.97

Offices
Storage, Parking

7,885.40

A-30

KDX Nishi-Gotanda Building

684.41

Offices, Parking

5,192.87

A-31

KDX Monzen-Nakacho Building

580.99

Offices, Retail Shops

2,668.91

A-32

KDX Shiba-Daimon Building

1,188.28

Offices

7,824.03

A-33

KDX Okachimachi Building

239.72

Offices

1,882.00

A-35

KDX Hachioji Building

460.62A-37

KDX Ochanomizu Building

1,515.28

A-38

KDX Nishi-Shinjuku Building

626.06A-41

KDX Shinjuku 286 Building

Offices, Retail Shops
Parking
Offices, Retail Shops
Parking

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

3,960.22
6,180.51

2,821.21
7,720.08

Offices, Parking

2,017.63

421.70

Offices, Parking

3,432.04
11,425.31

A-46

Hiei Kudan-Kita Building

1,844.83

Offices, Retail Shops
Office Room
Parking, Storage

A-48

KDX Kawasaki-Ekimae Hon-cho Building

1,968.13

Offices

7,420.87

A-51

KDX Hamacho Nakanohashi Building

462.29

Offices

3,280.41
3,439.37

A-55

Shin-toshin Maruzen Building

457.64

Offices, Retail Shops
Parking

A-56

KDX Jimbocho Building

465.92

Offices

3,292.13

A-59

KDX Iwamoto-cho Building

266.86

Offices
Residential Complex

1,618.65

A-60

KDX Harumi Building

2,230.69

Offices, Retail Shops

12,694.32

A-62

Koishikawa TG Building

1,250.42

Offices, Clinic, Parking

5,862.02

A-63

KDX Gotanda Building

582.90

Offices, Garage

4,440.61

A-64

KDX Nihonbashi 216 Building

307.77

Offices

1,871.62
10,348.02
4,724.62

A-66

KDX Shinjuku Building

1,118.12

Offices, Retail Shops
Parking

A-67

KDX Ginza 1chome Building

678.24

Offices, Bank

- 31 -

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

SRC
B2F9
SRC
B1F9
SRC・RC
B1F8April 1974

6.8

January 1987

7.0

June 1993

7.0

SRC
B1F11

August 1992

5.0

November 1985

4.4

November 1988

6.7

May 1993

5.4

May 1994

4.7

April 1989

7.8

September 1984

7.9

January 1992

7.6

September 1999

7.4

October 1987

7.0

February 1992

7.7

September 1990

9.3

October 1992

6.5

March 1990

6.5

January 1990

6.8

November 1992

8.0

September 1986

6.4

July 1986

7.0

June 1988

7.7

December 1985

5.5

August 1982

8.5

October 1992

8.9

August 1989

6.4

March 1988

5.0

February 1985

7.4

September 1988

6.9

July 1990

6.5

May 1994

6.3

March 2008

8.4

February 2008

2.8

November 1989

6.8

April 1988

8.1

October 2006

6.9

May 1993

4.8

November 1991

6.9

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

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Type

Area

Tokyo
Metropolitan
Area

OfficeBuildings

Other
Regional
Areas

No.

Property Name

Site Area(m2) (Note 1)

Usage(Note 2)

Total Floor Area(m2) (Note 3)

A-71

KDX Iidabashi Building

967.38

Offices, Parking

5,422.64

A-72

KDX Higashi-Shinagawa Building

3,115.45

Offices

10,138.65

A-73

KDX Hakozaki Building

971.83

Offices, Parking

6,332.48

A-78

KDX Tachikawa Ekimae Building

464.95

Offices

2,896.48

A-83

KDX Fuchu Building

2,400.00

Offices, Parking

16,647.00

Offices, Retail Shops
Parking

6,444.31

Offices

3,455.90

A-84

KDX Kasuga Building

1,319.24

A-85

KDX Nakameguro Building

730.26

A-86

KDX Omiya Building

775.67

A-87

Nihonbashi Horidomecho First

1,193.91

A-88

KDX Shinjuku 6-chome Building

1,072.03

A-89

KDX Takanawadai Building

2,547.15

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

A-90

KDX Ikebukuro Building

472.94

3,848.18

A-91

KDX Mita Building

548.72

A-92

KDX Akihabara Building

374.88Retail Shops, Offices

2,979.14

A-93

KDX Iidabashi Square

1,341.98

Offices, Parking

6,764.37

A-94

KDX Musashi-Kosugi Building

3,210.09

Offices, Retail Shops

16,094.14

A-95

KDX Toyosu Grand Square

20,403.07

Offices, Retail Shops

63,419.60

A-96

KDX Takadanobaba Building

1,511.58

Offices, Parking

6,576.07
3,477.86

5,007.98

A-99

KDX Ikebukuro West Building

603.21

Offices, Retail Shops,
Parking

A-101

KDX Yokohama Building

2,499.38

Offices, Parking

15,894.75

A-102

KDX Yokohama Nishiguchi Building

1,029.45

Offices

6,556.59

A-107

KDX Ginza East Building

1,216.99

Offices, Parking

6,413.60

Offices, Bank,
Residence

18,880.89

A-108

Pentel Building

2,502.63

A-109

KDX Hamamatsucho Center Building

835.83

Offices, Garage

3,981.69
11,212.05

A-112

KDX Toranomon 1Chome Building

1,449.82

Offices, Retail Shops
Parking

A-113

KDX Shin-Nihonbashi Ekimae Building

531.64

Offices, Parking

4,254.07

A-115

ARK Mori Building

39,602.42

Offices

177,486.95

A-116

KDX Nishi-Shinbashi Building

1,406.56

Offices, Garage

8,851.60

A-117

BR Gotanda

914.80

Offices, Parking

7,395.72

A-119

KDX Shibuya Nanpeidai Building

1,276.02

Offices

2,832.58

A-120

KDX Yoyogi Building

228.74Retail Shops, Offices

1,269.06

688.52Retail Shops, Offices,
Parking

6,787.33

A-121

Ginza 4chome Tower

A-122

Mitsubishijuko Yokohama Building

10,100.58

Offices, Retail Shops

109,472.69

A-123

KDX Yokohama Kannai Building

1,687.26

Offices, Parking

15,883.21

A-124

KDX Hamamatsucho Place

1,917.71

Offices

12,280.77

A-125

KDX Chofu Building

13,265.06

Offices, Parking

31,536.86

A-127

KDX Kanda Ekimae Building

Offices

2,543.00

435.14874.36

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

A-128

KDX Shinbashi Ekimae Building

A-12

Portus Center Building

13,936.63

A-42

KDX Karasuma Building

1,788.67

Offices

12,632.68

A-44

KDX Sendai Building

987.78

Offices

5,918.30

A-53

KDX Hakata-Minami Building

1,826.25

A-54

KDX Kitahama Building

751.92

A-58

KDX Nagoya Sakae Building

1,192.22- 32 -

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

7,327.63
79,827.08

13,238.16
4,652.96
9,594.00

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

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

March 1990

6.4

January 1993

8.1

November 1993

6.9

February 1990

3.5

March 1996

2.7

June 1992

6.4

October 1985

6.9

April 1993

3.8

July 1995

6.8

March 1990

5.2

October 1985

6.5

March 2009

4.7

March 1993

4.8

December 1973

7.9

January 1994

6.6

May 2013

7.0

April 2008

6.8

October 1988

6.9

July 1988

5.7

March 1994

8.8

October 1988

6.2

August 1991

5.6

November 1990

6.4

December 1985

8.0

October 2013

7.4

May 1992

5.8

March 1986

2.2

August 1992

5.2

September 1991

7.8

December 2003

7.4

August 1991

5.1

November 2008

5.9

February 1994

3.5

September 2007

1.1

February 2015

0.4

January 1995

7.2

February 1991

6.2

September 2018

4.6

September 1993

3.6

October 1982

1.0

February 1984

1.3

June 1973

0.9

July 1994

2.3

April 2009

0.3

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Type

OfficeBuildings

Other

Area

Other
Regional
Areas

Site Area(m2) (Note 1)

Usage(Note 2)

Total Floor Area(m2) (Note 3)

No.

Property Name

A-69

KDX Kobayashi-Doshomachi Building(Note 7)

1,561.04

Offices, Garage
Retail Shops

10,723.83

A-70

KDX Sapporo Building

819.44

Offices

5,503.90

A-79

KDX Nagoya Ekimae Building

1,354.10

Offices, Retail Shops

13,380.30

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

A-100

Senri Life Science Center Building

5,911.08

A-104

KDX Minami-Honmachi Building

882.96A-106

KDX Sakura-dori Building

2,420.43

A-110

KDX Shin-Osaka Building

1,016.54

A-111

KDX Nagoya Nichigin-mae Building

732.14

Offices

5,862.22

A-118

KDX Sapporo Kitaguchi Building

782.69

Offices

4,639.44

A-126

KDX Tosabori Building

993.68

Offices, Garage

8,307.73

A-129

Sendai Honcho Building

1,995.04

Offices, Retail Shops

13,049.82

-

-

-

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
-

1,355.13

-

-

-

-

-

-

-

-

-

Avg. 25.8 yrs.

3.1

A-82

KDX Higashi Umeda Building

804.50A-97

KDX Utsunomiya Building

1,412.00

A-98

KDX Hiroshima Building

706.78Subtotal of Office Buildings (96 properties)
Tokyo
Metropolitan
D-2
Shinjuku 6chome Building (Land)
Area
Subtotal of Others Properties (1 property)
Total of 97 properties

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

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

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

Avg. 25.8 yrs.

-

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 April 30, 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 April 2022.
Note 7: KDX Kobayashi Doshomachi Building includes the fixed-term land leasehold with a special agreement to transfer building.

- 33 -

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

OfficeBuildings

Area

Tokyo
Metropolitan
Area

No.

Property Name

Total Leasable
Floor Area(m2)
(Note 1)

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

KDX Nihonbashi 313 Building

5,753.82

5,753.82

-

-

16

100.0

199,803277,291

A-3

Higashi-Kayabacho Yuraku Building

4,379.66

4,379.66

-

-

7

100.0

137,921233,445

A-4

KDX Hatchobori Building

3,323.14

3,323.14

-

-

4

100.0

112,454

113,700

A-5

KDX Nakano-Sakaue Building

4,289.49

4,060.68

18

16

25

94.7

93,634

114,832

A-6

Harajuku F.F. Building

3,071.15

3,071.15

-

-

2

100.0

106,104

141,464

A-7

KDX Minami Aoyama Building

1,815.19

1,815.19

-

-

8

100.0

73,012

95,939

A-8

KDX Kanda Kitaguchi Building

1,918.23

1,918.23

-

-

10

100.0

51,98976,040A-13

KDX Kojimachi Building

3,719.37

3,719.37

-

-

9

100.0

115,782

224,466

A-14

KDX Funabashi Building

3,854.53

3,854.53

-

-

22

100.0

111,729

156,120

A-16

Toshin 24 Building

6,616.68

6,616.68

-

-

20

100.0

177,019

280,870

A-17

KDX Ebisu Building

3,072.34

3,072.34

-

-

5

100.0

154,792

271,352

A-19

KDX Hamamatsucho Building

2,724.35

2,724.35

-

-

9

100.0

101,693

134,922

A-20

KDX Kayabacho Building

3,019.94

3,019.94

-

-

7

100.0

81,047

147,935

A-21

KDX Shinbashi Building

2,803.96

2,803.96

-

-

8

100.0

134,264

201,954

A-22

KDX Shin-Yokohama Building

4,768.94

4,768.94

-

-

20

100.0

95,720165,504

A-26

KDX Kiba Building

2,455.49

2,455.49

-

-

5

100.0

49,094

69,769A-27

KDX Kajicho Building

2,564.79

2,564.79

-

-

10

100.0

73,18897,712A-29

KDX Higashi-Shinjuku Building

5,859.92

5,859.92

-

-

6

100.0

143,012129,129

A-30

KDX Nishi-Gotanda Building

3,883.02

3,883.02

-

-

12

100.0

105,355

152,628

A-31

KDX Monzen-Nakacho Building

2,008.74

2,008.74

-

-

7

100.0

46,04348,898A-32

KDX Shiba-Daimon Building

5,997.36

5,997.36

-

-

9

100.0

159,551

260,684

A-33

KDX Okachimachi Building

1,792.54

1,792.54

-

-

2

100.0

66,716112,850

A-35

KDX Hachioji Building

2,159.05

2,159.05

-

-

10

100.0

49,85054,947A-37

KDX Ochanomizu Building

5,861.72

5,024.18

-

-

8

85.7

174,797

302,653

A-38

KDX Nishi-Shinjuku Building

1,593.59

1,593.59

-

-

10

100.0

51,33883,284A-41

KDX Shinjuku 286 Building

2,443.99

2,443.99

-

-

6

100.0

85,153

106,668

A-46

Hiei Kudan-Kita Building

6,908.96

5,977.09

-

-

12

86.5

244,901

338,268

5,126.69

5,126.69

-

-

1

100.0

104,348

156,186

2,237.07

2,237.07

-

-

9

100.0

73,811

100,189

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

53,471

76,475A-56

KDX Jimbocho Building

2,323.44

2,323.44

-

-

6

100.0

75,797100,004

A-59

KDX Iwamoto-cho Building

1,529.79

1,529.79

3

3

9

100.0

49,451

70,486

A-60

KDX Harumi Building

9,294.00

9,294.00

-

-

11

100.0

185,961

375,242

A-62

Koishikawa TG Building

3,934.35

3,934.35

-

-

2

100.0

123,002155,252

A-63

KDX Gotanda Building

3,157.04

3,157.04

-

-

9

100.0

106,737

145,429

A-64

KDX Nihonbashi 216 Building

1,615.20

1,615.20

-

-

8

100.0

67,382

118,231A-66

KDX Shinjuku Building

5,801.65

5,801.65

-

-

23

100.0

240,509337,646

A-67

KDX Ginza 1chome Building

3,573.59

3,573.59

-

-

4

100.0

149,215

193,218

A-71

KDX Iidabashi Building

4,350.61

3,995.80

-

-

11

91.8

99,168186,867

A-72

KDX Higashi-Shinagawa Building

7,117.94

7,117.94

-

-

6

100.0

170,261

242,858

A-73

KDX Hakozaki Building

3,992.60

3,992.60

-

-

8

100.0

122,698

169,444

A-78

KDX Tachikawa Ekimae Building

1,612.13

1,612.13

-

-

5

100.0

66,44593,730A-83

KDX Fuchu Building

10,151.50

8,653.19

-

-

37

85.2

275,311367,588

A-84

KDX Kasuga Building

4,347.43

4,347.43

-

-

11

100.0

130,505

163,536

A-85

KDX Nakameguro Building

2,726.69

2,726.69

-

-

7

100.0

110,282

174,789

A-86

KDX Omiya Building

3,833.49

3,833.49

1

1

17

100.0

111,754

210,527

A-87

Nihonbashi Horidomecho First

3,106.42

3,022.47

8

6

11

97.3

99,129124,117A-88

KDX Shinjuku 6-chome Building

4,037.44

4,037.44

-

-

6

100.0

112,863

124,438

A-89

KDX Takanawadai Building

6,967.61

6,967.61

-

-

8

100.0

206,509268,716- 34 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Type

Area

Tokyo
Metropolitan
Area

OfficeBuildings

Other
Regional
Areas

OthersNo. ofNo. ofRental and Other
Tenant Leasehold
Total Leased Leasable
LeasedNo. of Occupancy
Operatingand Security
Floor Area
Rate
Residential
Residential
Tenants
Revenues
Deposits
2
(m )
(%)
Units
Units
(Note
5)
(Thousandsof
Yen)(Thousandsof Yen)(Note 2)
(Note 6)(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

141,297

200,730

A-91

KDX Mita Building

3,331.65

3,331.65

-

-

12

100.0

115,658

210,258

A-92

KDX Akihabara Building

2,288.65

2,288.65

-

-

7

100.0

83,733

109,672

A-93

KDX Iidabashi Square

4,571.92

4,571.92

-

-

9

100.0

142,770

310,284

A-94

KDX Musashi-Kosugi Building

12,978.57

12,978.57

-

-

12

100.0

457,560

740,647

A-95

KDX Toyosu Grand Square

11,797.84

11,572.37

-

-

14

98.1

311,818

469,677

A-96

KDX Takadanobaba Building

4,596.20

4,596.20

-

-

11

100.0

147,421

171,564

A-99

KDX Ikebukuro West Building

2,532.71

2,532.71

-

-

8

100.0

78,51278,543

A-101 KDX Yokohama Building

10,922.27

10,922.27

-

-

26

100.0

297,123410,085

KDX Yokohama Nishiguchi
A-102
Building

4,983.35

4,983.35

-

-

14

100.0

121,128

171,227

A-107 KDX Ginza East Building

4,400.92

4,400.92

-

-

12

100.0

115,674

135,164

A-108 Pentel Building

4,346.66

4,248.22

5

4

9

97.7

142,325

205,328

KDX Hamamatsucho Center
A-109
Building

3,052.76

3,052.76

-

-

8

100.0

105,329

178,697

A-112 KDX Toranomon 1Chome Building

8,179.00

8,179.00

-

-

3

100.0

526,911

663,900

KDX Shin-Nihonbashi Ekimae
A-113
Building

3,279.09

3,279.09

-

-

10

100.0

81,903

194,750

100.0

N/A(Note 10)

N/A
(Note 10)

A-115 ARK Mori Building

2,442.60

2,442.60-

1- (Note 9)

A-116 KDX Nishi-Shinbashi Building

5,734.79

5,734.79

-

-

8

100.0

221,887

297,629

A-117 BR Gotanda

3,320.24

3,320.24

-

-

6

100.0

108,603120,234

A-119 KDX Shibuya Nanpeidai Building

2,205.33

2,205.33

-

-

1

100.0

98,345

176,681A-120 KDX Yoyogi Building

1,173.55

1,173.55

-

-

10

100.0

69,444106,034

A-121 Ginza 4chome Tower

5,624.23

5,624.23

-

-

4

100.0

304,233

338,450

A-122 Mitsubishijuko Yokohama Building

13,495.34

13,441.81

-

-

22

99.6

420,964

678,410A-123 KDX Yokohama Kannai Building

10,052.67

10,052.67

-

-

11

100.0

257,070

433,516

A-124 KDX Hamamatsucho Place

9,325.18

8,614.19

-

-

11

92.4

462,468

913,637

A-125 KDX Chofu Building

11,834.73

11,834.73

-

-

7

100.0

333,011269,289

A-127 KDX Kanda Ekimae Building

2,175.29

2,175.29

-

-

7

100.0

76,66085,157

A-128 KDX Shinbashi Ekimae Building

5,397.98

4,572.77

-

-

6

84.7

321,299625,674

A-12

Portus Center Building

11,501.07

10,458.11

-

-

31

90.9

254,053

301,043

A-42

KDX Karasuma Building

8,730.26

8,659.04

-

-

41

99.2

224,670

318,271

A-44

KDX Sendai Building

3,948.03

3,948.03

-

-

31

100.0

98,152

179,957

A-53

KDX Hakata-Minami Building

10,112.80

9,914.68

-

-

49

98.0

202,092

295,016

A-54

KDX Kitahama Building

4,007.96

4,007.96

-

-

14

100.0

69,838106,104

A-58

KDX Nagoya Sakae Building

6,923.12

6,923.12

-

-

17

100.0

203,556

281,972

A-69

KDX Kobayashi-Doshomachi
Building

7,072.26

7,072.26

-

-

8

100.0

204,625

223,146

A-70

KDX Sapporo Building

3,779.73

3,779.73

-

-

19

100.0

96,803

148,937

A-79

KDX Nagoya Ekimae Building

7,904.22

7,904.22

-

-

19

100.0

312,078

534,508

A-82

KDX Higashi Umeda Building

4,994.88

4,994.88

-

-

4

100.0

149,137

149,113

A-97

KDX Utsunomiya Building

5,278.51

5,278.51

-

-

25

100.0

125,902

149,879

A-98

KDX Hiroshima Building

4,001.53

4,001.53

-

-

23

100.0

80,65998,240A-100 Senri Life Science Center Building

17,155.65

17,155.65

-

-

63

100.0

657,514953,605

A-104 KDX Minami-Honmachi Building

5,280.02

5,280.02

-

-

16

100.0

109,995

164,668

A-106 KDX Sakura-dori Building

12,318.24

12,318.24

-

-

33

100.0

352,284554,262

A-110 KDX Shin-Osaka Building

5,986.25

5,663.24

-

-

18

94.6

162,348

206,521

A-111 KDX Nagoya Nichigin-mae Building

4,363.96

4,363.96

-

-

16

100.0

121,094

177,572

A-118 KDX Sapporo Kitaguchi Building

3,319.16

3,319.16

-

-

16

100.0

84,189110,869

A-126 KDX Tosabori Building

5,635.38

5,635.38

-

-

11

100.0

105,790

215,776

A-129 Sendai Honcho Building

8,882.05

8,166.67

-

-

41

91.9

3,021

271,464

489,758.22

481,558.60

35

30

1,236

98.3

15,009,422

22,320,219

1,355.13

1,355.13

-

-

1

100.0

68,86657,385

1,355.13

1,355.13

-

-

100.0

68,86657,385491,113.35

482,913.73

35

1
1,237

30 (Note 11)

98.3

15,078,289

22,377,604

Subtotal of Office Buildings (96 properties)
Tokyo
Metropolitan
D-2 Shinjuku 6Chome Building (Land)
Area
Subtotal of Others Properties (1 property)
Total of 97 properties- 35 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

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.

- 36 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(2) Capital Expenditures① Planned Capital Expenditures
Major capital expenditure plans for renovation of properties held by the Investment Corporation for the thirty-fifth fiscal period (May1, 2022, to October 31, 2022) are as follows. Planned capital expenditures may include portions classified into expenses for accounting
purposes as a result.
Property Name
(Location)
KDX Fuchu Building(Fuchu, Tokyo)

PurposeSchedule

May 2022
to October 2022

195

-

-

Renovation of external wall, etc.

As above

99--

Renovation of external wall, etc.

As above

60--

Upgrade of common area, etc.

As above

50--

Renovation of elevator, etc.

As above45

KDX Nakano-Sakaue Building(Nakano-ku, Tokyo)

Upgrade of exclusively owned
area, etc.

As above40--

KDX Sapporo Kitaguchi Building(Sapporo, Hokkaido)

Upgrade of exclusively owned
area, etc.

As above

21

KDX Sakura-dori Building(Nagoya, Aichi)
KDX Tosabori Building(Osaka, Osaka)
KDX Nishi-Shinjuku Building(Shinjuku-ku, Tokyo)
Pentel Building(Chuo-ku, Tokyo)

Renewal of air-conditioning
system, etc.

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

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

- 37 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)② Capital Expenditures During the Fiscal Period under Review (Fiscal Period Ended April 30, 2022)
The Investment Corporation undertook the following major capital expenditures. In the fiscal period under review (fiscal period endedApril 30, 2022), the Investment Corporation completed works across its entire portfolio totaling 1,289 million yen. The total
construction cost amounted to 1,696 million yen including 406 million yen for repairs, maintenance and renovation expenses in thefiscal period under review.
Property Name
(Location)
KDX Ochanomizu Building(Chiyoda-ku, Tokyo)
Toshin 24 Building(Yokohama, Kanagawa)
KDX Hakozaki Building(Chuo-ku, Tokyo)
KDX Sakura-dori Building(Nagoya, Aichi)
KDX Kajicho Building(Chiyoda-ku, Tokyo)

Amount of Capital Expenditures(Millions of Yen)

PurposeTerm

Renovation of external wall, etc.

November 2021
to April 2022

288

Renewal of air-conditioning
system, etc.

As above

257

Renovation of elevator, etc.

As above

92

Renovation of external wall, etc.

As above

69

Renovation of external wall, etc.

As above

42

Other

539

Portfolio Total

1,289

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 April 30, 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 April 30, 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

1.1

4Japan Pension Service

KDX Chofu Building

4,710.40

1.0

5N / A (Note 2)

KDX Kobayashi-Doshomachi Building

Name of End Tenant

4,324.10

0.9

Subtotal

31,775.89

6.6

Total Portfolio

482,913.73

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

- 38 -