Translation of Japanese Original
June 26, 2020
To All Concerned Parties
REIT Issuer:
Kenedix Office Investment Corporation
Jiro Takeda, Executive Director(Securities Code: 8972)
Asset Management Company:
Kenedix Real Estate Fund Management, Inc.
Masahiko Tajima, President & CEO
Inquiries:
Hiroaki Momoi
Head of Planning Division
Office REIT Department
TEL: +81-3-5157-6010
Notice Concerning Acquisition of Property (Shinbashi M-SQUARE Bright) and Sale of Properties(KDX Nihonbashi Honcho Building, KDX Nihonbashi Edo-dori Building and KDX Shin-Nihonbashi Building)Kenedix Office Investment Corporation (“the Investment Corporation”) announced today, that Kenedix Real Estate
Fund Management, Inc. (“the Asset Management Company”), the asset management company for the Investment
Corporation, decided to acquire and sell the following properties (respectively “the Acquisition” and “the Sale”,
and collectively “the Transactions”).
1. Outline of the Transactions(1) Outline of the Acquisition① Property Name
: Shinbashi M-SQUARE Bright (“the Acquired Property”)② Type of Property to be Acquired : Trust beneficiary interest in real estate③ Anticipated Acquisition Price
16,300 million yen: (Acquisition costs, adjustment of property tax and city-planning tax,
and consumption tax, etc. are excluded.)④ Seller: Zao Properties TMK (non-related party)⑤ Date of Contract: June 26, 2020
⑥ Scheduled Date of Acquisition : June 30, 2020
⑦ Acquisition Funds: Proceeds from the Sale and borrowings (Note): Payment in full on settlement⑧ Settlement Method
Note : Please refer to the press release titled, “N Notice Concerning Debt Financing (Series 174) and Execution of Interest
Rate Swap Agreements ” dated today for the details.

(2) Outline of the Sale
① Property NameKDX Nihonbashi
Honcho Building

KDX Nihonbashi
Edo-dori Building

KDX Shin-Nihonbashi
Building

Trust beneficiary interest in real estate② Type of Property to be sold③ Anticipated Sale Price (Note 1)

5,000 million yen

1,550 million yen

3,200 million yen④ Assumed Book Value (Note 2)

3,905 million yen

1,381 million yen

1,970 million yen⑤ Difference between Total of
Anticipated Sale Price and Totalof Assumed Book Value: ③-④(Note 3)

1,094 million yen

168 million yen

1,229 million yen

1⑥ Buyer

Mitsui Fudosan Co., Ltd. (non-related party)⑦ Date of Contract

June 26, 2020

⑧ Scheduled Date of Sale
⑨ Use of Proceeds

June 30, 2020

November 2, 2020

Funds for acquisition of
the Acquired Property, etc.

Cash on hand

⑩ Settlement Method⑪ Buyer Selection

Payment in full on settlement
Buyer offered the purchase and then the Investment Corporation
determined to sell the properties upon verification of the offered price,and conditions of the sale, etc.

Note 1: Transfer costs, adjustment of property tax and city-planning tax, and consumption tax, etc. are excluded from the figure,which is rounded down to millions of yen.
Note 2: Each assumed book value is as of the scheduled date of sale, rounded down to millions of yen.
Note 3: The figure is a referential amount, calculated as a difference beten anticipated sale price and assumed book value, anddifferent from gain or loss on sale.

The aforementioned properties shall hereinafter be referred to as “the Sold Properties” collectively.

22. Reason for the Transactions
The Investment Corporation is enhancing the quality of the portfolio by reshuffling it to sell properties before
potential deterioration in profitability, etc., considering comprehensively the present and future portfolio
construction policy, real estate market trends and characteristics of each property in the portfolio (profitability,
building age and location, etc.), while engaging in acquisition of properties according to the management strategies.
The Acquisition is implemented with the support by the sponsor to purchase a property that is relatively new andlocated in the center of Tokyo through transactions based on a negotiations. The Transactions will be a reshuffle ofproperties through sale of the Sold Properties, which are aging relatively, to Mitsui Fudosan Co., Ltd. andacquisition of a relatively new property located in the center of Tokyo with excellent building specifications. The
Investment Corporation’s particular expertise from accumulating a track record of improving the portfolio byreshuffling properties in the portfolio to date is fully demonstrated in the Transactions.
The Investment Corporation will continue to involve strategic reshuffling of properties in the portfolio.

By implementing the Acquisition and a portion of the Sale first and then implementing sale of the KDX
Shin-Nihonbashi Building portion of the Sale later, rental revenue from the Acquired Property can be earned earlier
and rental revenue from some of the Sold Properties can also be secured for a certain period.

The Acquired Property is categorized as a mid-sized office building that the Investment Corporation has focused onas the main investment target, and the following characteristics were evaluated in determining to acquire it.
(1) Location
The Shimbashi area, where the Acquired Property is located, boasts excellent traffic convenience and has long hadneeds from tenants of various industry and business types and of all sizes, developing as one of the leading
representative office areas of Tokyo.
The Acquired Property is an office building in a location with extremely high traffic convenience as it is located inclose proximity to a station being approximately 1 minute on foot from Shimbashi Station on the Tokyo Metro
Ginza Line and accessible from 8 railway lines and 3 stations (Shimbashi Station on the JR Ueno-Tokyo Line,
Yamanote Line and Keihin-Tohoku Line, the Toei Subway Asakusa Line and the Yurikamome Line, Shiodome
Station on the Toei Subway Oedo Line, and Uchisaiwaicho Station on the Toei Subway Mita Line).
(2) Building
The Acquired Property is a mid-sized office building constructed in September 2018 that has 11 above-groundfloors and 1 underground floor, and a leasable floor area of about 501 m2 (about 152 tsubos) on the standard floors
with ceiling height of 2.8 m and OA floors (100 mm). The building is equipped with not only individual
air-conditioning systems, 24 mechanical parking spaces and 3 flat parking spaces, but also a rich lineup of facility
specifications and BCP functions.
With regularly-shaped, astylar rental rooms and the glass-walled façade being highly visible from Sotobori-doriAvenue making visibility also high, competitiveness is one of the highest in the area.

The portfolio of the Investment Corporation after the Transactions will include 97 properties (total of (anticipated)acquisition price: 441.4 billion yen). The ratios of investment in mid-sized office buildings, in the Tokyo
Metropolitan Area (Note 1) and in the Five Central Wards of Tokyo (Note 2) are estimated to be 83.9%, 81.3% and52.4%, respectively, on a basis of (anticipated) acquisition prices. The Investment Corporation considers theTransactions to contribute to the enhancement of the quality and expansion of the asset size of the portfolio.
Note 1: The Tokyo Metropolitan Area means major cities in Tokyo Metropolitan, Kanagawa, Saitama and Chiba Prefectures.
Note 2: The Five Central Wards of Tokyo means Chiyoda-ku, Chuo-ku, Minato-ku, Shibuya-ku and Shinjuku-ku in Tokyo 23
Wards.

3

3. Details of the Acquired Property
Property Name

Shinbashi M-SQUARE BrightType of Specified Asset

Trust beneficiary interest in real estate

Trustee

Mitsubishi UFJ Trust and Banking Corporation

Trust Term

September 30, 2003 to April 30, 2024 (Note 1)

Current Owner (Current Beneficiary)

Zao Properties TMK

Location (Address)

1-9-5 Shinbashi, Minato-ku, Tokyo

Usage

Office, Clinic, Retail
Flat-roofed, Steel-framed, Steel-framed reinforced concrete structure;
11 above-ground floors with 1 underground floor
874.36 m2

Type of Structure

Site Area
Type ofOwnershipLand
Building (Total Floor
Area)
Land
Building

7,327.63 m2 (Note 2)
Proprietary ownership
Proprietary ownership

Completion Date

September 5, 2018

Architect Company

Tokyu Construction Co., Ltd.

Construction Company

Tokyu Construction Co., Ltd.
Public Interest Incorporated Foundation
Tokyo Metropolitan Center for Community Development andDisaster Resistant Architecture
3.49% (Sompo Risk Management Inc.)
16,300 million yen

Construction Confirmation Authority
Probable Maximum Loss
Anticipated Acquisition PriceAppraisal

Appraisal Value

20,500 million yen

Base Date for Appraisal

May 1, 2020

Appraiser

Japan Real Estate InstituteDetails
Existence of Secured Interests
after Acquisition
Master Lease Company after Acquisition
Property Management Company
after Acquisition
Details of Tenant

Please refer to “11. Summary of Appraisal Report”.
None
The Investment Corporation
Kenedix Property Management, Inc.
As of May 31, 2020

Number of End Tenants

6

Total Leasable Area

5,392.72 m2

Total Leased Area

5,392.72 m2

Occupancy Rate

100.0%

Monthly Rent and Common Area Charge(Excluding Consumption Tax, etc.)
Security and Guarantee Deposit
Forecast Income and Expenditure(Annual Amount)
Forecast Net Operating Income
Forecast Net Operating Income after
Depreciation
Special Considerations

60 million yen (Note 3)
729 million yen (Note 3)
Please refer to “Reference Material 1 for the details”.
584 million yen
532 million yen
Not applicable4Note 1:The Investment Corporation plans to change the end of trust term to thelast day of July 2030 at the time of acquisition.
Note 2:The following attached structure constitutes the Acquired property andis not included in the total floor area of the Acquired property.
Building Type: Parking; Building Structure: Steel construction,
alloy-plated steel, sheet-roofed one-story building; Floor Area: 45.48 m2
Note 3:Figures include the total amount of monthly rent, common area charge,
and security and guarantee deposit for the end tenants for which thelease period has started as of May 31, 2020.

Other

4. Details of the Sold Properties
Property NameKDX Nihonbashi Honcho Building

Type of Specified Asset

Trust beneficiary interest in real estate

Trustee

Sumitomo Mitsui Trust Bank, Limited

Location (Address)

1-5-9 Nihonbashi Honcho, Chuo-ku, Tokyo

Usage

Office・Parking
Flat-roofed, Steel-framed, Steel-framed reinforced concrete
structure; 9 above-ground floors with 1 underground floor
583.40 m2

Type of Structure
Site Area
Type ofOwnership

Land
Land

5,110.45m2
Proprietary ownership

Building

Proprietary ownership

Building (Total Floor Area)

Completion Date
Acquisition Date
Acquisition PriceAppraisal

January 31, 1984
November 12, 2010
4,000 million yen

Appraisal Value

4,950 million yen

Base Date for Appraisal

April 30, 2020

Appraiser

Daiwa Real Estate Appraisal Co.,Ltd.

Details

Please refer to “11. Summary of Appraisal Report”.

Details of Tenant

As of May 31, 2020

Security and Guarantee Deposit

230 million yen (Figure is rounded down to millions of yen.)

Number of End Tenants

8

Total Leasable Area

3,998.39 m2

Total Leased Area

3,998.39 m2

Occupancy Rate

100.0%The total of the actual amounts for fiscal periods ended October
31, 2019 and April 30, 2020
286 million yen

Operating Results
Rent Revenue
Net Operating Income
Rental Operating Income (Net Operating
Income after Depreciation)

214 million yen
191 million yen

Property Name
Type of Specified AssetKDX Nihonbashi Edo-dori Building

Trustee
Location (Address)

Mitsubishi UFJ Trust and Banking Corporation
3-9-4 Nihonbashi Honcho, Chuo-ku, Tokyo

Usage

Office・Retail
Flat-roofed, Steel-framed reinforced concrete structure; 8
above-ground floors
5Type of Structure

Trust beneficiary interest in real estateSite Area
Type ofOwnershipLand

1,722.17 m2
Proprietary ownership

Building

Proprietary ownership

Building (Total Floor Area)

Completion Date
Acquisition Date
Acquisition PriceAppraisal

252.89 m2

Land

March 8, 1985
August 2, 2016
1,350 million yen

Appraisal Value

1,510 million yen

Base Date for Appraisal

April 30, 2020

Appraiser

Japan Real Estate InstituteDetails

Please refer to “11. Summary of Appraisal Report”.

Details of Tenant

As of May 31, 2020

Security and Guarantee Deposit

47 million yen (Figure is rounded down to millions of yen.)

Number of End Tenants

8

Total Leasable Area

1,505.28 m2

Total Leased Area

1,505.28 m2

Occupancy Rate

Rent Revenue

100.0%The total of the actual amounts for fiscal periods ended October
31, 2019 and April 30, 2020
83 million yen

Net Operating Income

59 million yen

Rental Operating Income (Net Operating
Income after Depreciation)

51 million yen

Operating Results

Property NameKDX Shin-Nihonbashi Building

Type of Specified Asset

Trust beneficiary interest in real estate

Trustee

Sumitomo Mitsui Trust Bank, Limited
1-1-8 Nihonbashi Honcho, Chuo-ku, Tokyo

Location (Address)
Usage
Type of Structure
Site Area
Type ofOwnership

Land
Land

3,712.25m2
Proprietary ownership

Building

Proprietary ownership

Building (Total Floor Area)

Completion Date
Acquisition Date
Acquisition PriceAppraisal

Office・Retail・Parking
Flat-roofed, Steel-framed structure; 10 above-ground floors with 1
underground floor
444.32 m2

November 1, 2002
July 22, 2011
2,300 million yen

Appraisal Value

3,140 million yen

Base Date for Appraisal

April 30, 2020

Appraiser

Daiwa Real Estate Appraisal Co.,Ltd.

Details
Details of Tenant

Please refer to “11. Summary of Appraisal Report”.
As of May 31, 2020

Security and Guarantee Deposit

137 million yen (Figure is rounded down to millions of yen.)

Number of End Tenants

8

Total Leasable Area

2,658.79 m2

Total Leased Area

2,658.79 m2

Occupancy Rate

100.0%
6

Operating Results
Rent Revenue
Net Operating Income
Rental Operating Income (Net Operating
Income after Depreciation)

The total of the actual amounts for fiscal periods ended October
31, 2019 and April 30, 2020
183 million yen
134 million yen
101 million yen

5. Seller’s and Buyer’s Profile(1) Seller’s Profile
Company Name

Zao Properties TMK

Location

1-4-1 Nihonbashi, Chuo-ku, Toky oName and Title of Representative

Takanori Mishina, Director

Description of Business

1. Businesses pertaining to acquisition, management and disposition of
specified assets pursuant to asset securitization plans based on the Act
on the Securitization of Assets
2. Any other businesses incidental or related to the preceding businesses
pertaining to securitization of specified assets

Amount of Specified Capital

100 thousand yen (as of April 30, 2020)
Date of Incorporation
September 3, 2012
Net Assets
Not disclosed due to the seller’s request
Total Assets
Not disclosed due to the seller’s request
Relationship with the Investment Corporation / the Asset Management Company
Capital Relationship
Personnel Relationship
Business RelationshipApplicability of Related Party
Relationships

There is no special capital relationship between the Investment
Corporation or the Asset Management Company.
There is no special personnel relationship between the Investment
Corporation or the Asset Management Company.
There is no special business relationship between the Investment
Corporation or the Asset Management Company.
The seller is not a related party, etc. as defined in the Act on Investment
Trusts and Investment Corporations (“the Investment Trust Act”) and nota related party as defined in the Office REIT Department Related-party
Transaction Rules of the Asset Management Company.

(2) Buyer’s Profile
Company Name

Mitsui Fudosan Co., Ltd.

Location

2-1-1 Nihonbashi-Muromachi, Chuo-ku, Tokyo

Title and Name of Representative

Masanobu Komoda, President, Representative Director

Description of BusinessAmount of Capital

Real estate
339,766 million yen (as of December 31, 2019)

Date of Incorporation

July 15, 1941
The Master Trust Bank of Japan, Ltd. (Trust Acct.) (9.99%)
Japan Trustee Services Bank, Ltd. (Trust Acct.) (7.94%)(as of September 30, 2019)
2,514,753million yen (as of December 31, 2019)7,299,963 million yen (as of December 31, 2019)

Major Shareholder
Net Assets
Total Assets

Relationship with the Investment Corporation or the Asset Management Company
Capital Relationship
Personnel Relationship
Business Relationship

There is no special capital relationship between the Investment Corporationor the Asset Management Company.
There is no special personnel relationship between the Investment
Corporation or the Asset Management Company.
There is no special business relationship between the Investment
Corporation or the Asset Management Company.
7

Applicability of Related Party
Relationships

The buyer is not a related party, etc. as defined in the Investment Trust Act
and not a related party as defined in the Office REIT Department
Related-party Transaction Rules of the Asset Management Company.

6. Acquirer’s (Previous Owners of Current Owner) Profile
It is omitted because the seller (current owner) of the Acquired Property is not a special related party of theInvestment Corporation or the Asset Management Company.
7. Details of Brokerage(1) Not applicable for the Acquisition(2) The details of the brokerage firm and the brokerage fee for the Sale are as follows.
Name of Brokerage Firm
Kenedix, Inc.
Location
2-1-6 Uchisaiwaicho, Chiyoda-ku, Tokyo
Title and Name of Representative Taisuke Miyajima, President & CEO

Description of Business

Consulting business related to real estate transactions and usage as well as
asset management
Real estate transaction, leasing, brokerage and appraisal
Management of real estate
Administrative operation of its GroupThe Second Financial Instruments Business
Real Estate Specified Joint Enterprise, etc.

Amount of Capital
Date of Incorporation
Brokerage Fee
Timing of Payment of Brokerage Fee

40,320 million yen (as of December 31, 2019)
April 17, 1995
246 million yen (excluding consumption tax, etc.)
Scheduled date of the Sale

Relationship with the Investment
Corporation or the AssetManagement Company

The brokerage firm is the parent company, etc. of the Asset Management
Company under the Financial Instruments and Exchange Act, and a related
party, etc. as defined in the Investment Trust Act and a related party as
defined in the Office REIT Department Related-party Transaction Rules of
the Asset Management Company.

8. Related-party Transactions
Concerning the following transactions with related parties in relation to the Transactions, the Asset Management
Company fully complies with standards provided for in laws and regulations and other rules, based on the Office
REIT Department Related-party Transaction Rules. The Asset Management Company’s Office REIT Department
Asset Management Committee passed a resolution on the related-party transactions upon deliberation and resolution
at its Compliance Committee. The Asset Management Company will deliver a document on the related-party
transactions related to the Transactions to the Investment Corporation, according to the Investment Trust Act.
[Appointment of Brokerage]
Please refer to “7. Details of Brokerage”.
[Appointment of Property Management Company]
The Investment Corporation will, regarding the Acquired Property, enter into a property managementagreement with Kenedix Property Management, Inc. on the scheduled acquisition date.
The property management fee will be the same as those for other properties in the portfolio.

8[Outline of Kenedix Property Management, Inc.]
Company Name
Location
Title and Name ofRepresentative

Kenedix Property Management, Inc.
5-1-9 Shinbashi, Minato-ku, Tokyo
Akimitsu Uezu, President & CEO

Description of Business

Consulting business related to real estate administration, leasing, brokerageand management, etc.

Amount of Capital
Date of Incorporation

100 million yen (as of May 31, 2020)
January 31, 2014

Relationship with theInvestment Corporation or
the Asset Management
Company

The property management company is a subsidiary of Kenedix, Inc., the parent
company, etc. of the Asset Management Company under the Financial
Instruments and Exchange Act and is a related party, etc. as defined in theInvestment Trust Act and a related party as defined in the Office REIT
Department Related-party Transaction Rules of the Asset Management
Company.

9. Date of the Transactions
Determination Date of the Acquisition and the Sale
Transaction Agreement Execution Date of the Transactions
Settlement and Acquisition Date of Shinbashi M-SQUAREBrightSettlement and Sale Date of KDX Nihonbashi Honcho Building
and KDX Nihonbashi Edo-dori Building
Settlement and Sale Date of KDX Shin-Nihonbashi Building

June 26, 2020

June 30, 2020 (Planned)

November 2, 2020 (Planned) (Note)

Note: Of the Transactions, the trust beneficiary interest transaction agreement concluded with the buyer of KDX
Shin-Nihonbashi Building (“the Transaction Agreement”) falls under the category of forward commitment, etc. by aninvestment corporation, as stipulated in the Comprehensive Guidelines for Supervision of Financial Instruments
Business Operators, etc. provided by Financial Services Agency. If the Investment Corporation violates any of theprovisions of the Transaction Agreement and then the Transaction Agreement is cancelled for the reason that purposesof the Transaction Agreement cannot be fulfilled due to such violation, the Investment Corporation shall pay a certain
ratio of the transaction price from which consumption taxes, etc. are excluded as a penalty fee. Such penalty fee for
KDX Shin-Nihonbashi Building is set at 10% of the anticipated sale price (320 million yen).

10. Outlook

From the Transactions, gains on sales are expected in the fiscal period ending October 31, 2020 and the fiscal
period ending April 30, 2021. For impact of the Transactions on the financial results, please refer to the press
release titled “Notice Concerning Revision of the Operating Forecasts and Distribution Forecasts for the
Fiscal Period Ending October 31, 2020 (the 31st Fiscal Period) and for the Fiscal Period Ending April 30,
2021 (the 32nd Fiscal Period)” dated today.

911. Summary of Appraisal Report
Property Name

Shinbashi M-SQUARE BrightAppraisal Value
Appraiser
Appraisal Date

20,500,000,000 yen
Japan Real Estate InstituteMay 1, 2020
Unit: Yen
Item

Content

Basis

Income Capitalization Approach Value

20,500,000,000

Value Calculated Using the
Direct Capitalization Method

20,700,000,000(1) Gross Operating Revenue
Maximum Gross Operating
Revenue

Shortfall Attributed to Vacancies(2) Operating Expenses

768,541,000
794,849,000

26,308,000

36,000,000

Utility Expenses

21,510,000

Repair Expenses

1,296,000

Property Management Fees

14,982,000

Tenant Recruit Expenses, etc.

6,192,000

Taxes and Dues

90,226,000

Damage Insurance Fees

1,325,000(3) Net Operating Income(NOI= (1)-(2))(4) Gain on Guarantee Deposit
Investment

100,000

7,365,000

3,180,000(6) Net Cash Flow
(NCF=(3)+(4)-(5))

601,095,000(7) Capitalization Rate

2.9%

Assess income from investments by using an investment
return of 1.0%
Assess an amount by taking into account the level of capital
expenditures at similar properties, the age of the property,
the average annual repair, maintenance and renewal
expenses in the engineering report, etc. assuming that anequal amount is added to a reserve in each fiscal period

Assess an amount by comprehensively taking into accountcomparison with transaction cases, etc. at similar properties,
the property’s location, the characteristics of the building, therights, the terms of contract, etc.

20,200,000,000

Discount Rate

2.6%

Terminal Capitalization Rate

3.0%

Value Calculated Using the Cost Method
Land
Building

Assess an amount in consideration of the actual amounts inthe prior years, maintenance expenses of similar properties
and unique characteristics of the property
Assess an amount in consideration of the actual amounts inthe prior years, utility expenses of similar properties,
occupancy rate of leased area, etc.
Assess an amount by considering the actual amounts in theprior years, future administrative operation plan, expenses atsimilar properties, annual average repair, maintenance andrenewal expenses in the engineering report, etc.
Assess an amount by considering compensation rates, etc.
based on terms of contract and at similar properties
Recognize an annual average amount assessed based on theestimated tenant turnover period
Recognize an amount based on the fiscal 2019 tax statement,
etc., taking into account the contents of burden adjustment
measures, etc.
Assess an amount by considering insurance premiums at
similar properties, etc.
Recognize neighborhood association fee, etc. as Other
Expenses

596,910,000(5) Capital Expenditure

Value Calculated Using the
Discounted Cash Flow Method

Assess an amount based on the premise of the rent revenue,
common area charge revenue, parking revenue, otherrevenue, etc. that are believed to remain stable over the
medium and long term
Assess an amount based on the premise of an occupancy ratethat remains stable over the medium and long term

171,631,000

Maintenance Expenses

Other Expenses

Estimate an amount by treating equally the Value Calculated
Using the Direct Capitalization Method and the Value
Calculated Using the Discounted Cash Flow Method
Assess an amount by using the cap rate based on medium tolong-term stable net cash flow

24,300,000,000
90.0%
10.0%

10

Assess an amount by comprehensively taking into accountthe property’s unique characteristics, etc. by reference totransaction yields at similar properties
Assess an amount by taking into account future uncertainty,
liquidity, etc. based on capitalization rate

The Appraiser’s Points to Consider upon
Appraisal Other Than the Above

Use the Income Capitalization Approach Value as the decision is made that the
Income Capitalization Approach Value is more persuasive because the pricedetermination process has been accurately reproduced from the aspect of income,while referring to the Value Calculated Using the Cost Method*Reference
Appraisal NOI Yield (Note)
3.7%
Note: Appraisal NOI yield is calculated by dividing net operating income (NOI) based on the direct capitalization method described in
the above appraisal report by the acquisition price of the Acquired Property (16,300 million yen), rounded to the first decimal
place.

11

Property NameKDX Nihonbashi Honcho Building

Appraisal Value
Appraiser
Appraisal Date

4,950,000,000 yen
Daiwa Real Estate Appraisal Co.,Ltd.
April 30, 2020
Unit: Yen
Item

Content

Basis

Income Capitalization Approach Value

4,950,000,000

Assess an amount by verifying the Value Calculated Using the
Direct Capitalization Method as well as handling Value
Calculated Using the Discounted Cash Flow Method as astandard

Value Calculated Using the
Direct Capitalization Method(1) Gross Operating Revenue

5,050,000,000
274,328,016

Maximum Gross Operating
Revenue

289,385,280

Shortfall Attributed to Vacancies

15,057,264(2) Operating Expenses

68,858,415

Maintenance Expenses

9,434,412

Utility Expenses

13,788,756

Repair Expenses

4,323,500

Property Management Fees

5,210,785

Tenant Recruit Expenses, etc.

2,212,810

Taxes and Dues

33,159,000

Damage Insurance Fees

229,152

Other Expenses(3) Net Operating Income(NOI= (1)-(2))(4) Gain on Guarantee Deposit
Investment

500,000
205,469,601(5) Capital Expenditure

10,670,517(6) Net Cash Flow
(NCF=(3)+(4)-(5))

196,965,379(7) Capitalization Rate

3.9%

Value Calculated Using the
Discounted Cash Flow Method

Assess an amount based on the rent revenue, parking revenue,
etc. that are believed to remain stable over the medium andlong term
Assess an amount based on the premise of an occupancy ratiothat is believed to remain stable over the medium and longterm

2,166,295

Assess an amount based on the actual maintenance expenses
and by verifying such amount by reference to the standards ofmaintenance expenses at similar properties
Assess an amount based on the actual utility expenses in thepast, and by verifying such amount by reference to the levelsof utility expenses at similar properties
Assess an amount equivalent to 30% of the annual averageamount of repair and renewal expenses listed in ER as theamount equivalent to repair expenses
Assess a standardized PM fee ratio based on PM fee ratios atsimilar properties
Assess an amount in consideration of an estimated tenant
turnover and a vacancy rate, based on the levels of tenant
recruitment expenses, etc. at similar properties
Assess an amount based on the fiscal 2019 tax statement, etc.
Assess an amount based on the actual damage insurance fees isjudged to be appropriate
Assess an amount based on actual other expenses in the past

Assess income from investments by using an investment returnof 1.0%Assess an amount equivalent to 70% of the annual averageamount of repair and renewal expenses listed in ER as theamount equivalent to renewal expenses (added by the amountequivalent to CM fees)

Assess an amount by comprehensively taking into accountcomparison with transaction cases, etc. at similar properties,
the property’s location, the characteristics of the building, therights, the terms of contract, etc.

4,900,000,000

Discount Rate

3.7%

Terminal Capitalization Rate

4.1%

Assess an amount by comprehensively taking into accountcomparison with transaction cases, etc. at similar properties
and property’s unique characteristics by reference toinvestment yields of financial asset
Assess an amount by considering nature of net cash flow for
calculation of the capitalization rate, future uncertainty,
liquidity, marketability and other factors

Value Calculated Using the Cost Method
Land
Building

4,090,000,000
95.5%
4.5%

The Appraiser’s Points to Consider upon
Appraisal Other Than the Above

Nothing in particular12

Property NameKDX Nihonbashi Edo-dori Building

Appraisal Value
Appraiser
Appraisal Date

1,510,000,000 yen
Japan Real Estate Institute
April 30, 2020
Unit: Yen
Item

Income Capitalization Approach Value
Value Calculated Using the
Direct Capitalization Method(1) Gross Operating Revenue
Maximum Gross Operating
Revenue
Shortfall Attributed to Vacancies(2) Operating Expenses

Content

Basis

1,510,000,000
1,530,000,000
87,769,000
91,239,000
3,470,000

3,460,000

Utility Expenses

4,600,000

Repair Expenses

2,324,000

Property Management Fees

1,678,000

Tenant Recruit Expenses, etc.

632,000
8,420,000

Damage Insurance Fees

70,000

Other Expenses

82,000(3) Net Operating Income(NOI= (1)-(2))(4) Gain on Guarantee Deposit
Investment

520,000

5,690,000(6) Net Cash Flow
(NCF=(3)+(4)-(5))

61,333,000(7) Capitalization Rate

4.0%

3.7%

Terminal Capitalization Rate

4.1%

The Appraiser’s Points to Consider upon
Appraisal Other Than the Above

Recognize AED installation cost, etc. as Other Expenses

Assess income from investments by using an investment
return of 1.0%
Assess an amount by taking into account the level of capital
expenditures at similar properties, the age of the property,
the average annual repair, maintenance and renewal
expenses in the engineering report, etc. assuming that anequal amount is added to a reserve in each fiscal period

Assess an amount by comprehensively taking into accountcomparison with transaction cases, etc. at similar properties,
the property’s location, the characteristics of the building, therights, the terms of contract, etc.

1,490,000,000

Discount Rate

Value Calculated Using the Cost Method
Land
Building

Assess an amount in consideration of the actual amounts inthe prior years, maintenance expenses of similar properties
and unique characteristics of the property
Assess an amount in consideration of the actual amounts inthe prior years, utility expenses of similar properties,
occupancy rate of leased area, etc.
Assess an amount by considering the actual amounts in theprior years, future administrative operation plan, expenses atsimilar properties, annual average repair, maintenance andrenewal expenses in the engineering report, etc.
Assess an amount by considering compensation rates, etc.
based on terms of contract and at similar properties
Recognize an annual average amount assessed based on theestimated tenant turnover period
Recognize an amount based on the fiscal 2019 tax statement,
etc., taking into account the contents of burden adjustment
measures, etc.
Assess an amount by considering insurance premiums at
similar properties, etc.

66,503,000(5) Capital Expenditure

Value Calculated Using the
Discounted Cash Flow Method

Assess an amount based on the premise of the rent revenue,
common area charge revenue etc. that are believed to remain
stable over the medium and long term
Assess an amount based on the premise of an occupancy ratethat remains stable over the medium and long term

21,266,000

Maintenance Expenses

Taxes and Dues

Estimate an amount by treating equally the Value Calculated
Using the Direct Capitalization Method and the Value
Calculated Using the Discounted Cash Flow Method
Assess an amount by using the cap rate based on medium tolong-term stable net cash flow

Assess an amount by comprehensively taking into accountthe property’s unique characteristics, etc. by reference totransaction yields at similar properties
Assess an amount by taking into account future uncertainty,
liquidity, etc. based on capitalization rate

1,340,000,000
92.2%
7.8%
Use the Income Capitalization Approach Value as the decision is made that the
Income Capitalization Approach Value is more persuasive because the pricedetermination process has been accurately reproduced from the aspect of income,while referring to the Value Calculated Using the Cost Method13Property NameKDX Shin-Nihonbashi Building

Appraisal Value
Appraiser
Appraisal Date

3,140,000,000 yen
Daiwa Real Estate Appraisal Co.,Ltd.
April 30, 2020
Unit: Yen
Item

Content

Basis

Income Capitalization Approach Value

3,140,000,000

Assess an amount by verifying the Value Calculated Using the
Direct Capitalization Method as well as handling Value
Calculated Using the Discounted Cash Flow Method as astandard

Value Calculated Using the
Direct Capitalization Method(1) Gross Operating Revenue

3,190,000,000

Maximum Gross Operating
Revenue
Shortfall Attributed to Vacancies(2) Operating Expenses

171,655,644
180,774,362
9,118,718
45,740,920

Maintenance Expenses

8,686,332

Utility Expenses

13,029,498

Repair Expenses

3,777,250

Property Management Fees

3,222,228

Tenant Recruit Expenses, etc.

1,352,928

Taxes and Dues

14,897,000

Damage Insurance Fees

175,684

Other Expenses(3) Net Operating Income(NOI= (1)-(2))(4) Gain on Guarantee Deposit
Investment

600,000

Assess an amount based on the actual maintenance expenses
and by verifying such amount by reference to the standards ofmaintenance expenses at similar properties
Assess an amount based on the actual utility expenses in thepast, and by verifying such amount by reference to the levelsof utility expenses at similar properties
Assess an amount equivalent to 30% of the annual averageamount of repair and renewal expenses listed in ER as theamount equivalent to repair expenses
Assess a standardized PM fee ratio based on PM fee ratios atsimilar properties
Assess an amount in consideration of an estimated tenant
turnover and a vacancy rate, based on the levels of tenant
recruitment expenses, etc. at similar properties
Assess an amount based on the fiscal 2019 tax statement, etc.
Assess an amount based on the actual damage insurance fees isjudged to be appropriate
Assess an amount based on actual other expenses in the past

125,914,724
1,306,128(5) Capital Expenditure

9,341,308(6) Net Cash Flow
(NCF=(3)+(4)-(5))

117,879,544(7) Capitalization Rate

3.7%

Value Calculated Using the
Discounted Cash Flow Method

Assess an amount based on the rent revenue, parking revenue,
other revenue, etc. that are believed to remain stable over the
medium and long term
Assess an amount based on the premise of an occupancy ratiothat is believed to remain stable over the medium and longterm

Assess income from investments by using an investment returnof 1.0%Assess an amount equivalent to 70% of the annual averageamount of repair and renewal expenses listed in ER as theamount equivalent to renewal expenses (added by the amountequivalent to CM fees)

Assess an amount by comprehensively taking into accountcomparison with transaction cases, etc. at similar properties,
the property’s location, the characteristics of the building, therights, the terms of contract, etc.

3,120,000,000

Discount Rate

3.5%

Terminal Capitalization Rate

3.9%

Assess an amount by comprehensively taking into accountcomparison with transaction cases, etc. at similar properties
and property’s unique characteristics by reference toinvestment yields of financial asset
Assess an amount by considering nature of net cash flow for
calculation of the capitalization rate, future uncertainty,
liquidity, marketability and other factors

Value Calculated Using the Cost Method
Land
Building

2,270,000,000
79.5%
20.5%

The Appraiser’s Points to Consider upon
Appraisal Other Than the Above

Nothing in particular

14

Attached Materials
Reference Material 1
Reference Material 2
Reference Material 3
Reference Material 4

Summary of Projected Revenue and Expense for the Acquired Property
Summary of Building Condition Investigation Report on the Acquired Property
Photographs and Location of the Acquired Property
Property Portfolio after the Transactions

The Investment Corporation’s website: https://www.kdo-reit.com/en/
This notice is the English translation of the Japanese announcement on our website released on June 26, 2020.
However, no assurance or warranties are given for the completeness or accuracy of this English translation.

15

Reference Material 1
Summary of Projected Revenue and Expense for the Acquired Property
Unit: Millions of Yen
A. Projected Operating Revenue

771

B. Projected Operating Expense(Excluding Depreciation Expense)

186

C. Projected NOI (A-B)

584

D. Projected Depreciation Expense

52

E. Projected NOI after Depreciation (C-D)

532

F. Projected Occupancy Rate

97%

Underlying assumptions:
1. The above projected operating revenue and expenses are estimates for one year and are exclusive of
extraordinary factors from the year of acquisition.
2. The above projected operating revenue includes ancillary revenue except monthly rent and common area
charge.
3. The above projected operating expenses include property management fees, taxes and dues, repairs andmaintenance expenses, and insurance premiums, etc.
4. It is assumed that an occupancy rate fluctuates according to “F. Projected Occupancy Rate” in the above chart.

16Reference Material 2
Summary of Building Condition Investigation Report on the Acquired Property
Unit: Yen
Investigation Company

Tokyo Marine & Nichido Risk Consulting Co., Ltd

Date of Investigation

March 2020

Repairs, maintenance and renovation
expenses required over the next year

0

Repairs, maintenance and renovation
expenses expected to be required within
2-12 years

51,837,000

Replacement Value

2,662,900,000* The abovementioned investigation company undertakes building condition evaluations such as
・A diagnosis of building deteriorations
・Formulation of a short- and long-term repair and maintenance plans
・Assessment of legal compliance with the Building Standards Act, etc.
・Analyses of the existence of hazardous substances
・Analyses of the soil environmentand submits a building condition investigation report to the Investment Corporation.

17

Reference Material 3
Photographs and the Location of the Acquired Property【Photographs of the Acquired Property】

18

【Location of the Acquired Property】

19

Reference Material 4
Property Portfolio after the Transactions
As of November 2, 2020
Type of Use

Office Buildings(Mid-size)

Area

5 Central Wardsof Tokyo

Property Name

Location(Anticipated) Acquisition
Price (million yen) (Note 1)

Ratio(Note 1)

(Scheduled) Date of
Acquisition (Note 2)

KDX Hamamatsucho Place

Minato-ku, Tokyo

20,700

4.6%

Shinbashi M-SQUARE Bright

Minato-ku, Tokyo

16,3003.6% June 30, 2020 (Scheduled)

July 2, 2018

KDX Toranomon 1chome Building

Minato-ku, Tokyo

15,5503.5%

KDX Harumi Building

Chuo-ku, Tokyo

10,2502.3%

June 30, 2008

KDX Nishi-Shinbashi Building

Minato-ku, Tokyo

8,400

1.9%

February 1, 2017

March 30, 2016

Hiei Kudan-Kita Building

Chiyoda-ku, Tokyo

7,600

1.7%

February 1, 2008

KDX Shinjuku Building

Shinjuku-ku, Tokyo

6,800

1.5%

February 18, 2010

KDX Ochanomizu Building

Chiyoda-ku, Tokyo

6,400

1.4%

April 2, 2007

KDX Shiba-Daimon Building

Minato-ku, Tokyo

6,090

1.3%

March 1, 2007

KDX Kojimachi Building

Chiyoda-ku, Tokyo

5,950

1.3%

November 1, 2005

KDX Nihonbashi 313 Building

Chuo-ku, Tokyo

5,940

1.3%

August 1, 2005

KDX Takanawadai Building

Minato-ku, Tokyo

5,250

1.1%

November 19, 2013

KDX Iidabashi Building

Shinjuku-ku, Tokyo

4,670

1.0%

July 22, 2011

KDX Ebisu Building

Shibuya-ku, Tokyo

4,640

1.0%

May 1, 2006

Higashi-Kayabacho Yuraku Building

Chuo-ku, Tokyo

4,450

1.0%

August 1, 2005

KDX Iidabashi Square

Shinjuku-ku, Tokyo

4,350

0.9%

January 10, 2014

KDX Ginza 1chome Building

Chuo-ku, Tokyo

4,300

0.9%

November 12, 2010

KDX Nihonbashi Honcho Building

Chuo-ku, Tokyo--

November 12, 2010

KDX Hamamatsucho Center Building

Minato-ku, Tokyo

3,950

0.8%

September 1, 2015
August 2, 2016

KDX Shin-Nihonbashi Ekimae Building

Chuo-ku, Tokyo

3,829

0.8%

KDX Shinbashi Building (Note 2)

Minato-ku, Tokyo

3,728

0.8%

May 1, 2006

KDX Hatchobori Building

Chuo-ku, Tokyo

3,680

0.8%

August 1, 2005

KDX Ginza East Building

Chuo-ku, Tokyo

3,600

0.8%

March 13, 2015

KDX Shibuya Nanpeidai Building

Shibuya-ku, Tokyo

3,500

0.7%

August 10, 2017

KDX Hamamatsucho Building

Minato-ku, Tokyo

3,460

0.7%

May 1, 2006

KDX Kanda Ekimae Building

Chiyoda-ku, Tokyo

3,300

0.7%

February 7, 2020

KDX Mita Building

Minato-ku, Tokyo

3,180

0.7%

November 18, 2013

KDX Higashi-Shinjuku Building

Shinjuku-ku, Tokyo

2,950

0.6%

September 1, 2006

KDX Kayabacho Building

Chuo-ku, Tokyo

2,780

0.6%

May 1, 2006

KDX Jimbocho Building

Chiyoda-ku, Tokyo

2,760

0.6%

March 31, 2008

KDX Hakozaki Building

Chuo-ku, Tokyo

2,710

0.6%

July 22, 2011

KDX Akihabara Building

Chiyoda-ku, Tokyo

2,600

0.5%

November 19, 2013

KDX Yoyogi Building

Shibuya-ku, Tokyo

2,479

0.5%

September 30, 2005

Harajuku F.F. Building

Shibuya-ku, Tokyo

2,450

0.5%

August 1, 2005

KDX Kajicho Building

Chiyoda-ku, Tokyo

2,350

0.5%

July 3, 2006

KDX Hamacho Nakanohashi Building

Chuo-ku, Tokyo

2,310

0.5%

February 1, 2008

KDX Shinjuku 286 Building

Shinjuku-ku, Tokyo

2,300

0.5%

June 1, 2007

KDX Shin-Nihonbashi Building

Chuo-ku, Tokyo--

July 22, 2011

KDX Minami Aoyama Building

Minato-ku, Tokyo

2,270

0.5%

August 1, 2005

Nihonbashi Horidomecho First

Chuo-ku, Tokyo

2,200

0.4%

August 19, 2013

Shin-toshin Maruzen Building

Shinjuku-ku, Tokyo

2,110

0.4%

February 29, 2008

KDX Nihonbashi 216 Building

Chuo-ku, Tokyo

2,010

0.4%

December 1, 2009

KDX Kanda Kitaguchi Building

Chiyoda-ku, Tokyo

1,950

0.4%

August 1, 2005

KDX Shinjuku 6-chome Building

Shinjuku-ku, Tokyo

1,900

0.4%

September 13, 2013

KDX Iwamoto-cho Building

Chiyoda-ku, Tokyo

1,864

0.4%

May 1, 2008

KDX Nishi-Shinjuku Building

Shinjuku-ku, Tokyo

1,500

0.3%

April 2, 2007

KDX Nihonbashi Edo-dori Building

Chuo-ku, Tokyo--

August 2, 201620

Type of Use

Area

Tokyo
Metropolitan Area
(excluding 5 Central Wards)

Office Buildings(Mid-size)

Other
Regional Areas

Property Name

Location(Anticipated) Acquisition
Price (million yen) (Note 1)

Ratio(Note 1)

(Scheduled) Date of
Acquisition (Note 2)

KDX Musashi-Kosugi Building

Kawasaki, Kanagawa

12,0002.7%

March 20, 2014

KDX Yokohama Kannai Building

Yokohama, Kanagawa

9,500

2.1%

January 31, 2018

KDX Yokohama Building

Yokohama, Kanagawa

7,210

1.6%

October 29, 2014

KDX Fuchu Building

Fuchu, Tokyo

6,120

1.3%

September 21, 2012

Toshin 24 Building

Yokohama, Kanagawa

5,300

1.2%

May 1, 2006

KDX Higashi-Shinagawa Building

Shinagawa-ku, Tokyo

4,590

1.0%

July 22, 2011

KDX Nishi-Gotanda Building

Shinagawa-ku, Tokyo

4,200

0.9%

December 1, 2006

KDX Ikebukuro Building

Toshima-ku, Tokyo

3,900

0.8%

November 18, 2013

KDX Kawasaki-Ekimae Hon-cho Building

Kawasaki, Kanagawa

3,760

0.8%

February 1, 2008

KDX Takadanobaba Building

Toshima-ku, Tokyo

3,650

0.8%

May 30, 2014

Koishikawa TG Building

Bunkyo-ku, Tokyo

3,080

0.6%

November 18, 2009

KDX Kasuga Building

Bunkyo-ku, Tokyo

2,800

0.6%

September 21, 2012

KDX Yokohama Nishiguchi Building

Yokohama, Kanagawa

2,750

0.6%

December 2, 2014

KDX Gotanda Building

Shinagawa-ku, Tokyo

2,620

0.5%

November 18, 2009

KDX Nakano-Sakaue Building

Nakano-ku, Tokyo

2,533

0.5%

August 1, 2005

KDX Shin-Yokohama Building

Yokohama, Kanagawa

2,520

0.5%

May 1, 2006

KDX Funabashi Building

Funabashi, Chiba

2,252

0.5%

March 1, 2006

BR Gotanda

Shinagawa-ku, Tokyo

2,200

0.4%

April 5, 2017

KDX Omiya Building

Saitama, Saitama

2,020

0.4%

March 26, 2013

KDX Okachimachi Building

Taito-ku, Tokyo

2,000

0.4%

March 1, 2007

KDX Ikebukuro West Building

Toshima-ku, Tokyo

1,934

0.4%

September 3, 2014

KDX Nakameguro Building

Meguro-ku, Tokyo

1,880

0.4%

September 21, 2012

KDX Kiba Building

Koto-ku, Tokyo

1,580

0.3%

June 20, 2006

KDX Monzen-Nakacho Building

Koto-ku, Tokyo

1,400

0.3%

January 19, 2007

KDX Hon-Atsugi Building

Atsugi, Kanagawa

1,305

0.2%

March 1, 2007

KDX Tachikawa Ekimae Building

Tachikawa, Tokyo

1,267

0.2%

December 26, 2011
March 1, 2007

KDX Hachioji Building

Hachioji, Tokyo

1,155

0.2%

KDX Nagoya Sakae Building (Note 2)

Nagoya, Aichi

7,550

1.7%

April 25, 2008

KDX Nagoya Ekimae Building

Nagoya, Aichi

7,327

1.6%

December 26, 2011

KDX Sakura-dori Building

Nagoya, Aichi

5,900

1.3%

January 9, 2015

KDX Karasuma Building

Kyoto, Kyoto

5,400

1.2%

June 1, 2007

Tosabori Prime

Osaka, Osaka

5,000

1.1%

January 31, 2020

KDX Hakata-Minami Building

Fukuoka, Fukuoka

4,900

1.1%

February 1, 2008

KDX Shin-Osaka Building

Osaka, Osaka

4,550

1.0%

September 1, 2015

KDX Nagoya Nichigin-mae Building

Nagoya, Aichi

3,500

0.7%

March 15, 2016

KDX Kobayashi-Doshomachi Building

Osaka, Osaka

2,870

0.6%

December 1, 2010

KDX Higashi Umeda Building

Osaka, Osaka

2,770

0.6%

March 28, 2012

KDX Utsunomiya Building

Utsunomiya, Tochigi

2,350

0.5%

May 30, 2014

KDX Kitahama Building

Osaka, Osaka

2,220

0.5%

February 1, 2008

KDX Minami-Honmachi Building

Osaka, Osaka

2,200

0.4%

December 2, 2014

KDX Sendai Building

Sendai, Miyagi

2,100

0.4%

June 1, 2007

KDX Sapporo Building

Sapporo, Hokkaido

2,005

0.4%

March 25, 2011

KDX Sapporo Kitaguchi Building

Sapporo, Hokkaido

1,800

0.4%

July 20, 2017

KDX Hiroshima Building

Hiroshima, Hiroshima

1,300

0.2%

September 1, 2014

370,629

83.9%-

Total of 88 Office Buildings (Mid-size)

21Type of Use

Area

5 Central Wardsof Tokyo

Office Buildings(Other)Tokyo Metropolitan Area
(excluding 5 Central Wards)

Other
Regional Areas

OthersInvestment Security

5 Central Wardsof Tokyo

5 Central Wardsof Tokyo

Property Name

Location(Anticipated) Acquisition
Price (million yen) (Note 1)

Ratio(Note 1)

(Scheduled) Date of
Acquisition (Note 2)

Ginza 4chome Tower

Chuo-ku, Tokyo

9,800

2.2%

August 19, 2013

ARK Mori Building

Minato-ku, Tokyo

4,169

0.9%

December 1, 2016

Pentel Building (Note 3)

Chuo-ku, Tokyo

3,350

0.7%

March 26, 2015

Mitsubishijuko Yokohama Building

Yokohama, Kanagawa

14,7203.3%

December 7, 2017

Chofu Center Building

Chofu, Tokyo

8,700

1.9%

Jule 14, 2019

KDX Toyosu Grand Square

Koto-ku, Tokyo

8,666

1.9%

May 30, 2014

Senri Life Science Center Building

Toyonaka, Osaka

13,0002.9%

October 15, 2014

Portus Center Building

Sakai, Osaka

5,570

1.2%

September 21, 2005

Total of 8 Office Buildings (Other)

67,975

15.3%-

Total of 96 Office Buildings

438,605

99.3%

Portfolio PML 2.30%

2,880

0.6%

April 18, 2014-

Shinjuku 6chome Building (Land)

Shinjuku-ku, Tokyo

Total of 1 Others Property

2,880

0.6%

Total of 97 Properties

441,485

100.0%

G. K. KRF43 Silent Partnership Equity Interest

Shinjuku-ku, Tokyo

Total of 1 Investment Security
Note 1: The (anticipated) acquisition prices and ratios are rounded down to the nearest million and first decimal place respectively.
Note 2: For the property with multiple acquisition dates due to additional acquisition, etc., the first acquisition date is shown.
Note 3: Building, site and the land for Pental Building are counted as one property.

22

1,107

-

March 28, 2014

1,107

-

-