KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Translation of Japanese Original
FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED JULY 31, 2023 (REIT)(February 1, 2023 to July 31, 2023)

September 13, 2023
Kenedix Residential Next Investment Corporation (“the Investment Corporation”) is listed on the Tokyo Stock Exchange with thesecurities code number 3278.
(URL https://www.kdr-reit.com/en/)
Representative:
Tetsu Kawashima , Executive Director
Asset Management Company: Kenedix Real Estate Fund Management, Inc.
Representative:
Hikaru Teramoto, President and CEO
Inquiries:
Michiru Nagamata, Head of Strategic Planning , Residential REIT Department
TEL+81-3-5157-6011
Planned submission of semiannual securities report: October 24, 2023
Planned start of distribution payments:
October 16, 2023
Preparing presentation material:
Yes
Hold a financial brief meeting:
No (Cancelled due to preventing the spread of COVID-19 infection.
Presentation video of financial results is scheduled to be webcasted (Japaneseonly)

1. PERFORMANCE FOR THE FISCAL PERIOD ENDED JULY 31, 2023 (23rd FISCAL PERIOD)(1) Business Results(Amounts are rounded down to the nearest million yen)
(Percentages show period-on-period changes)
Operating Revenues

Fiscal period ended
July 31, 2023
January 31, 2023

Millions of Yen
10,083
9,936

Operating Income
%
1.5
5.2

Net Income per Unit
Fiscal period ended
July 31, 2023
January 31, 2023

Millions of Yen
5,222
5,294

Ordinary Income
%
-1.4
9.2

%
-2.0
11.4

Millions of Yen
4,501
4,593

Ordinary Income toTotal Assets

Return on Net Assets
Yen
4,205
4,361

Net Income

Millions of Yen
4,501
4,593

%
3.0
3.1

%
-2.0
11.4

Ordinary Income toOperating Revenues
%
1.4
1.4

%
44.6
46.2

(2) Distributions
Distributions per Unit Total Distributions(Excluding Excess of (Excluding Excess of
Earnings)
Earnings)
Fiscal period ended
July 31, 2023
January 31, 2023
(Note 1)
(Note 2)
(Note 3)

Yen
4,224
4,257

Distributions in
Total Distributions in
Excess of Earnings
Excess of Earnings
perMillions of Yen
4,521
4,556

Yen
-

Distribution Ratio to
Unitholders’ Equity

Payout Ratio

Millions of Yen
-

%
100.4
99.2

%
3.0
3.0

Total distributions for the fiscal period ended July 2023 is not the same amount as net income due to adding reversal of reserve for temporary difference
adjustments and a part of retained earnings brought forward.
Total distributions for the fiscal period ended January 2023 is not the same amount as net income due to excluding a part of gain on sale of real estate
property and other adjustments from net income, and adding reversal of reserve for temporary difference adjustments.
Due to issuance of new investment units in fiscal period ended January 2023, payout ratio for each fiscal period is calculated as follows.
Payout Ratio = Total Distributions (Excluding Excess of Earnings) /Net income × 100(3) Financial Position
Total Assets
Fiscal period ended
July 31, 2023
January 31, 2023

Millions of Yen
328,219
327,014Net Assets

Net assets to Total Assets

Millions of Yen
150,848
151,632

%
46.0
46.4

Net Asset per UnitsYen
140,923
141,655(4) Cash Flows
Cash Flow fromOperating Activities
Fiscal period ended
July 31, 2023
January 31, 2023

Millions of Yen
6,133
7,574

Cash Flow from
Investing Activities
Millions of Yen-4,555-12,631

Cash Flow from
Financing Activities%-2,855
5,092

Cash and Cash Equivalents atthe End of the Period
Yen24,261
25,539

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

2. FORECAST OF RESULTS FOR THE FISCAL PERIOD ENDING OCTOBER 31, 2023 (Final Fiscal Period) (August 1,
2023 to October 31, 2023)

Operating Revenues
Fiscal period ending
October 31, 2023
Final fiscal period(Note)

Operating Income(Percentages show period-on-period changes)[ Percentages show period-on-period changes after half-year convention]
Distributions perDistributions in Excess
Ordinary Income
Net Income
Unit Excludingof Earnings per Unit
Excess of Earning

Millions
Millions
Millions of
%
%
Yen
Yen
of Yenof Yen
%
Yen
%
-50.7
2,446
-53.2
2,083
-53.7
2,083
-53.7
2,070
[-1.3][-6.3][-7.4][-7.4](Reference) Estimated net income per unit (Estimated Net Income / Estimated weighted average number of units)
Fiscal period ending October 31, 2023: 1,946 yenn
(Note 1) Distributions per unit is calculated based on the number of investment units issued and outstanding totaled 1,070,433 as of today.
(Note 2) On June 13, 2023, Kenedix Residential Next Investment Corporation (“KDR”) executed merger agreement (please refer to page 4 “F. The Merger Among
KDR, KDO and KRR”) among Kenedix Office Investment Corporation (“KDO”) and Kenedix Retail REIT Corporation (“KRR”). In the case where theMerger comes into effect on November 1, 2023, the final fiscal period of KDR is scheduled to be the three-month period from August 1, 2023, to October 31,
2023 (“deemed fiscal period”).
(Note 3) In lieu of cash distributions (distribution of profit) for the final fiscal period from August 1, 2023 to October 31, 2023, the surviving corporation, KDO (thetrade name will be changed to KDX Realty Investment Corporation upon the Merger. ), will, within a reasonable period after the effective date of the Merger,
make a Payment Upon the Merger to the unitholders listed or recorded on the final unitholders register as of the day immediately prior to the effective date of
the Merger (excluding KDO, KDR, KRR and the unitholders of KDR who have demanded the purchase of their investment units pursuant to the provisions ofArticle 149-3 of the Act on Investment Trusts and Investment Corporations)), in an amount equivalent to the cash distributions for the above mentioned fiscal
period.
(Note 4) The “period-to-period increase (decrease)” shown in parentheses [ ] is the increase (decrease) compared to the figures for the fiscal period ended July 31,2023,
but that when the figures for the deemed fiscal period are calculated by converting the actual number of days of the deemed fiscal period (92 days) into thebusiness period of the fiscal period ending January 31,2024 that would have otherwise been scheduled (184 days).
Millions of
Yen
4,975

3. OTHERS(1) Changes in Accounting Policies/Changes in Accounting Estimate/Retrospective Restatement(a) Changes concerning accounting policy accompanying amendments to accounting standards: None(b) Changes other than (a): None(c) Changes in accounting estimate: None(d) Retrospective restatement: None
(2) Number of Investment Units Issued and Outstanding (including treasury investment units)(a) Number of investment units issued and outstanding at the end of the period (including treasury investment units)
As of July 31, 2023: 1,070,433 units As of January 31, 2023: 1,070,433 units(b) Number of treasury investment units at the end of the period
As of July 31, 2023 : 0 units As of January 31, 2023: 0 units(Note) Please refer to “Notes to Per Unit Information” on page 27 for the number of investment units used as the basis for calculating net income per unit.

* Status of Audit Procedures
As of the time of disclosure of this financial report, audit procedures for the financial statements pursuant to the Financial Instruments
and Exchange Act of Japan are incomplete.
* Remarks on appropriate use of forecasts of performance and other special notes
Forward-looking statements presented in this financial report, including forecasts of performance, are based on information currently
available to KDR and on certain assumptions KDR deems to be reasonable. As such, actual operating and other results may differ
materially from these forecasts as a consequence of numerous factors. The above-mentioned forecasts are based on “Assumptions for
the Earnings Forecasts of Financial Results for the Final Fiscal Period Ending October 31, 2023” on page 9 for calculation, and ourjudgment as of September 13, 2023. Actual operating revenues, operating income, ordinary income, net income, distributions per unit
and distributions in excess of earnings per unit may vary according to changes in market conditions. These forecasts do not guarantee
the distribution amount.

Contents of Attachments
1．Status of Asset Management ………………………………………………………………………………………………… 2(1) Status of Asset Management ………………………..……………………………………………………………………… 2(2) Investment Risks ……………………………………………………………………………………………………………… 10

2．Financial Statements ……………………………………………….………………………………………………………… 11(1) Balance Sheets …………………………………………………………….…………………………………………………… 11(2) Statements of Income and Retained Earning………………………………………………………………………………… 13(3) Statements of Changes in Net Assets ………………………………………………………………………………………… 14(4) Distributions……………………………………………………………………………………..……………………………… 15(5) Statements of Cash Flows…………….. ……………………………………………………………..……………………… 16(6) Notes to the Going Concern…………………………………………………………..…………………………………………… 17(7) Important Accounting Standards………………………………………..…………………………………………………… 17(8) Notes to Financial Statements ………………………………………………………………………………………………… 18(9) Changes in Unitholder’s Capital…………………………………………………………………………………………………… 30

3．Reference Information………..……………………………………………………………………………………………… 31(1) Information on Price of the Managed Assets……………… ……………………………………………………………… 31(2) Capital Expenditures on the Managed Assets……. ………………………………………………………………………… 55(3) Information Concerning Major Tenants…………...……………………………………………………………………………… 56-1-

1. Status of Asset Management(1) Status of Asset Management① Overview of the Fiscal Period ended July 31, 2023
A. Major Operational Results of the Investment Corporation
Kenedix Residential Next Investment Corporation was established on November 15, 2011 under the Act on Investment Trusts
and Investment Corporations of Japan (“the Investment Trust Act”). On April 26, 2012, KDR was listed on the Real Estate
Investment Trust Market of the Tokyo Stock Exchange (Securities Code: 3278).
KDR subsequently issued new investment units through three public offerings and by way of third-party allotment to steadily
grow its asset size through continuous investment in rental housing, which is its primary investment target.
Moreover, seeking further growth opportunities, KDR conducted an absorption type merger (“the JSL Merger”) with KDR as
the surviving corporation and Japan Senior Living Investment Corporation (“JSL”) as the absorbed corporation on March 1,
2018, and changed its name from Kenedix Residential Investment Corporation to Kenedix Residential Next Investment
Corporation. (Following the JSL Merger, KDR implemented a 2-for-1 investment unit split with an effective date of March 1,
2018.)
Even after the JSL Merger, KDR procured funds through public offerings on a regular basis and pursue sustainable growth
opportunities by investing in rental housing, senior homes, hotels, others. As of the end of the reporting period, KDR owns a
total of 182 real estate properties (total acquisition price: 304,232 million yen (Note)) consisting of 141 residential properties suchas rental housings, 39 healthcare facilities such as private senior homes with nursing care and 2 accommodation facilities suchas hotels and the total number of investment units issued and outstanding is 1,070,433 units.
KDR entrusts the asset management to Kenedix Real Estate Fund Management, Inc. (the “Asset Management Company”), a
company that was formed with personnel from Kenedix, Inc. (“Kenedix”) and adheres to the core philosophies of Kenedix. The
Asset Management Company provides real estate investment management services with flexibility and agility by flexibly
pursing optimal investment opportunities and income opportunities and agilely investing and managing based on swift
information gathering and decision-making while accurately grasping real estate-related trends.
(Note) “Acquisition price” is the sales price of each trust beneficiary interest or real estate indicated in each trust beneficiary interest sales contract and real estate sales
contract concerning the owned assets (excluding acquisition costs, adjustment in property tax and city-planning tax, and consumption tax) and is rounded down
to the nearest million yen. The appraisal value as of March 1, 2018 is indicated as the acquisition price for assets succeeded by JSL due to the merger. The same
applies hereinafter.

B. Investment Environment
During the fiscal period under review, the Japanese economy continued to pick up moderately with a recovery in consumption,
partly due to the change of COVID-19 to Category V infectious disease, despite rising interest rate due to monetary tightening
in Europe and the United States. as well as the rising prices from weakening of Japanese yen.
Residential properties, which are one of the main investment targets of KDR, maintained high occupancy, and the rents haveincreased in family type and tended to rise in studio type during the fiscal period under review.
With regard to the environment surrounding healthcare facilities, Japan has entered a super-aging society (Note) which no othercountry has ever experienced, with world’s longest average life expectancies for both men and women, and the society’s “aging”
with the increase in the ratio of the elderly population against total population and the increase in elderly population itself is
expected to continue going forward. In response to such trends, the number of nursing homes such as private senior homes withnursing care and serviced senior housing has been on the rise in recent years. KDO believes that demand for such facilities willcontinue to increase.
As for the operations of the accommodation facilities, both room occupancy and ADR have recovered to the level before thespread of COVID-19, as the increase in the number of foreign visitors to Japan following the easing of entry restrictions hasboosted the demand towards the hotel.
In the real estate investment market, investors continue to eager to invest in real estate, and active transactions are currently
taking place. Expected yields on rental housing, which is the main investment target of the Investment Corporation, remain low,
and the environment for property acquisitions is expected to remain difficult.
(Note) “Super-aging society” refers to a society with a population aging rate (ratio of the elderly population aged 65 or over against total population) exceeding 21%,
as defined by the World Health Organization and the United Nations.

C. Operating Results
KDR comprehensively taking into account the composition of the entire portfolio, earnings power in the future, KDR acquired
2 healthcare facilities (total acquisition price: 3,320 million yen).
<Acquired Property>
Property Number
H-38
H-39

Acquisition Price(Millions of Yen)

Property Name
Sunny Life Tachikawa
Rehabili-home Bon Sejour Minamisenzoku
Total Acquisition Price

-2-

1,850
1,470
3,320

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
As a result of the above, as of the end of the reporting fiscal period ended July 31, 2023, KDR owned a total of 182 properties(total acquisition price: 304,232 million yen), which consist of 141 residential properties (total acquisition price: 222,570 millionyen), 39 healthcare facilities (total acquisition price: 76,702 million yen) and 2 accommodation facilities (total acquisition price:
4,960 million yen).
In addition, KDR has concluded a trust beneficiary interest in real estate sales contract associated with the trust beneficiaryinterest in real estate below (the “Assets to-be acquired”) and decided to acquire on June 13, 2023. This acquisitions are subject
to the effectiveness of the Merger as set forth below for information on “F. The Merger Among KDR, KDO and KRR”.
AnticipatedAppraisal Value
Acquisition Price
Acquisition date
Property Name
Location(Millionsof Yen)Seller(Millions of Yen)
(Scheduled)(Note 2)
(Note 1)

River City 21 East Towers II(25% quasi co-ownership interest)

Chuo-ku,
Tokyo

9,232

10,775remm roppongi building(20% quasi co-ownership interest)

Minato-ku,
Tokyo

3,960

4,060

(Note 3)(Note 3)

November 1,
2023

KST5 Co., Ltd.
G. K. RRB

(Note 1) “Anticipated acquisition price” indicates the purchase price designated in each sale and purchase agreement regarding each property to-be acquired (excluding
the acquisition costs, adjustment amount of property tax and city planning tax, consumption tax, and local consumption tax, etc.), rounded down to the nearest
million yen. The same shall apply hereafter.
(Note 2) As of May 1, 2023
(Note 3) The trust beneficiary interest in real estate sales contract associated with the Assets to-be acquired fall under the forward commitments, etc. by the Investment
Corporation as specified in the Financial Services Agency “Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc.”.

The occupancy rates of properties owned by KDR as of the end of the reporting fiscal period (July 31, 2023) are as follows.
Occupancy Ratio
Previous Fiscal Period
Reporting Fiscal Period(as of January 31, 2023)(as of July 31, 2023)
Tokyo Metropolitan Area
97.0%
97.5%
Other Regional Areas
96.7%
96.8%
Residential
Total
96.9%
97.2%
Healthcare Facilities
100.0%
100.0%
Accommodation Facilities
100.0%
100.0%
Total Portfolio
97.9%
98.2%
D. Overview of Financing
KDR procures funds with the aim of medium- to long-term stable earnings and sustained growth of portfolio assets, taking into
consideration the balance between financial stability and financing costs.
(Borrowings)
KDR borrowed 1,700 million yen as funds for acquiring properties, and 15,750 million yen as funds for repaying borrowings
due during the reporting fiscal period.
As a result, the balance of borrowings was 158,220 million yen, the balance of the interest-bearing debt including the investment
corporation bonds was 165,920 million yen at the end of fiscal period ended July 31, 2023, and the average remaining term ofinterest-bearing debt (Note 1) was 3.3 years, and the average debt cost (Note 2) was 0.81%. The long-term debt ratio (Note 3) was 85.9%,
the fixed interest-rate ratio (Note 4) was 95.0%, and the loan to value ratio (LTV) was 50.6%.
(Note 1)
(Note 2)
(Note 3)(Note 4)

It is calculated by weighting and averaging the remaining term of each interest-bearing debt according to the balance of each interest-bearing debt androunded off to decimal place.
Average debt cost of each interest-bearing debt was calculated taking into account the upfront fee (per annum) and interest rate swaps, etc., and the weighted
average was calculated in accordance with the balance of each interest-bearing debt.
Long-term debt ratio = (balance of long-term borrowings (excluding long-term borrowings to be repaid within one year) + balance of investment corporation
bonds (excluding investment corporation bonds to be repaid within one year)) ÷ (balance of borrowings + balance of investment corporation bonds)
The long-term debt ratio that includes long-term borrowings and investment corporation bonds to be repaid within one year is 98.8%.
The fixed interest-rate ratio = (balance of fixed interest-ratio borrowings (including borrowings for which interest rates are substantially fixed throughinterest rate swap transactions, etc.) + balance of investment corporation bonds) ÷ (balance of borrowings + balance of investment corporation bonds)(Investment Corporation Bonds)
No new investment corporation bonds were issued during the reporting fiscal period. As of the end of the fiscal period ending
July 31, 2023, the outstanding balance of investment corporation bonds was 7,700 million yen.
(Credit Rating)
The status of the credit ratings as of the end of the fiscal period ending July 31, 2023.
Credit Rating Agency
TypeLong-term issuer rating
Japan Credit Rating Agency, Ltd.(JCR)
Bond rating(Note)Under the credit monitor as of June 13, 2023.

-3-

Rating#AA- (Outlook : Positive) (Note)#AA- (Outlook : Positive) (Note)KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Shelf Registration)
KDR filed a shelf registration statement regarding investment corporation bonds (excluding short-term investment corporation
bonds) on June 29, 2022 with the following overview.
Planned issuance amount
100,000 million yen
Planned issuance period
From July 7, 2022 to July 6, 2024
Funds for acquiring specified assets (having the meaning as set forth in the Act on Investment
Trusts and Investment Corporations, Article 2, Paragraph 1); funds for repaying borrowings;
Use of proceeds
funds for redeeming investment corporation bonds (including short-term investment
corporation bonds); funds for returning deposits; funds for paying for repairs and maintenance,
etc.; operating capital, etc.
E. Overview of Financial Results and Cash Distribution
As a result of these management efforts, KDR reported total operating revenues was 10,083 million yen, operating income was5,222 million yen, ordinary income was 4,501 million yen and net income was 4,501 million yen for the reporting fiscal period.
In regard to profit distributions for the reporting fiscal period, pursuant to the distribution policy in KDR’s articles of incorporation,
KDR has decided to apply special provisions of the tax system for investment corporations (Act on Special Measures Concerning
Taxation (Act No. 26 of 1957; as amended) (“Act on Special Measures Concerning Taxation”), Article 67-15) and make
distributions of 4,521,508,992 yen, which is net income of 4,501,392,677 yen plus a portion of profit carried forward from theprevious fiscal year of 116,315 yen and reversal of reserve for temporary difference adjustment of 20,000,000 yen, as profit
distribution. In the event that a gain on the sale of real estate, etc. occurs, the necessity of retaining the gain on the sale shall beconsidered.

F. The Merger Among KDR, KDO and KRR
KDR, KDO and KRR (collectively referred to as “Each REIT”) has, at Each REIT’s Board of Directors Meeting held on June 13, 2023,
resolved to undertake an absorption-type merger, with November 1, 2023 as the effective date, whereby KDO will be the surviving
corporation and KDR and KRR will be the dissolving corporations in the merger (the “Merger”), and have also executed a merger
agreement (the “Merger Agreement”) on the same day. Moreover, the proposals were approved at Each REIT’s General Meeting ofUnitholders held on August 21 and 22, 2023.
（a）Purpose of the Merger
The Japanese economy is making a moderate recovery as movement restrictions to prevent the spread of COVID-19 infections wasremoved, and its economic and social activities are being normalized. However, there are uncertain factors in the economic conditionsin and outside Japan such as changes in the global affairs, emergence of geopolitical risks and effects of economic sanctions related tothese risks as a result of the invasion of Ukraine by Russia, continuous global inflation related to rising commodity prices and fuel costs,
increase of the policy interest rates by major countries, and bankruptcies of overseas financial institutions. In such environment, thecurrent real estate investment trust securities market (the “J-REIT market”) is unstable and affected by the concern for rising operationalcosts due to inflation and the fear for the rise in the long-term interest rates due to future changes of the monetary policies by the Bankof Japan. The asset management company of Each REIT, KFM, was established as follows: Kenedix Residential Partners, Inc.
established in March 2011 merged with Kenedix Office Partners, Inc. and Kenedix Advisors, Inc. (both established in November 2003)
in October 2013 in an absorption-type merger, and changed its corporate name to the current name of the asset management company.
Each REIT has received sponsor support from Kenedix, Inc., the parent company of KFM, and its group companies and has achieved
operational results. Each REIT has implemented various measures to ensure the acquisition of stable profits and the continued growthof investment assets by leveraging each characteristic. However, the real estate market’s evaluations of the mid-sized office buildings,
which are KDO’s main investment target, have not changed because of their scarcity and liquidity. Thus, the capitalization rate remains
low and it remains hard to acquire mid-sized office buildings. Moreover, recently, unit prices of KDO are significantly below NAV per
unit due to the concern for the market outlook regarding secondary vacancies and rent decline due to large supplies of large officebuildings, and there are limited opportunities for external growth that involve public offering. Therefore, there are issues with ensuringcontinued future growth. As for KDR, although KDR has conducted public offerings for five consecutive years, there is the possibility
that the acquisition competition may escalate and the acquisition opportunities may decrease due to the relatively stable profitability ofresidential properties, and recently unit price is below NAV per unit. Moreover, KDR’s LTV is relatively high in the J-REIT market, andKDR has concerns regarding the increase in costs when interest rates are rising. As for KRR, although KRR has a rich real estate pipeline,
it has been increasingly difficult to acquire shopping centers for daily needs since the COVID-19 pandemic. In addition, there areconcerns over increase in costs caused by inflation, and there are issues such as limited room for the future internal growth as a whole
due to the long-term fixed rents. Moreover, Each REIT is watching the trends of interest levels and price levels such as costs of utilities,
which may have an impact on the profitability of their portfolios in the future, and Each REIT recognizes this situation as their common-4-

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
issues. In such circumstances, Each REIT agreed to start negotiation for merger and carefully deliberated on the issues in order to deal
with the issues described above, respond flexibly to environmental changes and attain continued growth. As a result, Each REIT cameto the same conclusion that the Merger will contribute to maximize unitholders’value by leading to the continued growth by expanding
investment target sectors, improving their presence and stability in the market by increasing the sizes of their assets, and enabling morecommitment for sustainability. Therefore, the Merger Agreement was made and entered into by and among Each REIT.Each REIT
considers that the Merger has the following rationale:(ⅰ) Sustainable growth driven by expansion of investment universe
The New REIT (defined below) will continue to focus on their main investment target, i.e. mid-sized office buildings, residential
properties, healthcare facilities, and shopping centers for daily needs, and it will start to additionally focus on logistics facilities andhotels, in which Each REIT has conducted only limited investments until now, to increase opportunities for acquisitions. In addition, theMerger will enable asset reshuffling among different asset types, disposing of properties with less competitiveness or profitability, allow
flexibly to the changes of the external environment surrounding the real estate market, and activate the investments in the investment
target sectors that are expected to grow, and thus leading to the improvement of portfolio profitability. As described above, the New
REIT aims to attain continued growth beyond the boundary of the strategic management for the existing specialized REIT through astrategic management that ensures a wide range of opportunities for acquisitions and flexibility related to the expansion of the investment
target sectors.
(ⅱ) Improvement in the market presence and ability
Through the Merger, the asset size of the investment corporation after the Merger (the “New REIT”) will be ranked third in the J-REIT
market(Note 1) and this will significantly improve the presence in the market and liquidity of investment units, and the portfolio is expectedto own a total of 350 (Note2) properties after the Merger. Having the largest expected number of properties in the J-REIT market will
enhance diversification and contribute to improve the stability of the portfolio. In addition, a property manager that leverages theadvantage of its scale will contribute to increase resilience against the pressure of the rising costs.
(ⅲ) Further commitment to sustainability
Each REIT has recognized sustainability as a significant issue and has taken the initiative in implementing various initiatives. Specifically,
KDO has become the first investment corporation in the J-REIT market to participate in GRESB Real Estate Assessment, KDR was thefirst J-REIT to issue social bonds, and KRR was the first J-REIT to introduce investment unit performance fee. The New REIT plans tointegrate and elevate expertise accumulated by Each REIT through the Merger and aims to be a leading company in the sustainability
initiatives. Moreover, the New REIT plans to further enforce the sustainability initiatives under the management system with a highdegree of specialization and diversity by introducing a new management fee structure that is linked to unitholder value and sustainability
metric, improving governance through the enhancement of supervisory officers, and promoting diversity.
(Note 1) The amount of asset size after the Merger is calculated by totaling the asset size of Each REIT. The asset size of KDO is assumed to be the total of acquisition
price of the properties in the portfolio as of April 30, 2023, plus the acquisition (scheduled) price reflecting the acquisitions and sales (including one that arescheduled) of the properties from May 1, 2023 to the effective date of the Merger. The asset size of KDR and KRR is considered to be the appraisal values ofthe properties as of the end of the latest fiscal period (relating to KDR, as of January 31, 2023 (provided, however, that, this includes the acquisitions of SunnyLife Tachikawa and Rehabili-home Bon Sejour Minamisenzoku; relating to KRR, as of March 31,2023). The asset sizes of the other investment corporationsin the J-REIT market are calculated based on the asset sizes including any properties that the other investment corporations announced the acquisition and sale
thereof in the J-REIT market as of April 30, 2023 (acquisition (scheduled) price basis). Therefore, it is not guaranteed that the New REIT after the Merger will
have the third largest asset size in the J-REIT market as of the effective date of the Merger. In regard to the asset size after the Merger, because it is planned
that assets of KDR and KRR will be succeeded at market price based on the purchase method by KDO as the acquiring corporation, the asset size will not be asimple sum of the total (scheduled) acquisition price of KDO and the total appraisal values of KDR and KRR as of the end of the latest accounting period.
(Note 2) The number of properties of the portfolio after the Merger is based on the number of properties of KDO, KDR and KRR as of the date hereof and reflecting
the change in the number of the acquisitions and sales of the properties (including ones that are scheduled) by the effective date of the Merger. KDX Chofu
Building is treated as one property in the calculation of the number of properties of the portfolio after the Merger though KDO owns its office tower and KRR
owns its retail wing respectively as of today. The numbers of the properties of the other investment corporations in the J-REIT market is calculated based on
the number of properties including those that the other investment corporations announced acquisition and sale thereof in the J-REIT market as of April 30,
2023. Therefore, it is not guaranteed that the portfolio of the New REIT after the Merger will have the largest number of properties in the J-REIT market as ofthe effective date of the Merger.

（b）Form of the Merger
KDO will be the surviving corporation under an absorption-type merger and KDR and KRR will be dissolved in the Merger.

-5-

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)（c）Allocation of Investment Units under the Merger
KDO（Surviving corporation in
the absorption-type merger）
Allocation of
investment units
1
under
the Merger

The Investment Corporation（Dissolving corporation in
the absorption-type merger)
1.34（Reference）
Before the Investment Unit Split
0.67

KRR
（Dissolving corporation in theabsorption-type merger)
1.68（Reference）
Before the Investment Unit Split
0.84(Note 1) The number of new KDO investment units to be issued as a result of the Merger (the number of units taking into account the Investment Unit Split of KDO):
2,446,037(Note 2) KDO plans to split one investment unit into 2 investment units with October 31, 2023 as the record date for splitting the investment units and November 1,
2023 as the effective date of the split; the allocation ratio shown above and the number of the New Investment units KDO will allocate and deliver are subject
to the Investment Unit Split taking effect. If 0.67 KDO investment units are allocated and delivered against 1 KDR investment unit and 0.84 KDO investment
units are allocated and delivered against 1 KRR investment unit on the basis of the merger ratio before the Investment Unit Split, there will be many
unitholders of KDR and KRR being allocated fractions of less than one KDO investment unit. To make it possible for unitholders of KDR and KRR tocontinue holding KDO investment units after the Merger, a split of KDO investment units will be carried out before the allocation towards unitholders of KDR
and KRR, in the ratio of two KDO investment units to one KDO investment unit for the purpose of delivering to all unitholders of KDR and KRR at least one
KDO investment unit, and 1.34 KDO investment unit post- Investment Unit Split will be allocated and delivered for every one KDR investment unit and 1.68
KDO investment unit post- Investment Unit Split will be allocated and delivered every one KRR investment unit.

（d）Distributions of Payment Upon the Merger
In addition to the above mentioned investment units, KDO intends to pay unitholders of KDR and KRR (the unitholders stated orrecorded in the final unitholders’ registers of KDR and KRR on the day before the effective date of the Merger (excluding Each REIT
and unitholders of KDR and KRR who has demanded the purchase of their investment units pursuant to Article 149-3 of the Act on
Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended; the “Investment Trusts Act”) (excluding those whohave withdrawn such demand for purchase) (hereinafter referred to as the “Unitholders Subject to Allocation”))), in lieu of cash
distributions (distributions of profits) for the last fiscal period of KDR and KRR which ends the day before the effective date of the
Merger, the Payment upon the Merger in the form of cash distributions based on distributable income of KDR and KRR for that same
period of an amount (disregarding fractions of a yen) which is the quotient resulting from a division of the amount of distributable
income of KDR and KRR on the date before the effective date of the Merger by the number of issued investment units of KDR and
KRR on that date as reduced by the number of investment units held by unitholders other than the Unitholders Subject to Allocation.
The Payment upon the Merger will be paid within a reasonable period from the effective date of the Merger（e）Outline of the latest fiscal period of KDO and KDR
Outline of the latest fiscal period of KDO (Apr. 2023)
Business overview ：Invest in and manage real estate properties or trust beneficiary interest in real estate defined by the Article 149-3of the Act on Investment Trusts and Investment Corporations.
Operating Revenue ：17,290 mil yen
Net Income ：7,205 mil yen
Total Assets ：474,274 mil yen
Total liabilities ：243,791 mil yen
Net Assets ：230,482 mil yen
Outline of the latest fiscal period of KRR (Mar. 2023)
Business overview ：Invest in and manage real estate properties or trust beneficiary interest in real estate defined by the Article 149-3of the Act on Investment Trusts and Investment Corporations
Operating Revenue ：9,924 mil yen
Net Income ：3,922 mil yen
Total Assets ：287,569 mil yen
Total liabilities ：145,002 mil yen
Net Assets ：142,566 mil yen（f）Timing of the Merger
The effective date of the Merger 1 November 2023（Scheduled）-6-

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)② Outlook for the Next Fiscal Period
A. Outlook for Asset Management
KDR primarily invests in residential properties mainly such as rental housing, etc., and healthcare facilities such as privatesenior homes with nursing care, based on the three core strategies: “Consistent External Growth by Making Use of Good
Judgment,” “Efficient Profit Management” and “Challenge to New Business Opportunities.”
Going forward, the Investment Corporation will continue to maximize our unitholder value by evolving into a REIT capable ofadapting to change in social/economical structures and improving its “stability” and “ability to pursue growth,” throughdiversified investment in “spaces where people live and stay” encompassing residential properties and healthcare facilities.
Based on the above two principal investment targets, KDR newly added child-care facilities as an investment target on
September 12, 2019. As "spaces where people live and stay" they are considered to have close affinity with the residential
properties of KDR. In addition, from the perspective of achieving long-term stable rental revenues and steady growth in asset
size, we changed the positioning of lodging facilities, which we have come to recognize as having relatively high earnings
fluctuation risk due to the deterioration of the operating environment triggered by the spread of the new coronavirus infection,
to a secondary investment target in our portfolio construction policy as of October 27, 2021.
(a) Management of Owned Assets
As residential properties, with the goal of securing a rental income with medium- to long-term stability, PM companies and theAsset Management Company work together to formulate leasing strategies in accordance with individual property
characteristics, and by closely allying with leading real estate companies experienced in regional rental markets, seek to maintainor improve occupancy rates and rent levels.
KDR will also take into account the operation statuses of the properties and movements of competing properties and seek tomaintain or improve occupancy rates, raise rent levels at the time of tenant changes, increase rent at the time of lease renewals,
receive key money, reduce the time of vacancy, maintain or improve lease renewal rates, and secure parking revenue and otherauxiliary revenue and other income opportunities to secure rent income.
KDR will respond to requests from some tenants to reduce rents due to the COVID-19 appropriately, taking into accountindividual circumstances.
KDR will further strive to cut down on restoration and other repair and maintenance expenses, review the electricity provider
for common areas in connection with the liberalization of the electricity market, cut costs through the use of LED lighting forcommon areas, and reduce tenant solicitation and other costs.
KDR will carry out strategic work to update common areas and enhance the value of leased areas of the properties and continue
implementing appropriate, major repairs, as necessary, while it seek to maintain or enhance the market competitiveness of its
assets.
As healthcare facilities, KDR continues to monitor properly operational status of facilities it owns and business status ofoperators by information about them and companies from operators, inspection of operating status and interview by visiting
them and interview with managements in operating company, etc.
Considering results of monitoring, KDR proposes to improve buildings, facilities and operation and examines changing
operators in case important issue occurs in succession of management in operators. KDR contracts back-up operation conclusion
with operators and support companies in preparation of changing operators.
KDR will manage to make internal growth by deepening relation with operators such as value-ups based on proposal fromoperators and cooperation for resolving issues in operation.
(b) Financing Strategy
KDR will continue to pay close attention to changes in interest rates and other developments in the financing environment andwill consider various options and choose optimal financing means in order to achieve the optimal balance between financial
stability and financing costs, and seek to build an appropriate financial base.
(c) Important Subsequent Events
As described in “F. The Merger Among KDR, KDO and KRR”, at Each REIT’s Board of Directors Meeting held on June 13,2023, resolved to undertake the Merger, and on have also executed the Merger Agreement on the same day. Moreover, theproposals were approved at Each REIT’s General Meeting of Unitholders held on August 21 and 22, 2023.

-7-

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

B. Earnings Forecasts
The earnings forecasts for the final fiscal periods ending Oct. 31, 2023 (from August 1, 2023 to October 31, 2023(Note 1)) is estimatedas set forth below.

Final Fiscal period ending October 31, 2023 (from August 1, 2023 to October 31, 2023)
Operating revenues
Operating Income
Ordinary income
Net Income
Distributions per unit
Of the above, distributions in excess of earnings

4,975 million yen
2,446 million yen
2,083 million yen
2,083 million yen
2,070 yen
- yen

Please refer to “Assumptions for the Earnings Forecasts for the Final Fiscal Period Ending October 31, 2023 (from August 1, 2023
to October 31, 2023)” set forth below for information on current assumptions for the forecasts of operating results.
(Note 1) The period covered by the forecasts of earnings forecasts is the three-month final fiscal period from August 1, 2023 to October 31, 2023, the day immediately
prior to the effective date of the Merger based on the Merger Agreement executed by KDR, KDO and KRR on June 13, 2023.
(Note 2) After the Merger, in lieu of cash distributions (distribution of profit) to the unitholders of KDR for KDR’s final fiscal period from August 1, 2023 to October
31, 2023, the New REIT will, within a reasonable period after the effective date of the Merger, make a Payment Upon the Merger to the unitholders (theunitholders listed or recorded on the final unitholders register of KDR as of the day immediately prior to the effective date of the Merger (excluding KDO,
KDR, KRR and the unitholders who have demanded the purchase of their investment units pursuant to the provisions of Article 149-3 of the Act on
Investment Trusts and Investment Corporations)), in an amount equivalent to the cash distributions for the above mentioned fiscal period.

-8-

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Assumptions for the Earnings Forecasts for the Final Fiscal Period Ending October 31, 2023 (from August 1, 2023 to October 31, 2023)
Item
Calculation Period
Property Portfolio

Operating Revenues

Operating Expenses

Assumptions
・Fiscal period ending October 31, 2023 (from August 1, 2023 to October 31, 2023) (92 days)*Assuming that the Merger will become effective on November 1, 2023.
・It is assumed that there will be no material change from 182 real estate and trust beneficiary interests in real estate
held as of today, and up until the end of fiscal period ending October 31, 2023.
・However, the actual property portfolio may change due to new property acquisition.
・Rental revenues are based on the leasing agreements currently in place and other factors including expectationsof market trends, property competitiveness, etc. The average occupancy for the residential properties is expected
to be 96.5%, and healthcare facilities and accommodation facilities is expected to be 100.0% for the fiscal period
ending October 31, 2023.
・Operating revenues are based on the assumption that there will be no lessees who rent in arrears or non-paymentsfrom tenants.
・Property-related operating expenses other than depreciation are calculated based on historic data, and these
expenses reflect seasonal factors fluctuations.
・Depreciation is calculated based on the straight-line method, and is assumed to be 886 million yen for the fiscal
period ending October 31, 2023.
・Property-related taxes are assumed to be 304 million yen for the fiscal period ending October 31, 2023.
・Repair expenses are assumed based on the amounts budgeted by the Asset Management Company for each
property considered essential. However, actual repair expenses may differ significantly from the forecast
amounts due to unforeseen circumstances possibly causing repair expenses to arise.
・One-time cost relevant to the Merger is assumed to be 65 million yen.
・KDR amended its Articles of Incorporation (approved at the General Meeting of Unitholders on August 21, 2023)
with respect to the calculation method of Asset Management Fee II, which is based on the assumption that the
fiscal period is six months, as the final fiscal period prior to the effective date of the Merger will be less than six
months.

・Amortization of costs relating to the issuance and offering of new investment units are assumed to be 9 million
yen for the fiscal period ending October 31, 2023 (It is assumed that the costs relating to the issuance and offeringof new investment units will be amortized over thirty six months using the straight-line method.).
・Interest expenses and other debt-related expenses are assumed to be 351 million yen in the fiscal period ending
October 31, 2023.
・The balance of KDR's interest-bearing debt as of today is 165,920 million yen, consisting of borrowings ofInterest-bearing debt
158,220 million yen and investment corporation bonds of 7,700 million yen. The balance of KDR's interestbearing debt is assumed to be 165,920 million yen at the end of the fiscal period ending October 31, 2023.
Total number of・The total number of investment units issued and outstanding as of today is 1,070,433 units, and it is assumed thatinvestment units
there will be no issuance of new investment units, etc., through to the end of the fiscal period ending October 31,
issued2023.
and outstanding
・Payment Upon the Merger (Payment Upon the Merger per unit) will be paid in lieu of cash distributions for the
final fiscal period ending October 31, 2023, and is calculated in accordance with the cash distributions policy set
Paymenrt upon theforth in the articles of incorporation of KDR.
Merger per Unit
・Payment Upon the Merger per unit may vary due to various factors, including the status of exercise of rights todemand purchase as a result of the Merger, change in asset under management, fluctuation in real estate rent
revenue accompanying change in tenants, etc., or the incurrence of unexpected repairs.
・It is assumed that there will be no revision to the laws and regulations, tax systems, accounting standards, listing
regulations, rules of The Investment Trusts Association, Japan, etc., that will impact the above forecast figures.
Other・It is assumed that there will be no unforeseen serious change in general economic trends and real estate market
conditions, etc.
Non-operating
Expenses-9-

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(2) Investment Risks
Investment Risks are revised from the “Investment Risks” in the most recent Securities Report submitted on April 25, 2023.
Risk concerning a series of initiatives for the Merger of KDR
KDR has executed the Merger Agreement with KDO and KRR on June 13, 2023. However, there is no guarantee that the Merger will
be realized. Furthermore, the terms and conditions of the Merger may be changed. If the Merger is not realized or the terms and conditionsof the Merger are changed, the market price of the Investment Units may be affected. Also, even if the Merger is realized, there is no
guarantee that KDR will be able to achieve the objectives contemplated in the Merger and a series of related transactions.
Risk concerning occurrence of positive goodwill and reversal of voluntary reserves or distributions in excess of earnings equivalent tothe amount of goodwill amortization
In the Merger, it is assumed that the Accounting Standard for Business Combinations (ASBJ Statement No. 21, as amended on January
16, 2019) will be applied and the Merger will be accounted for by the purchase method, with KDO as the acquiring company and KDR
and KRR as the acquired companies, and goodwill (“Positive Goodwill”) may arise from the Merger. If Positive Goodwill arises, it willbe amortized over a period of up to 20 years using the straight-line method. Amortization of Positive Goodwill cause a difference between
accounting profit and income for tax purpose due to the difference between accounting and tax treatment (“Inconsistency between
Accounting and Taxation”), and therefore KDR plans to reduce the incidence of income taxes by distributing the amount equivalent tosuch amortization through reversal of voluntary reserves (reserves for temporary difference adjustments or reserves for distributions) orother means such as distributions in excess of earnings (distributions equivalent to the increase in reserves for temporary difference
adjustments.). However, depending on future handling pertaining to the interpretation and operation of laws, regulations, and other ruleson the handling of Positive Goodwill, reserves for temporary difference adjustments and other matters concerning Inconsistency between
Accounting and Taxation, unexpected restrictions may be imposed on the activities of KDR or tax burden on KDR may be increased,
adversely affecting profits of KDR, the amount of distributions to unitholders.

- 10 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
2. Financial Statements(1) Balance Sheets(in thousands of yen)
22nd Fiscal Period

23rd Fiscal Period(As of January 31, 2023)(As of July 31, 2023)

AssetsCurrent assets
Cash and deposits

13,949,810

13,203,144

Cash and deposits in trust

11,589,952

11,057,971

Operating accounts receivable

65,82652,440Prepaid expenses

10,95367,710-28,477

5,414

4,166

25,621,956

24,413,910

447,056

1,322,747

Accumulated depreciation-5,962-22,036

Buildings, net

441,0931,300,710

10,306

31,606

Consumption taxes receivable
Other
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings

Structures

-292

-992

10,01330,613Tools, furniture and fixtures

10,34245,429

Accumulated depreciation-430-1,683Tools, furniture and fixtures, net

9,912

43,746

Accumulated depreciation
Structures, net

Land
Buildings in trust

1,804,624

4,397,829

125,940,957

127,272,710

Accumulated depreciation-20,303,778-21,938,495

Buildings in trust, net

105,637,178

105,334,215

1,568,935

1,574,202

Accumulated depreciation-429,359-469,601

Structures in trust, net

1,139,576

1,104,601

Machinery and equipment in trust

1,600,108

1,659,175

Accumulated depreciation-552,744-588,714

Machinery and equipment in trust, net

1,047,363

1,070,460

1,405,598

1,457,373-249,410-292,713

Structures in trust

Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Total property, plant and equipment, net

1,156,188

1,164,659

185,748,052

185,749,321

296,994,003

300,196,157

1,849,451

1,847,727

129-

1,849,581

1,847,727

89,34889,228

841,793

780,469

1,507,646

805,103

Intangible assets
Leasehold right in trust
Other
Total intangible assets
Investments and other assets
Lease and guarantee deposits
Long-term prepaid expenses
Other
Total investments and other assets
Total noncurrent assets- 11 -

2,438,787

1,674,801

301,282,373

303,718,686

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(in thousands of yen)
22nd Fiscal Period

23rd Fiscal Period(As of January 31, 2023)(As of July 31, 2023)

40,131

36,162

Investment unit issuance costs

69,73350,691

Total deferred assets

109,864

86,853

327,014,194

328,219,450

Deferred assets
Investment corporation bond issuance costs

Total assets
Liabilities
Current liabilities
Operating accounts payable

674,463

941,154

Short-term loans payable

8,250,000

2,000,000

Current portion of investment corporation bonds

1,000,000

1,000,000

Current portion of long-term loans payable

18,100,000

20,350,000

Accounts payable-other445,820

443,709

Accrued expenses

59,23870,593605

605

78,10321,002

Advances received

1,448,324

1,474,720

Deposits received

93,981

82,913

Income taxes payable
Accrued consumption taxes

1,008

735

30,151,545

26,385,436

6,700,000

6,700,000

130,170,000

135,870,000

140,000

277,440

Tenant leasehold and security deposits in trust

3,826,300

3,815,292

Tenant lump sum deposits in trust

4,325,202

4,227,622

68,63868,826-

26,046145,230,141

150,985,227

175,381,687

177,370,664

130,379,080

130,379,080

13,187,100

13,187,100*2 1,840,000*2 1,820,000

1,840,000

1,820,000

Other
Total current liabilities
Noncurrent liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits

Asset retirement obligations
Other
Total noncurrent liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
SurplusCapital surplus
Voluntary retained earnings
Reserve for temporary difference adjustments
Total voluntary retained earnings
Unappropriated retained earnings (undisposed loss)

4,718,142

4,682,702

Total surplus

19,745,242

19,689,802

150,124,322

150,068,882

1,508,184

779,904

Total unitholders' equity
Valuation and translation adjustments
Deferred gains or losses on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets- 12 -

1,508,184

779,904*1 151,632,506*1 150,848,786

327,014,194

328,219,450

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(2) Statements of Income and Retained Earnings(in thousands of yen）
22nd Fiscal Period

23rd Fiscal Period

August 1, 2022 toFebruary 1, 2023 toJanuary 31, 2023

July 31, 2023

Operating revenues
Rent revenue-real estate*1

9,064,123*1 9,378,143

Other lease business revenue*1

567,986*1 704,871

Gain on sale of real estate property*2

Total operating revenues

304,729-

9,936,839

10,083,015

Operating expenses
3,517,747*1 3,717,195

Asset management fees

*1769,195

756,233

Asset custody fees

16,385

16,513Administrative service fees

54,012

57,043

Expenses related to rent businessDirectors' compensation

4,500

4,500

Other operating expenses

280,282

308,840

Total operating expenses

4,642,123

4,860,326

5,294,715

5,222,688

Interest income

46

46

Gain on forfeiture of unclaimed dividends

100

165

Interest on refund

16-

Total non-operating income

163

212

512,288523,846

Operating income
Non-operating income

Non-operating expenses
Interest expenses
Interest expenses on investment corporation bonds

26,853

26,386

Borrowing expenses

135,305

147,660

Amortization of investment corporation bond issuance costs

3,968

3,968

Amortization of investment unit issuance costs

22,627

19,041

701,045

720,903

Ordinary income

4,593,834

4,501,997

Income before income taxes

4,593,834

4,501,997

605

605

Total non-operating expenses

Income taxes
Current
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)- 13 -

605

605

4,593,229

4,501,392

124,913

181,309

4,718,142

4,682,702

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(3) Statements of Changes in Net Assets
22nd Fiscal Period（in thousands of yen）

August 1, 2022 to January 31, 2023

Unitholders'
capitalBalance at the beginning of current period
Changes of items during the period
Issuance of new investment units
Reversal of reserve for temporary
difference adjustments
Dividends from surplus
Net income
Net changes of items other thanunitholders' equity
Total changes of items during the period
Balance at the end of current period

125,564,617

Capital surplus

13,187,100

Unitholders' equity
Surplus
Voluntary reserve
UnappropriatedReserve forretained earnings
temporary
Total voluntary(undisposed loss)
difference
reserveadjustments
1,860,000
1,860,000
4,393,566

Total
unitholders'equityTotal
surplus19,440,666

4,814,462

4,814,462-20,000

4,814,462* 1 130,379,080

145,005,284

13,187,100-20,000
1,840,000-20,000-20,000
1,840,000

20,000---4,288,653
4,593,229-4,288,653
4,593,229-4,288,653
4,593,229

324,575
4,718,142

304,575
19,745,242

5,119,038
150,124,322

Valuation and translation
adjustments

Balance at the beginning of current period
Changes of items during the period
Issuance of new investment units
Reversal of reserve for temporary
difference adjustments
Dividends from surplus
Net income
Net changes of items other thanunitholders' equity
Total changes of items during the period
Balance at the end of current period

23rd Fiscal Period

Deferred gains
and losses onhedgesTotal valuationand translation
adjustments

252,885

252,885

Total net
assets145,258,169
4,814,462-4,288,653
4,593,229

1,255,298

1,255,298

1,255,298

1,255,298
1,508,184

1,255,298
1,508,184

6,374,337
151,632,506（in thousands of yen）

February 1, 2023 to July 31, 2023

Unitholders'
capitalBalance at the beginning of current period
Changes of items during the period
Reversal of reserve for temporary
difference adjustments
Dividends from surplus
Net income
Net changes of items other thanunitholders' equity
Total changes of items during the period
Balance at the end of current period

130,379,080

Capital surplus

13,187,100

Unitholders' equity
Surplus
Voluntary reserve
UnappropriatedReserve forretained earnings
temporary
Total voluntary(undisposed loss)
difference
reserveadjustments
1,840,000
1,840,000
4,718,142-20,000* 1 130,379,080

13,187,100-20,000
1,820,000

Valuation and translation
adjustments

Balance at the beginning of current period
Changes of items during the period
Reversal of reserve for temporary
difference adjustments
Dividends from surplus
Net income
Net changes of items other thanunitholders' equity
Total changes of items during the period
Balance at the end of current period

Deferred gains
and losses onhedgesTotal valuationand translation
adjustments

1,508,184

1,508,184

Total net
assets151,632,506-4,556,833
4,501,392-728,279-728,279-728,279-728,279
779,904-728,279
779,904-783,720
150,848,786- 14 --20,000-20,000
1,820,000

Total
unitholders'equityTotal
surplus19,745,242

150,124,322

20,000---4,556,833
4,501,392-4,556,833
4,501,392-4,556,833
4,501,392-35,440
4,682,702-55,440
19,689,802-55,440
150,068,882

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(4) Distributions
22nd Fiscal Period(From August 1, 2022 to January 31, 2023)

23rd Fiscal Period(From February 1, 2023 to July 31, 2023)

I. Retained earnings at the end of period¥4,718,142,642¥4,682,702,038

II. Reversal of voluntary retained earnings
Reversal of reserve for temporary
difference adjustments *1¥20,000,000¥20,000,000¥4,556,833,281¥4,257¥4,521,508,992¥4,224¥181,309,361¥181,193,046

In accordance with the policy described in Article 38-1 of
its Articles of Incorporation, the Investment Corporation
determines that the amount of distribution shall exceed theamount equivalent to 90% of its distributable profit as
stipulated in Article 67-15 of the Special Taxation
Measures Law, and shall not exceed its accounting profits
as the maximum amount. Following this policy, theInvestment Corporation has decided that it shall distribute¥4,556,833,281, which is the amount deducted a part ofgain on sale of real estate property and other adjustmentsfrom net income and added reversal of reserve fortemporary difference adjustments, as the distribution of
earnings.
Procedures for the distribution of amounts exceeding
distributable income are outlined in Article 38-2 of theInvestment Corporation’s Articles of Incorporation. In the
22nd fiscal period, the Investment Corporation has decided
not to distribute cash in excess of distributable profit.

In accordance with the policy described in Article 38-1
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 Law, and shall not exceed its
accounting profits as the maximum amount. Following
this policy, the Investment Corporation has decided thatit shall distribute ¥4,521,508,992, which is the amount of¥4,501,392,677 in net income and ¥116,315 fromretained earnings brought forward and ¥20,000,000
reversal of reserve for temporary difference adjustments,
as the distribution of earnings.
Procedures for the distribution of amounts exceeding
distributable income are outlined in Article 38-2 of theInvestment Corporation’s Articles of Incorporation. In
the 23rd fiscal period, the Investment Corporation has
decided not to distribute cash in excess of distributableprofit.

III. Total distributions
Distributions per unit
Ⅳ. Retained earnings brought forward to
the next period
Method of calculating distribution amount- 15 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(5) Statements of Cash Flows(in thousands of yen)
22nd Fiscal Period

23rd Fiscal Period

August 1, 2022 toFebruary 1, 2023 toJanuary 31, 2023

July 31, 2023

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

4,593,834

4,501,997

Depreciation and amortization

1,721,959

1,774,301

Amortization of investment corporation bond issuance expenses

3,968

3,968

Amortization of investment unit issuance costs

22,627

19,041

Interest income

-46

-46

Interest expenses

539,142550,232

Decrease (increase) in operating accounts receivable-8,767

13,385Decrease (increase) in consumption taxes refund receivable

9,475-28,477

5,914-56,757

Increase (decrease) in operating accounts payable

101,379-122,806

Increase (decrease) in accounts payable-other

59,423-2,957

Increase (decrease) in accrued consumption taxes

61,977-57,101

Increase (decrease) in advances received

60,976

26,396

Decrease (increase) in long-term prepaid expenses

98,251

61,324

Decrease in net property, plant and equipment held in trust due to sale831,329-

Other, net

10,659-9,928Subtotal

8,112,105

6,672,572

46

46-539,291-538,898

1,211

-604

7,574,072

6,133,116

Purchase of property, plant and equipment-2,099,311-3,524,041

Purchase of property, plant and equipment in trust-10,676,912-1,060,873-

120

Decrease (increase) in prepaid expenses

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

Proceeds from lease and guarantee deposits
Proceeds from tenant leasehold and security deposits

140,000

137,440

Repayments of tenant leasehold and security deposits in trust-146,848-155,503

Proceeds from tenant leasehold and security deposits in trust

241,166

144,496

Repayments of tenant lump sum deposits in trust-232,050-394,903

Proceeds from tenant lump sum deposits in trust
Net cash provided by (used in) investing activities

142,468

297,323-12,631,488-4,555,941

3,850,000

1,200,000

Net cash provided by (used in) financing activities
Proceeds from short-term loans payable
Repayments of short-term loans payable--7,450,000

Proceeds from long-term loans payable

7,000,000

16,250,000

Repayments of long-term loans payable-6,250,000-8,300,000

Proceeds from issuance of investment units

4,781,336-

Dividends paid

-4,288,507-4,555,821

Net cash provided by (used in) financing activities

5,092,828-2,855,821

Net increase (decrease) in cash and cash equivalents

35,412-1,278,646

Cash and cash equivalents at the beginning of period

25,504,350

25,539,762

25,539,762※1 24,261,115*1Cash and cash equivalents at the end of period- 16 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(6) Notes to the Going Concern
Not applicable(7) Important Accounting Standards
1. 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 69 years
Structures: 3 to 65 years
Machinery and equipment: 3 to 40 years
Tools, furniture and fixtures: 2 to 30 years(2) Intangible assets(includes trust assets)
The straight-line method is applied.
Land leasehold: Fixed term land leaseholds is amortized over a contractual period under the straight-line method.
(3) Long-term prepaid expenses
The straight-line method is applied.

2. Accounting policies fordeferred assets(1) Unit issuance costs
Unit issuance costs are amortized over a period of 3 years under the straight-line method.
(2) Investment corporation bond issuance costs
Bond issuance costs are amortized by applying the straight-line method for the entire redemption period.

3. Accounting standards forrevenues and expenses(1) Property-related taxes including property taxes, city planning taxes and depreciable property taxes are imposed on
properties on a calendar year basis. These taxes are generally charged to operating expenses for the period, for the portionof such taxes corresponding to said period. Under Japanese tax regulations, the seller of the property is liable for these taxes
on the property from the date of disposal to the end of the calendar year in which the property is disposed. The seller,
however, is reimbursed by the purchaser for these accrued property-related tax liabilities.
When the Investment Corporation purchases properties, it typically allocates the portion of the property-related taxes
related to the period following the purchase date of each property through the end of the calendar year. The amounts of
those allocated portions of the property-related taxes are capitalized as part of the acquisition costs of the related
properties. Capitalized property-related taxes amounted to ¥5,436 thousand and ¥10,836 thousand as of January 31, 2023
and July 31, 2023, respectively.
(2) The main content of the performance obligation regarding the revenue from contracts with the customers of theInvestment Corporation and the normal point of time when satisfying the said performance obligation (normal point oftime when recognizing revenue) are as follows.
1. Sale of real estate property
For the revenue from sale of real estate, etc., revenue is recorded when the buyer who is a customer gains control of thereal estate by performing the obligation of handover stipulated in the contract for real estate sales.
2. Utility charge reimbursements
For utility charge reimbursement, revenue is recorded in accordance with the supply of electricity, tap water, etc. to thelessee who is a customer based on the lease agreement 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 by deducting the amount paid to other related parties supplying electricity, gas, etc.
from the amount received as the fee of electricity, gas, etc. is recognized as revenue

4. Accounting for hedges(1) Hedge accounting method
The deferred hedge method is applied. However, the special treatment is applied for the interest-rate swap agreementsthat meet the criteria.
(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 theobjective of hedging risks in accordance with its Articles of Incorporation.
(4) Method of evaluating the effectiveness of hedging
As for the method of assessment of the effectiveness of the hedge in the period from the inception of the hedge to thetime of judgment of its effectiveness, the cumulative changes in cash flow of the hedged items and hedging instruments
are compared and a judgment is made based on changed amount, etc. However, an assessment of the effectiveness ofhedging activities is omitted in the case of interest rate swaps that meet the requirements for special treatment.

5. The scope of cash and cash
equivalents on statements ofcash flows

Cash and cash equivalents consist of cash on hand, deposits placed with banks and short-term investments which are highly
liquid, readily convertible to cash and with insignificant risk of market value fluctuation, with maturities of three months orless from the date of purchase.

- 17 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
7. Other significant accounting
policies utilized in the
preparation of financial
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 the form of trust beneficiaryinterests in real estate and other assets are recorded in full in the Investment Corporation’s balance sheets andstatements of income.
Important line items included in accounting for financial assets and liabilities in the Investment 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, landin trust, leasehold right in trust
3. Tenant leasehold and security deposits in trust, tenant lump sum deposits in trust(2) Accounting method for consumption tax
Consumption taxes are separately recorded. Non-deductible consumption taxes applicable to the acquisition of assets
are included in the cost of acquisition for each asset.

(8) Notes to the Financial Statements(Notes to the Balance Sheets)* 1. Minimum unitholders’ equity pursuant to Article 67-4 of the Law Concerning Investment Trusts and Investment Corporations Law(in thousands of yen)
As of January 31, 2023

As of July 31, 2023
50,00050,000*2. Reserve for temporary difference adjustments

22nd Fiscal Period (As of January 31, 2023)
The following summarizes reserve for temporary difference adjustments.
Balance at
Initial amountthe beginningof the period
Gain on negative good will*

2,000,000(in thousands of yen)
Reserveduring theperiod

1,860,000

Reversalduring theperiod-Balance atthe end of
the period
20,0001,840,000

Reason for reserve andreversalAppropriate for
distribution* The Investment Corporation has reserved a part of gain on negative goodwill in the 13th fiscal period as reserve for temporary difference adjustments. At least 1% of
the initial amount in equal installments over 50 years (100 fiscal periods) will be reversed every fiscal period starting from the next fiscal period after the period, inwhich the initial amount was reserved.

23rd Fiscal Period (As of January 31, 2023)
The following summarizes reserve for temporary difference adjustments.
Balance at
Initial amountthe beginningof the period
Gain on negative good will*

2,000,000(in thousands of yen)
Reserveduring theperiod

1,840,000

Reversalduring theperiod-Balance atthe end of
the period
20,0001,820,000

Reason for reserve andreversalAppropriate for
distribution* The Investment Corporation has reserved a part of gain on negative goodwill in the 13th fiscal period as reserve for temporary difference adjustments. At least 1% of
the initial amount in equal installments over 50 years (100 fiscal periods) will be reversed every fiscal period starting from the next fiscal period after the period, inwhich the initial amount was reserved.

3. Commitment line contracts
KDR has commitment line contracts with the banks with which it does business.
As of January 31, 2023
Total amount of commitment line contracts

As of July 31, 2023
4,500,000

Balance of loans payable outstanding
Remaining amount- 18 -

4,500,000--

4,500,000

4,500,000

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Notes to the Statements of Income and Retained Earnings)* 1. Breakdown of real estate rental business profit and loss
(in thousands of yen)
From August 1, 2022
to January 31, 2023

From February 1, 2023
to July 31, 2023

A. Rental and other operating revenues:
Rental revenues

8,667,473

8,972,830

396,649

405,313

9,064,123

9,378,143

Parking space rental revenues

218,133

221,908

Miscellaneous

349,853

482,963

Subtotal

567,986

704,871

9,632,109

10,083,015

485,006

529,327

142,779

131,876

Taxes

572,380

612,889

Repairs and maintenance332,342

388,639

Insurance

15,87516,019Trust fees

62,19863,613

Depreciation

1,721,183

1,774,171

185,981200,656

3,517,747

3,717,195

6,114,362

6,365,819

Common area charges
Subtotal
Others:Total rental and other operating revenues
B. Property-related expenses:
Property management fees and facility management
fees
Utilities

OthersTotal property-related expenses
C. Net operating income (A-B)*2. Gain and Loss on sale of real estate property
22nd Fiscal Period (August 1, 2022 to January 31, 2023):(in thousands of yen)
KDX Residence Higashi SakuraⅡ
Revenue from sale of the investment property
Costs of the investment property
Other sales expenses

1,180,000
831,329
43,940304,729

Gain on sale of real estate property
23rd Fiscal Period (February 1, 2023 to July 31, 2023): Not applicable(Notes to the Statements of Changes in Net Assets)* 1. Total number of authorized investment units and total number of investment units issued and outstanding are as follows:
From August 1, 2022
to January 31, 2023

From February 1, 2023
to July 31, 2023

Total number of authorized investment units

10,000,000 units

10,000,000 units

Total number of investment units issued and outstanding

1,070,433 units

1,070,433 units- 19 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Notes to Distributions)22nd Fiscal Period (August 1, 2022 to January 31, 2023)*1. Reserve for temporary difference adjustments
The Investment Corporation has reserved ¥2,000,000,000 as reserve for temporary difference adjustments from gain on negative goodwill in the 13th fiscal period.
At least 1% of the initial amount in equal installments over 50 years (100 fiscal periods) will be reversed every fiscal period applied to distribution starting from the14th fiscal period distribution. It has been decided that ¥20,000,000 shall be reversed and applied to distribution in the 22nd fiscal period distribution.

23rd Fiscal Period (February 1, 2023 to July 31, 2023)*1. Reserve for temporary difference adjustments
The Investment Corporation has reserved ¥2,000,000,000 as reserve for temporary difference adjustments from gain on negative goodwill in the 13th fiscal period.
At least 1% of the initial amount in equal installments over 50 years (100 fiscal periods) will be reversed every fiscal period applied to distribution starting from the14th fiscal period distribution. It has been decided that ¥20,000,000 shall be reversed and applied to distribution in the 23rd fiscal period distribution.

(Notes to the Statements of Cash Flow)* 1. Reconciliation of balance sheet items to cash and cash equivalents at end of period in the cash flows statements(in thousands of yen)
As of January 31, 2023

As of July 31, 2023

Cash and deposits

13,949,810

13,203,144

Cash and deposits in trust

11,589,952

11,057,971

Cash and cash equivalents

25,539,762

24,261,115(Notes to the Lease Transactions)Operating lease transactions (Lessee)
Unearned lease payments(in thousands of yen)
As of January 31, 2023

As of July 31, 2023

Due in 1 year

12,00012,000Due after 1 year

509,000

503,000

Total

521,000

515,000

Operating lease transactions (Lessor)
Unearned lease payments(in thousands of yen)
As of January 31, 2023

As of July 31, 2023

Due in 1 year

4,581,500

4,696,153

Due after 1 year

22,618,705

21,502,417

Total

27,200,205

26,198,570- 20 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Notes to the Financial Instruments)(A). Overview(1) Policy for financial instruments
The Investment Corporation procures funds for asset acquisitions, repairs, payment of distributions, repayment of loans, etc. through loans from financial institutions,issuance of investment corporation bonds, issuance of investment units and other means. With regard to the procurement of interest-bearing debts, the Investment
Corporation ensures that it can effectively combine stable long-term funds with flexible short-term funds. Management of surplus funds is undertaken through variousbank deposits focusing on safety, liquidity and effectiveness. The Investment Corporation uses derivatives for the purpose of hedging its exposure to changes in interest
rates and other risks and does not enter into derivative transactions for speculative or trading purposes.
(2) Types of financial instruments and related risk
Bank deposits are for managing the Investment Corporation’s surplus funds and are exposed to credit risk such as the bankruptcy of financial institutions at which funds
are deposited. Investment securities represent equity investments in an anonymous association and are exposed to credit risk of the issuer and interest rate fluctuation risk.
Borrowings and investment corporation bonds are made primarily for the purpose of procuring funds for the acquisition of real estate and trust beneficiary interests in realestate and have a repayment date of a maximum of 8 years and 4 months for borrowings and also have a redemption date of a maximum of 7 years and 10 months forinvestment corporation bonds as of July 31, 2023, the end of the 23rd fiscal period, are exposed to liquidity risk where alternative funds may not be procured by therepayment date. Also, borrowings with floating interest rates are exposed to interest rate fluctuation risk. Derivatives are used for the purpose of hedging interest rate
fluctuation risk for a certain portion of the borrowings.
(3) Risk management for financial instrumentsa.

Credit risk

While bank deposits are exposed to credit risk such as the bankruptcy of financial institutions at which funds are deposited, such risk is monitored by deposits in noninterest bearing ordinary savings accounts or with financial institutions with credit ratings above a certain level. Investment securities represent equity investments in ananonymous association and are exposed to credit risk of the issuer and interest rate fluctuation risk. To manage this credit risk, the Investment Corporation regularly
evaluates the results of operations and the financial condition of the issuer, etc. In utilizing derivatives, the Investment Corporation aims to mitigate counterparty risk suchas by transacting with financial institutions with favorable ratings.

b.

Market risk

While borrowings with floating rates are exposed to interest rate volatility risk, such risk is monitored by adjusting the rate of the balance of borrowings with floating rates
against the total borrowings according to the financial environment, interest rate forecasts by continuous monitoring, etc. and by using derivatives, etc. A risk management
policy is established with regard to the execution and management of derivatives and such transactions are conducted based on this policy. The Investment Corporation
periodically reviews the value of the property and financial condition of the issuer with regard to investment securities.

c.

Liquidity risk

Though borrowings are subject to liquidity risk, the Investment Corporation reduces such risk by spreading out payment due dates and by diversifying financial institutions.
Liquidity risk is also managed by such means as regularly checking the balance of cash reserves.

(4) Supplementary explanation of the estimated fair value of financial instruments
The fair value of financial instruments is based on their quoted market price, if available. When there is no quoted market price available, fair value is reasonably estimated.
Since various assumptions and factors are reflected in estimating the fair value, different assumptions and factors could result in a different fair value.

(B). Estimated Fair Value of Financial Instruments
The carrying value of financial instruments on the balance sheet as of July 31, 2023 and estimated fair value are shown in the following table. Moreover, because “Cashand deposits,” “Cash and 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 bookvalue. Therefore, the notes for these accounts have been omitted.
As of January 31, 2023
(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 transactions

Carrying amount
1,000,000
18,100,000
6,700,000
130,170,000
155,970,000
1,508,184- 21 -

Estimated fair value
999,900
18,106,039
6,530,860
129,736,042
155,372,842
1,508,184(in thousands of yen)
Difference
-100
6,039
-169,140-433,957-597,157-

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)* Figures indicate net amount of derivative assets/liabilities derived from derivative transactions, with minus representing net liabilities.
As of July 31, 2023
(in thousands of yen)
Carrying amount
Estimated fair value
Difference(1) Current portion of investment corporation bonds
1,000,000
1,000,100
100(2) Current portion of long-term loans payable
20,350,000
20,343,831-6,168(3) Investment corporation bonds
6,700,000
6,572,430-127,570(4) Long-term loans payable
135,870,000
135,380,740-489,259
Total
163,920,000
163,297,102-622,897
Derivative transactions
779,904
779,904* Figures indicate net amount of derivative assets/liabilities derived from derivative transactions, with minus representing net liabilities.
Note 1: Methods to determine the estimated fair value of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of long-term loans payable and (3) Long-term loans payable
Among these items, the fair value of loans payable with fixed interest rates is calculated based on the present value, which is the total amount of principal and interest
discounted by the estimated interest rate to be applied in the event that the Investment Corporation conducts new borrowings of the same type. As for the fair value of loans
payable with floating interest rates, it is based on the carrying amount since market interest rates are reflected in the short term and the fair value is believed to approximate
the carrying amount as the credit standing of the Investment Corporation has not changed significantly since the loans were made. (However, the fair value of long-termloans payable subject to the special treatment for interest-rate swaps is based on the present value of the total of principal and interest, accounted for together with theapplicable interest-rate swaps, discounted by the estimated interest rate to be applied in the event that the Investment Corporation conducts new borrowings of the same
type.)(2) Investment corporation bonds
The fair value of investment corporation bonds is based on market prices.
Derivative transactions
Please refer to “Notes to the Derivative Transactions”.

Note 2: Redemption schedule for loans payable and investment corporation bonds
As of January 31, 2023

Investment corporation bonds
Long-term loans payable
Total

Due in 1 year or
less
1,000,000
18,100,000
19,100,000

Due after 1 year
through 2 years
18,400,000
18,400,000

Due after 2 years
through 3 years
24,300,000
24,300,000

Due after 3 years
through 4 years
1,000,000
25,000,000
26,000,000(in thousands of yen)
Due after 4 years
Due after 5 years
through 5 years
5,700,000
24,400,000
38,070,000
24,400,000
43,770,000

Due in 1 year or
less
1,000,000
20,350,000
21,350,000

Due after 1 year
through 2 years
22,650,000
22,650,000

Due after 2 years
through 3 years
28,400,000
28,400,000

Due after 3 years
through 4 years
1,000,000
24,800,000
25,800,000(in thousands of yen)
Due after 4 years
Due after 5 years
through 5 years
5,700,000
29,000,000
31,020,000
29,000,000
36,720,000

As of July 31, 2023

Investment corporation bonds
Long-term loans payable
Total- 22 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Notes on Revenue Recognition)
1. Information on the Breakdown of Revenue from Contracts with Customers
22nd Fiscal Period (August 1, 2022 to January 31, 2023)
Revenue from contracts with customers *1(in thousands of yen)
Net sales to external customers

Revenue from sale of real estate, etc.

1,180,000*2 304,729

Utility charge reimbursement
Other
Total

54,984⁻
1,234,984

54,984
9,577,125
9,936,839*1 The rental revenues, etc. subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No. 13) and the sale ofreal estate, 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 not included in the above amount as they are not applied to the Revenue Recognition Accounting Standard. Moreover, themain revenue from contracts with customers are revenue from sale of real estate, etc. and utility charge reimbursement.
*2 As proceeds from sale of real estate property are recorded as gain on sale of real estate property in the statements of incom e andretained earnings, the amount calculated by deducting the cost of real estate property sales and other sales expenses fromproceeds from sale of real estate property is indicated.
23rd Fiscal Period (February 1, 2023 to July 31, 2023)(in thousands of yen)
Net sales to external customers

Revenue from contracts with customers *Revenue from sale of real estate, etc.

⁻Utility charge reimbursement⁻

66,183

66,183Other⁻

10,016,831

Total

66,183

10,083,015* The rental revenues, etc. subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No. 13) and the sale ofreal estate, 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 not included in the above amount as they are not applied to the Revenue Recognition Accounting Standard. Moreover, themain revenue from contracts with customers are revenue from sale of real estate, etc. and utility charge reimbursement.

2. Information Utilized as the Base for Understanding Revenue from Contracts with Customers
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 Generat ed from Said Contracts andAmount and Period of Revenue Expected to Be Recognized in the Next Calculation Period or Thereafter from Contracts with Customers Existing at the Endof the Current Calculation Period(1) Balance of contract assets and contract liabilities, etc.

22nd Fiscal Period(August 1, 2022 to January 31, 2023)(in thousands of yen)
23rd Fiscal Period(February 1, 2023 to July 31, 2023)

4,864

5,699

5,699

5,710

Claims generated from contracts with customers(balance at beginning of fiscal year)
Claims generated from contracts with customers(balance at end of fiscal year)
Contract assets (balance at beginning of fiscal year)--

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

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

Contract liabilities (balance at end of fiscal year)--(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 toclaim is recognized as revenue in accordance with Paragraph 19 of the Implementation Guidance on Accounting Standard for Reve nue Recognition.

- 23 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Accordingly, such is not included in the note on transaction value allocated to remaining performance obligations through app lication of the provisionsof Paragraph 80-22 (2) of the Accounting Standard for Revenue Recognition.
(Notes to the Derivative Transactions)(1) Transactions not subject to hedge accounting
As of January 31, 2023 and as of July 31, 2023: Not applicable(2) Transactions subject to hedge accounting

As of January 31, 2022
Hedge accounting
methodType of derivative transactions

Hedged items

Contract amount(in thousands of yen)
Maturing
after 1 year

Accounting method,in principle

Interest rate swap transaction:
Receive/floating and pay/fixedLong-term loans
payable97,920,000

88,520,000

1,508,184

Special treatment ofinterest-rate swaps

Interest rate swap transaction:
Receive/floating and pay/fixedLong-term loans
payableTotal

13,950,000

8,650,000*

111,870,000

97,170,000

1,508,184

Fair value(in thousands ofyen)

Calculation method
for applicable fair value
Based on the amountprovided by counterparty
financial institutions-*Interest rate swaps for which the special treatment is applied are accounted for together with the underlying hedged item. As a result, their fair value is included in the fairvalue of the hedged long-term loans payable.

As of July 31, 2023
Hedge accounting
methodType of derivative transactions

Hedged items

Contract amount(in thousands of yen)
Maturing
after 1 year

Accounting method,in principle

Interest rate swap transaction:
Receive/floating and pay/fixedLong-term loans
payable94,820,000

85,070,000

Special treatment ofinterest-rate swaps

Interest rate swap transaction:
Receive/floating and pay/fixedLong-term loans
payableTotal

12,450,000

6,650,000

107,270,000

91,720,000

Fair value(in thousands ofyen)
779,904*

Calculation method
for applicable fair value
Based on the amountprovided by counterparty
financial institutions-

779,904*Interest rate swaps for which the special treatment is applied are accounted for together with the underlying hedged item. As a result, their fair value is included in the fairvalue of the hedged long-term loans payable.

(Notes to the Related-Party Transactions)
1．Parent Company, major corporate unitholders and other22nd Fiscal Period (August 1, 2022 to January 31, 2023) and 23rd Fiscal Period (February 1, 2023 to July 31, 2023): Not applicable

2．Affiliated companies and other22nd Fiscal Period (August 1, 2022 to January 31, 2023) and 23rd Fiscal Period (February 1, 2023 to July 31, 2023): Not applicable

3．Fellow subsidiary companies and other22nd Fiscal Period (August 1, 2022 to January 31, 2023) and 23rd Fiscal Period (February 1, 2023 to July 31, 2023): Not applicable

4．Directors, major individual unitholders and other22nd Fiscal Period (August 1, 2022 to January 31, 2023) and 23rd Fiscal Period (February 1, 2023 to July 31, 2023): Not applicable- 24 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Notes to the Tax-Effect Accounting)
The significant components of deferred tax assets and liabilities:(in thousands of yen)
As of January 31, 2023

As of July 31, 2023

Deferred tax assets:
Valuation difference on other assets acquired by merger

597,846

Deferred gains or losses on hedges

584,720

317

8,425

Asset retirement obligations

21,59321,652

Amortization of leasehold right in trust

3,979

4,522

20

20

Subtotal deferred tax assets

623,757

619,341

Valuation allowance

Other-623,757-619,341

Total deferred tax assets--

Net deferred tax assets--

The significant differences between the statutory tax rate and the effective tax rate:
From August 1, 2022
to January 31, 2023

From February 1, 2023
to July 31, 2023

Statutory tax rate

31.46%

31.46%

Deductible cash distributions-31.20%-31.20%

Others-0.25%-0.25%

Effective tax rate

0.01%

0.01%

(Notes to Asset Retirement Obligations)
Asset retirement obligations reported on balance sheets
1. Summary of the asset retirement obligations
KDR has recognized the original state restoration obligations assumed under the general fixed-term land leasehold agreement as the asset retirement obligations inconnection with Arute Ishiyagawa on June 3, 2019.
2. Method of calculating asset retirement obligations
Asset retirement obligations are calculated based on a discount rate of 0.54711% after the useful life has been estimated to be 47 years and one month based on the time
period from the date of acquisition to the expiration of the agreement.
3. Changes in the amount of applicable asset retirement obligations consisted of the following(in thousands of yen)

Balance at the beginning of period
Accretion adjustment
Balance at the end of period

From August 1, 2022
to January 31, 2023
68,451
187
68,638- 25 -

From February 1, 2023
to July 31, 2023
68,638
187
68,826

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Notes to the Investment and Rental Properties)
The Investment Corporation owns real estate for rental purposes in the Tokyo Metropolitan Area and other regional areas for the purpose of generating rental revenues.
The book value and fair value concerning the above real estate for rental purposes are as follows.
(in thousands of yen)
From August 1, 2022
to January 31, 2023

From February 1, 2023
to July 31, 2023

Book value
288,832,748

Balance at the beginning of period

298,843,455

Changes during the period

10,010,707

3,200,428

Balance at the end of period

298,843,455

302,043,884

391,623,000

397,250,000

Fair value at the end of period
Note 1: Book value excludes accumulated depreciation from acquisition costs.

Note 2: Among changes in the amount of real estate for rental purposes that occurred during the 22nd fiscal period, the principal increase was the acquisition of real estatein 2 properties and real estate trust beneficiary interests in 6 properties totaling ¥11,712,656 thousand, and the principal decrease was the sales of real estate trust
beneficiary interests in 1 property totaling ¥831,329 thousand and depreciation of ¥1,720,996 thousand and during the 23rd fiscal period, the principal increase
was the acquisition of real estate in 2 properties totaling ¥3,514,140 thousand, and the principal decrease was depreciation of ¥1,773,984 thousand.
Note 3: The fair value at the end of the period is the appraisal value determined by outside appraisers.

Income and loss for real estate rental business in the fiscal periods ended July 31, 2022 and January 31, 2023 for real estate for rental purposes is listed in “Notes to theStatements of Income and Retained Earnings”.

(Notes to the Segment Information)
Segment information for the periods from August 1, 2022 to January 31, 2023 and from February 1, 2023 to July 31, 2023 is as follows:(A) Segment information
Disclosure is omitted because the real estate leasing business is the Investment Corporation’s sole business and it has no reportable segment subject to disclosure.

(B) Related information(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 revenue on the statement of income
and retained earnings.

(2) Information about each geographic area(a) Net sales
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating revenue on the statement of income and retained earnings.
(b) 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 of property, plant and equipment on thebalance 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 revenue on the statement of income and retained earnings.

- 26 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Notes to Per Unit Information)
From August 1, 2022
to January 31, 2023

From February 1, 2023
to July 31, 2023

Net asset value per unit

¥141,655¥140,923

Net income per unit

¥4,361¥4,205Note 1: Net income per unit is calculated by dividing net income by the day-weighted average number of investment units outstanding during the period. Net income perunit after adjusting for residual units is not included because there were no residual investment units.
Note 2: The basis for calculating net income per unit is as follows:
From August 1, 2022
to January 31, 2023

From February 1, 2023
to July 31, 2023

4,593,229

4,501,392--

Net income available to ordinary unitholders (in thousands of yen)

4,593,229

4,501,392

Weighted average number of units during the period (units)

1,053,166

1,070,433

Net income (in thousands of yen)
Net income not available to ordinary unitholders (in thousands of yen)

(Notes to Important Subsequent Events)
The Merger Among KDR, KDO and KRR
KDR, KDO and KRR (collectively referred to as “Each REIT”) has, at Each REIT’s Board of Directors Meeting held on June 13, 2023, resolved to undertake an absorptiontype merger, with November 1, 2023 as the effective date, whereby KDO will be the surviving corporation and KDR and KRR will be the dissolving corporations in themerger (the “Merger”), and have also executed a merger agreement (the “Merger Agreement”) on the same day. Moreover, the proposals were approved at Each REIT’s
General Meeting of Unitholders held on August 21 and 22, 2023.
(a)

Purpose of the Merger

The Japanese economy is making a moderate recovery as movement restrictions to prevent the spread of COVID-19 infections was removed, and its economic and social
activities are being normalized. However, there are uncertain factors in the economic conditions in and outside Japan such as changes in the global affairs, emergence ofgeopolitical risks and effects of economic sanctions related to these risks as a result of the invasion of Ukraine by Russia, continuous global inflation related to risingcommodity prices and fuel costs, increase of the policy interest rates by major countries, and bankruptcies of overseas financial institutions. In such environment, the current
real estate investment trust securities market (the “J-REIT market”) is unstable and affected by the concern for rising operational costs due to inflation and the fear for therise in the long-term interest rates due to future changes of the monetary policies by the Bank of Japan. The asset management company of Each REIT, KFM, was establishedas follows: Kenedix Residential Partners, Inc. established in March 2011 merged with Kenedix Office Partners, Inc. and Kenedix Advisors, Inc. (both established in
November 2003) in October 2013 in an absorption-type merger, and changed its corporate name to the current name of the asset management company. Each REIT has
received sponsor support from Kenedix, Inc., the parent company of KFM, and its group companies and has achieved operational results. Each REIT has implemented
various measures to ensure the acquisition of stable profits and the continued growth of investment assets by leveraging each characteristic. However, the real estate market’s
evaluations of the mid-sized office buildings, which are KDO’s main investment target, have not changed because of their scarcity and liquidity. Thus, the capitalization
rate remains low and it remains hard to acquire mid-sized office buildings. Moreover, recently, unit prices of KDO are significantly below NAV per unit due to the concern
for the market outlook regarding secondary vacancies and rent decline due to large supplies of large office buildings, and there are limited opportunities for external growththat involve public offering. Therefore, there are issues with ensuring continued future growth. As for KDR, although KDR has conducted public offerings for fiveconsecutive years, there is the possibility that the acquisition competition may escalate and the acquisition opportunities may decrease due to the relatively stable profitabilityof residential properties, and recently unit price is below NAV per unit. Moreover, KDR’s LTV is relatively high in the J-REIT market, and KDR has concerns regarding
the increase in costs when interest rates are rising. As for KRR, although KRR has a rich real estate pipeline, it has been increasingly difficult to acquire shopping centers
for daily needs since the COVID-19 pandemic. In addition, there are concerns over increase in costs caused by inflation, and there are issues such as limited room for the
future internal growth as a whole due to the long-term fixed rents. Moreover, Each REIT is watching the trends of interest levels and price levels such as costs of utilities,
which may have an impact on the profitability of their portfolios in the future, and Each REIT recognizes this situation as their common issues. In such circumstances, Each
REIT agreed to start negotiation for merger and carefully deliberated on the issues in order to deal with the issues described above, respond flexibly to environmental
changes and attain continued growth. As a result, Each REIT came to the same conclusion that the Merger will contribute to maximize unitholders’value by leading to thecontinued growth by expanding investment target sectors, improving their presence and stability in the market by increasing the sizes of their assets, and enabling morecommitment for sustainability. Therefore, the Merger Agreement was made and entered into by and among Each REIT.Each REIT considers that the Merger has thefollowing rationale:(ⅰ) Sustainable growth driven by expansion of investment universe
The New REIT (defined below) will continue to focus on their main investment target, i.e. mid-sized office buildings, residential properties, healthcare facilities, andshopping centers for daily needs, and it will start to additionally focus on logistics facilities and hotels, in which Each REIT has conducted only limited investments until
now, to increase opportunities for acquisitions. In addition, the Merger will enable asset reshuffling among different asset types, disposing of properties with lesscompetitiveness or profitability, allow flexibly to the changes of the external environment surrounding the real estate market, and activate the investments in the investment- 27 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
target sectors that are expected to grow, and thus leading to the improvement of portfolio profitability. As described above, the New REIT aims to attain continued growth
beyond the boundary of the strategic management for the existing specialized REIT through a strategic management that ensures a wide range of opportunities foracquisitions and flexibility related to the expansion of the investment target sectors.
(ⅱ) Improvement in the market presence and ability
Through the Merger, the asset size of the investment corporation after the Merger (the “New REIT”) will be ranked third in the J-REIT market(Note 1) and this will significantly
improve the presence in the market and liquidity of investment units, and the portfolio is expected to own a total of 350 (Note2) properties after the Merger. Having the largest
expected number of properties in the J-REIT market will enhance diversification and contribute to improve the stability of the portfolio. In addition, a property manager
that leverages the advantage of its scale will contribute to increase resilience against the pressure of the rising costs.
(ⅲ) Further commitment to sustainability
Each REIT has recognized sustainability as a significant issue and has taken the initiative in implementing various initiatives. Specifically, KDO has become the firstinvestment corporation in the J-REIT market to participate in GRESB Real Estate Assessment, KDR was the first J-REIT to issue social bonds, and KRR was the first JREIT to introduce investment unit performance fee. The New REIT plans to integrate and elevate expertise accumulated by Each REIT through the Merger and aims to bea leading company in the sustainability initiatives. Moreover, the New REIT plans to further enforce the sustainability initiatives under the management system with a highdegree of specialization and diversity by introducing a new management fee structure that is linked to unitholder value and sustainability metric, improving governancethrough the enhancement of supervisory officers, and promoting diversity.
(Note 1) The amount of asset size after the Merger is calculated by totaling the asset size of Each REIT. The asset size of KDO is assumed to be the total of acquisition
price of the properties in the portfolio as of April 30, 2023, plus the acquisition (scheduled) price reflecting the acquisitions and sales (including one that arescheduled) of the properties from May 1, 2023 to the effective date of the Merger. The asset size of KDR and KRR is considered to be the appraisal values ofthe properties as of the end of the latest fiscal period (relating to KDR, as of January 31, 2023 (provided, however, that, this includes the acquisitions of SunnyLife Tachikawa and Rehabili-home Bon Sejour Minamisenzoku; relating to KRR, as of March 31,2023). The asset sizes of the other investment corporationsin the J-REIT market are calculated based on the asset sizes including any properties that the other investment corporations announced the acquisition and sale
thereof in the J-REIT market as of April 30, 2023 (acquisition (scheduled) price basis). Therefore, it is not guaranteed that the New REIT after the Merger will
have the third largest asset size in the J-REIT market as of the effective date of the Merger. In regard to the asset size after the Merger, because it is planned
that assets of KDR and KRR will be succeeded at market price based on the purchase method by KDO as the acquiring corporation, the asset size will not be asimple sum of the total (scheduled) acquisition price of KDO and the total appraisal values of KDR and KRR as of the end of the latest accounting period.
(Note 2) The number of properties of the portfolio after the Merger is based on the number of properties of KDO, KDR and KRR as of the date hereof and reflecting
the change in the number of the acquisitions and sales of the properties (including ones that are scheduled) by the effective date of the Merger. KDX Chofu
Building is treated as one property in the calculation of the number of properties of the portfolio after the Merger though KDO owns its office tower and KRR
owns its retail wing respectively as of today. The numbers of the properties of the other investment corporations in the J-REIT market is calculated based on
the number of properties including those that the other investment corporations announced acquisition and sale thereof in the J-REIT market as of April 30,
2023. Therefore, it is not guaranteed that the portfolio of the New REIT after the Merger will have the largest number of properties in the J-REIT market as ofthe effective date of the Merger.
（b）Form of the Merger
KDO will be the surviving corporation under an absorption-type merger and KDR and KRR will be dissolved in the Merger.
（c）Allocation of Investment Units under the Merger
KDO

The Investment Corporation

KRR（Surviving corporation in（Dissolving corporation in（Dissolving corporation in thethe absorption-type merger）

the absorption-type merger)

absorption-type merger)

1.34

1.68

Allocation of
investment units under
the Merger（Reference）（Reference）

Before the Investment Unit Split 0.67

Before the Investment Unit Split 0.84

1(Note 1) The number of new KDO investment units to be issued as a result of the Merger (the number of units taking into account the Investment Unit Split of KDO):
2,446,037(Note 2) KDO plans to split one investment unit into 2 investment units with October 31, 2023 as the record date for splitting the investment units and November 1,
2023 as the effective date of the split; the allocation ratio shown above and the number of the New Investment units KDO will allocate and deliver are subject
to the Investment Unit Split taking effect. If 0.67 KDO investment units are allocated and delivered against 1 KDR investment unit and 0.84 KDO investment
units are allocated and delivered against 1 KRR investment unit on the basis of the merger ratio before the Investment Unit Split, there will be many
unitholders of KDR and KRR being allocated fractions of less than one KDO investment unit. To make it possible for unitholders of KDR and KRR tocontinue holding KDO investment units after the Merger, a split of KDO investment units will be carried out before the allocation towards unitholders of KDR
and KRR, in the ratio of two KDO investment units to one KDO investment unit for the purpose of delivering to all unitholders of KDR and KRR at least one
KDO investment unit, and 1.34 KDO investment unit post- Investment Unit Split will be allocated and delivered for every one KDR investment unit and 1.68
KDO investment unit post- Investment Unit Split will be allocated and delivered every one KRR investment unit.
（d）Distributions of Payment Upon the Merger
In addition to the above mentioned investment units, KDO intends to pay unitholders of KDR and KRR (the unitholders stated or recorded in the final unitholders’ registers
of KDR and KRR on the day before the effective date of the Merger (excluding Each REIT and unitholders of KDR and KRR who has demanded the purchase of theirinvestment units pursuant to Article 149-3 of the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951, as amended; the “Investment Trusts Act”)(excluding those who have withdrawn such demand for purchase) (hereinafter referred to as the “Unitholders Subject to Allocation”))), in lieu of cash distributions(distributions of profits) for the last fiscal period of KDR and KRR which ends the day before the effective date of the Merger, the Payment upon the Merger in the form of
cash distributions based on distributable income of KDR and KRR for that same period of an amount (disregarding fractions of a yen) which is the quotient resulting from- 28 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
a division of the amount of distributable income of KDR and KRR on the date before the effective date of the Merger by the number of issued investment units of KDR
and KRR on that date as reduced by the number of investment units held by unitholders other than the Unitholders Subject to Allocation. The Payment upon the Merger
will be paid within a reasonable period from the effective date of the Merger（e）Outline of the latest fiscal period of KDO and KDR
Outline of the latest fiscal period of KDO (Apr. 2023)
Business overview ：Invest in and manage real estate properties or trust beneficiary interest in real estate defined by the Article 149-3 of the Act on Investment Trusts andInvestment Corporations.
Operating Revenue ：17,290 mil yen
Net Income ：7,205 mil yen
Total Assets ：474,274 mil yen
Total liabilities ：243,791 mil yen
Net Assets ：230,482 mil yen
Outline of the latest fiscal period of KRR (Mar. 2023)
Business overview ：Invest in and manage real estate properties or trust beneficiary interest in real estate defined by the Article 149-3 of the Act on Investment Trusts andInvestment Corporations
Operating Revenue ：9,924 mil yen
Net Income ：3,922 mil yen
Total Assets ：287,569 mil yen
Total liabilities ：145,002 mil yen
Net Assets ：142,566 mil yen（f）Timing of the Merger
The effective date of the Merger 1 November 2023（Scheduled）- 29 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)（9）Changes in Unitholders’ Capital
The changes in unitholders’ capital and number of investment units issued and outstanding for last five years are as follows.
Number of investment units
Unitholders’ capital
Issued and outstanding(Million yen)
RemarkIncrease
Balance
Increase
BalanceAugust 1, 2018
Public offering
82,100865,028
12,47092,602(Note 1)
August 29, 2018
Third-party allotment
4,105
869,133
623
93,226(Note 2)February 20, 2019 Public offering
36,500905,633
6,195
99,421(Note 3)
Third-party allotment
March 11, 2019
1,825
907,458309
99,731(Note 4)
February 26, 2020 Public offering
43,800951,258
8,818
108,550(Note 5)February 25, 2021 Public offering
42,500993,758
7,402
115,952(Note 6)
Third-party allotment
March 9, 2021
2,125
995,883370
116,322(Note 7)
February 24, 2022 Public offering
47,5001,043,383
8,801
125,124(Note 8)
Third-party allotment
March 10, 2022
2,375
1,045,758
440
125,564(Note 9)December 7, 2022 Public offering
23,5001,069,258
4,585
130,149(Note 10)December 23, 2022 Third-party allotment
1,175
1,070,433
229
130,379(Note 11)
(Note 1) New investment units were issued at a price of ¥157,047 per unit (subscription price of ¥151,892 per unit) through a public
offering in order to raise funds for acquiring new properties.
(Note 2) New investment units were issued at a price of ¥151,892 per unit through the third-party allotment in order to raise funds for
future acquisitions of specified assets and repayment of borrowings.
(Note 3) New investment units were issued at a price of ¥175,500 per unit (subscription price of ¥169,740 per unit) through a public
offering in order to raise funds for acquiring new properties.
(Note 4) New investment units were issued at a price of ¥169,740 per unit through the third-party allotment in order to raise funds for
future acquisitions of specified assets.
(Note 5) New investment units were issued at a price of ¥208,065 per unit (subscription price of ¥201,342 per unit) through a public
offering in order to raise funds for acquiring new properties.
(Note 6) New investment units were issued at a price of ¥179,985 per unit (subscription price of ¥174,170 per unit) through a public
offering in order to raise funds for acquiring new properties.
(Note 7) New investment units were issued at a price of ¥174,170 per unit through the third-party allotment in order to raise funds foracquiring new properties.
(Note 8) New investment units were issued at a price of ¥191,490 per unit (subscription price of ¥185,303 per unit) through a public
offering in order to raise funds for acquiring new properties.
(Note 9 New investment units were issued at a price of ¥185,303 per unit through the third-party allotment in order to raise funds foracquiring new properties.
(Note 10) New investment units were issued at a price of ¥201,630 per unit (subscription price of ¥195,115 per unit) through a public
offering in order to raise funds for acquiring new properties.
(Note 11) New investment units were issued at a price of ¥195,115 per unit through the third-party allotment in order to raise funds foracquiring new properties.
Date

Capital transaction- 30 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
3．Reference Information（1）Information on Price of the Managed Assets
Classificationof assets

Use

Area

22nd
As of January 31, 2023
Total amountComposition
held
ratio (%)
(Millions of yen)
(Note 2)
（Note 1）

Residential

Tokyo Metropolitan Area (Note 4)

Other Regional Areas (Note 5)
Tokyo Metropolitan Area (Note 4)
Other Regional Areas(Note 5)
Healthcare
Other (Note 6)
Accommodation Tokyo Metropolitan Area (Note 4)
Total (Trust beneficiary interest in real estate)
RealTokyo Metropolitan Area (Note 4)
Healthcare
estate(Note 3)
Other Regional Areas (Note 5)
Total (Real estate)
Bank deposits and other assets
Total assets
Trustbeneficiaryinterest in
real
estate(Note 3)

166,73154,663
27,412
41,456
1,268
5,044
296,577
2,092
173
2,265
28,170327,014

51.0
16.7
8.4
12.7
0.4
1.5
90.7
0.6
0.1
0.7
8.6
100.0

22nd
As of January 31, 2023
Composition
Amountratio (%)
(Millions of yen)
(Note 2)23rd
As of July 31, 2023
Total amountComposition
held
ratio (%)
(Millions of yen)
(Note 2)
（Note 1）

166,695
54,66027,293
41,336
1,253
5,031
296,270
5,599
173
5,772
26,175328,219

50.8
16.7
8.3
12.6
0.4
1.5
90.3
1.7
0.1
1.8
8.0
100.0

23rd
As of July 31, 2023
Composition
Amountratio (%)
(Millions of yen)
(Note 2)

Total liabilities (Note 7)

175,38153.6

177,370

54.0

Total net assets (Note 7)

151,63246.4

150,84846.0

327,014100.0

328,219100.0

Total assets(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)

“Total amount held” means carrying amounts on the balance sheet (amounts of Trust beneficiary interests in real property and real
property are book values net of depreciation) at the end of fiscal period and rounded off to one dismal place.
“Composition ratio” means the ratio of carrying amounts of each classified assets to total assets on balance sheet and rounded off to
one dismal place.
Rehabili-home Granda Mondoyakujin consists of both trust beneficiary interest in real estate and real estate, therefore, they are
remarked in each category of use distinctively.
“Tokyo Metropolitan Area” means major cities in Tokyo, Kanagawa, Saitama and Chiba.
“Other regional areas” include government-designed municipalities and other regional cities.
“Other” means cities except Tokyo Metropolitan Area and Other regional areas.
“Total liabilities” and “Total net assets” are those on the balance sheets.

- 31 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)②Overview of the Portfolio(A) Detail of Real Estate Portfolio Assets

The overview of assets under management of the Investment Corporation as of the end of the 23rd fiscal period.
Appraisal value

Area

Use

No.

Property nameLocation

Form ofownership(Note1)Book
value(Millions ofyen)

Acquisitionat the end ofprice
the fiscal period (Millions ofyen)(Millions of

Ratio
(%)

yen)(Note 2)

Tokyo Metropolitan Area

Residential properties

T-1

KDX Daikanyama Residence

7-1, Sarugakucho,Shibuyaku,Tokyo

TBI

4,698

7,950

4,700

1.5

T-3

KDX Odemma Residence

3-10, NihombashiOdemmacho,Chuo-ku,Tokyo

TBI

1,643

2,870

1,775

0.6

T-4

KDX Iwamoto-cho Residence

16-12, Iwamotocho 2-chome,
Chiyoda-ku,Tokyo

TBI

753

1,290

822

0.3

T-5

KDX Bunkyo Sengoku Residence

3-2, Honkomagome 6chome, Bunkyo-ku,Tokyo

TBI

1,527

2,280

1,488

0.5

T-6

KDX Azumabashi Residence

9-8, Azumabashi 1-chome,
Sumida-ku,Tokyo

TBI

587

1,160

650

0.2

T-7

KDX Shimura Sakaue Residence

TBI

2,672

4,370

2,830

0.9

T-9

Cosmo Heim Motosumiyoshi

TBI

2,247

2,580

2,087

0.7

T-10

KDX Musashi Nakahara Residence

TBI

647

797

637

0.2

T-11

KDX Chiba Chuo Residence

TBI

1,279

1,980

1,480

0.5

T-12

KDX Kawaguchi Saiwai-cho
Residence

14-24, Saiwaicho 2-chome,
Kawaguchi-shi, Saitama

TBI

1,157

1,880

1,150

0.4

T-13

KDX Residence Shirokane I

7-8, Shirokanedai 4-chome,
Minato-ku, Tokyo

TBI

3,059

4,490

3,000

1.0

T-15

KDX Residence Shirokane II

8-7, Shirokanedai 4-chome,
Minato-ku, Tokyo

TBI

2,837

4,380

2,800

0.9

T-16

KDX Residence Minami-aoyama

4-8, Minami-Aoyama 3chome, Minato-ku, Tokyo

TBI

2,262

2,840

2,230

0.7

T-17

KDX Residence Minami-azabu

3-22, Minami-Azabu 2chome, Minato-ku, Tokyo

TBI

2,115

3,400

2,080

0.7

T-18

KDX Residence Shiba Koen

4-16, Shiba 3-chome,
Minato-ku, Tokyo

TBI

1,783

2,840

1,781

0.6

T-19

KDX Residence Azabu East

25-2, Higashi-Azabu 1chome, Minato-ku, Tokyo

TBI

1,570

2,540

1,560

0.5

T-20

KDX Residence Takanawa

15-7, Takanawa 3-chome,
Minato-ku, Tokyo

TBI

785

1,370

770

0.3

T-21

KDX Residence Nishihara

37-4, Nishihara 1-chome,
Shibuya-ku, Tokyo

TBI

1,476

2,290

1,450

0.5

T-22

KDX Residence Daikanyama II

TBI

792

1,390

730

0.2

T-24

KDX Residence Nihombashi Suitengu

TBI

3,091

4,750

3,240

1.1

T-25

KDX Residence Nihombashi Hakozaki

TBI

1,113

1,600

1,147

0.4

T-26

KDX Residence Higashi-shinjuku

TBI

3,164

5,130

3,270

1.1

T-27

KDX Residence Yotsuya

22-50 Arakicho, Shinjukuku, Tokyo

TBI

2,291

3,710

2,260

0.7

T-28

KDX Residence Nishi-shinjuku

18-15, Nishi-Shinjuku 7chome, Shinjuku-ku, Tokyo

TBI

1,006

1,710

1,000

0.3

T-29

KDX Residence Kagurazaka

8-10, Tsukijimachi,
Shinjuku-ku, Tokyo

TBI

694

1,160

720

0.2

T-30

KDX Residence Futako Tamagawa

31-29, Seta 2-chome,
Setagaya-ku, Tokyo

TBI

1,262

1,820

1,250

0.4

T-31

KDX Residence Komazawa Koen

21-6 Komazawa 5-chome,
Setagaya-ku, Tokyo

TBI

879

1,410

920

0.3

T-32

KDX Residence Mishuku

37-13, Mishuku 2-chome,
Setagaya-ku, Tokyo

TBI

780

1,180

760

0.2

T-33

KDX Residence Yoga

34-21, Seta 5-chome,
Setagaya-ku, Tokyo

TBI

714

1,080

700

0.2

16-5, Higashi-Sakashita 1chome, Itabashi-ku,Tokyo
5-1, Kizuki Gioncho,
Nakahara-ku, Kawasaki-shi,
Kanagawa
18-22, Shimokodanaka 4chome, Nakahara-ku,
Kawasaki-shi, Kanagawa
2-17, Shindencho, Chuo-ku,
Chiba-shi, Chiba

11-22, Ebisu Nishi 2-chome,
Shibuya-ku, Tokyo
41-6 Nihombashi
Hakozakicho, Chuo-ku,
Tokyo
38-1 Nihombashi
Hakozakicho, Chuo-ku,
Tokyo
1-9 Okubo 2-chome,
Shinjuku-ku, Tokyo- 32 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Appraisal value

Area

Use

No.

Property nameLocation

Form ofownership(Note1)Book
value(Millions ofyen)

Acquisitionat the end ofprice
the fiscal period (Millions ofyen)(Millions of

Ratio
(%)

yen)(Note 2)

Tokyo Metropolitan Area

Residential properties

T-34

KDX Residence Shimouma

21-8, Shimouma 1-chome,
Setagaya-ku, Tokyo

TBI

626

930

600

0.2

T-35

Raffine Minami-magome

24-8, Minami-Magome 5chome, Ota-ku, Tokyo

TBI

1,226

1,630

1,250

0.4

T-36

KDX Residence Yukigaya Otsuka

15-13, Minami-Yukigaya 2chome, Ota-ku, Tokyo

TBI

1,038

1,590

1,050

0.3

T-37

KDX Residence Denen Chofu

40-14, Denenchofu Honcho,
Ota-ku, Tokyo

TBI

1,061

1,450

1,000

0.3

T-38

KDX Residence Tamagawa

9-17, Tamagawa 1-chome,
Ota-ku, Tokyo

TBI

704

1,130

776

0.3

T-39

KDX Residence Monzennakacho

6-7, Kiba 3-chome, Koto-ku,
Tokyo

TBI

772

1,200

773

0.3

T-40

KDX Residence Okachimachi

28-4, Taito 2-chome, Taitoku, Tokyo

TBI

852

1,320

850

0.3

T-41

KDX Residence Moto-asakusa

8-10, Motoasakusa 4-chome,
Taito-ku, Tokyo

TBI

793

1,220

800

0.3

T-42

KDX Residence Itabashi Honcho

13-16, Yamatocho, Itabashiku, Tokyo

TBI

575

958

620

0.2

T-43

KDX Residence Azusawa

TBI

538

781

550

0.2

T-45

KDX Residence Yokohama Kannai

TBI

746

1,180

800

0.3

T-46

KDX Residence Miyamaedaira

TBI

984

1,360

999

0.3

T-47

KDX Residence Machida

TBI

1,680

2,630

1,800

0.6

T-48

KDX Residence Kinshicho

TBI

1,317

2,150

1,350

0.4

T-49

KDX Residence Nihombashi Hamacho

TBI

1,019

1,610

996

0.3

T-50

KDX Residence Nihombashi
Ningyocho

TBI

552

819

530

0.2

T-51

KDX Residence Jiyugaoka

TBI

1,312

1,950

1,268

0.4

T-52

KDX Residence Togoshi

TBI

3,665

5,750

3,745

1.2

T-53

KDX Residence Shinagawa Seaside

TBI

2,586

3,700

2,593

0.9

T-54

KDX Residence Ojima

TBI

1,751

2,910

1,857

0.6

T-55

KDX Residence Oyama

8-8, Oyamakanaicho,
Itabashi-ku, Tokyo

TBI

2,529

3,970

2,679

0.9

T-56

KDX Residence Hanzomon

12-1, Kojimachi 2-chome,
Chiyoda-ku, Tokyo

TBI

4,889

7,090

4,832

1.6

T-57

KDX Residence Akihabara II )7, Kanda-Sudacho 1-chome,
Chiyoda-ku, Tokyo

TBI

898

1,320

850

0.3

T-58

KDX Residence Kagurazaka Dori120-1, Yaraicho, Shinjukuku, Tokyo

TBI

1,373

2,710

1,360

0.4

T-59

KDX Residence Sendagi

43-17, Sendagi 3-chome,
Bunkyo-ku, Tokyo

TBI

2,324

3,070

2,200

0.7

T-60

KDX Residence Seijo

16-25, Seijyo 4-chome,
Setagaya-ku, Tokyo

TBI

1,438

1,920

1,400

0.5

T-61

KDX Residence Akihabara

13-7, Taito 2-chome, Taitoku, Tokyo

TBI

1,210

1,950

1,250

0.4

T-62

KDX Residence Iriya

TBI

1,022

1,670

1,062

0.3

T-63

KDX Residence Tachikawa

TBI

2,931

4,350

3,026

1.0

T-64

KDX Residence Tsurumi

TBI

1,137

1,850

1,050

0.3

T-65

KDX Residence Morishita Chitose

TBI

1,070

1,520

1,100

0.4

7-13, Azusawa 1-chome,
Itabashi-ku, Tokyo
5-9, Bandaicho 3-chome,
Naka-ku, Yokohama-shi,
Kanagawa
14-3, Miyamaedaira 3chome, Miyamae-ku,
Kawasaki-shi, Kanagawa
13-32, Kamitsurumahoncho
3-chome, Minami-ku,
Sagamihara-shi, Kanagawa
24-13, Midori 4-chome,
Sumida-ku, Tokyo
33-4, Nishimbashi-Hamacho
3-chome, Chuo-ku, Tokyo
8-5, NihombashiHoridomecho 1-chome,
Chuo-ku, Tokyo
11-27, Yakumo 3-chome,
Meguro-ku, Tokyo
1-1, Togoshi 5-chome,
Shinagawa-ku, Tokyo
6-7, Higashi-Shinagawa 3chome, Shinagawa-ku,
Tokyo
8-4, Ojima 4-chome, Kotoku, Tokyo

10-7, Iriya 1-chome, Taitoku, Tokyo
28-29, Akebonocho 2chome, Tachikawa-shi,Tokyo
10, Mukaicho 1-chome,
Tsurumi-ku, Yokohama-shi,
Kanagawa
5-3, Chitose 1-chome,
Sumida-ku, Tokyo- 33 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Appraisal value

Area

Use

No.

Property nameLocation

Form ofownership(Note1)Book
value(Millions ofyen)

Acquisitionat the end ofprice
the fiscal period (Millions ofyen)(Millions of

Ratio
(%)

yen)(Note 2)

Tokyo Metropolitan Area

Residential properties

T-66

KDX Residence Akasaka

13-11, Akasaka 6-chome,
Minato-ku, Tokyo

TBI

1,160

2,430

1,150

0.4

T-67

KDX Residence Kanda

8-2, Uchikanda 2-chome,
Chiyoda-ku, Tokyo

TBI

693

1,340

700

0.2

T-68

KDX Residence Ebisu

11-16, Ebisu Minami 1chome, Shibuya-ku, Tokyo

TBI

2,852

5,510

2,845

0.9

T-69

KDX Residence Nishi-magome

4-4, Minami-Magome 6chome, Ota-ku, Tokyo

TBI

1,131

1,430

1,130

0.4

T-70

KDX Residence Nishi-azabu

5-10, Nishi-Azabu 3-chome,
Minato-ku, Tokyo

TBI

1,222

2,020

1,224

0.4

T-71

KDX Residence Azabu Sendaizaka

TBI

797

1,330

792

0.3

T-72

KDX Residence Waseda Tsurumaki

TBI

551

967

561

0.2

T-73

KDX Residence Bunkyo Yushima

TBI

694

1,090

695

0.2

T-74

KDX Residence Kamishakujii

TBI

640

938

648

0.2

T-75

KDX Residence Shin-otsuka

TBI

748

1,220

764

0.3

T-76

KDX Residence Sakurajosui

TBI

873

1,340

894

0.3

T-77

KDX Residence Ryogoku

TBI

820

1,440

842

0.3

T-78

KDX Residence Toyosu

2-33, Toyosu 1-chome, Kotoku, Tokyo

TBI

7,509

8,070

7,500

2.5

T-79

KDX Residence Asagaya

1-47-24, Asagayaminami,
Suginami-ku, Tokyo

TBI

1,957

2,570

1,930

0.6

T-80

KDX Residence Hiyoshi

7-17-35, Hiyoshi, Kohoku-ku,
Yokohama-shi, Kanagawa

TBI

2,654

3,040

2,635

0.9

T-81

KDX Residence Kamikitazawa

4-23-15, Kamikitazawa,
Setagaya-ku, Tokyo

TBI

1,397

1,670

1,360

0.4

T-82

KDX Residence Kaminoge

3-2-11, Noge, Setagaya-ku,
Tokyo

TBI

1,119

1,460

1,111

0.4

T-83

KDX Residence Higashi-Asakusa

1-9-8 Higashi-Asakusa, Taitoku, Tokyo

TBI

704

857

687

0.2

T-84

KDX Residence Nishi-Funabashi

413-1 Hongo-cho, Funabashishi, Chiba

TBI

996

1,190

975

0.3

T-85

KDX Residence Hatagaya

2-24-7 Hatagaya Shibuya-ku,
Tokyo

TBI

2,622

2,920

2,500

0.8

T-86

KDX Residence Asagaya II

3-31-5 Asagaya-minami,
Suginami-ku, Tokyo

TBI

968

1,110

939

0.3

T-87

KDX Residence Gakugeidaigaku

2-4-3 Takaban, Meguro-ku,
Tokyo

TBI

772

831

750

0.2

T-88

KDX Residence Kamata-minami

TBI

1,942

2,460

1,918

0.6

T-89

KDX Residence Kichijoji

TBI

646

650

621

0.2

T-90

KDX Residence Mitaka

TBI

2,654

3,280

2,530

0.8

T-91

KDX Residence Nakanobu

6-6-1, Nakanobu, Shinagawaku, Tokyo

TBI

855

939

830

0.3

T-92

KDX Residence Ichikawa

2-6-12, Ichikawa, Ichikawashi, Chiba

TBI

876

946

840

0.3

T-93

KDX Residence Hatchobori

1-8-5, Irifune, Chuo-ku,
Tokyo

TBI

3,182

3,720

3,000

1.0

T-94

KDX Residence Nakaitabashi

68-11, Yayoicho, Itabashi-ku,
Tokyo

TBI

1,836

2,030

1,736

0.6

T-95

KDX Residence Shonandai

2-9-10, Shonandai, Fujisawashi, Kanagawa

TBI

1,550

1,730

1,500

0.5

T-96

KDX Residence Ikebukuro West

2-6, Nakamarucho, Itabashiku, Tokyo

TBI

2,323

2,580

2,237

0.7

T-97

KDX Residence Tennocho

1-30-2, Tennocho, Hodogayaku, Yokohama-shi, Kanagawa

TBI

895

966

843

0.3

1-7, Minami-Azabu 3chome, Minato-ku, Tokyo
574-25, WasedaTsurumakicho, Shinjuku-ku,
Tokyo
29-2, Yushima 2-chome,
Bunkyo-ku, Tokyo
18-5, Kamishakujii 1-chome,
Nerima-ku, Tokyo
44-16, Higashi-Ikebukuro 5chome, Toshima-ku,
Tokyo
26-14, Shimotakaido 1chome, Suginami-ku,
Tokyo
19-13, Kamezawa 2-chome,
Sumida-ku, Tokyo

3-9-4 Minami-Rokugo, Otaku, Tokyo
1-23-20, KichijojiHigashicho, Musashino-shi,Tokyo
4-15-31, Shimorenjaku,
Mitaka-shi,Tokyo- 34 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Appraisal value

Area

Use

No.

Property nameLocation

Form ofownership(Note1)Book
value(Millions ofyen)

Acquisitionat the end ofprice
the fiscal period (Millions ofyen)(Millions of

Ratio
(%)

yen)(Note 2)

Tokyo Metropolitan Area
Residential properties
Other Regional Areas

T-98

KDX Residence Kawasaki

1-1-12, Nakajima Kawasakiku,, Kawasaki-shi, Kanagawa

TBI

939

1,080

910

0.3

T-99

KDX Residence Kamata-minami II

3-9-13, Minami-rokugo, Otaku, Tokyo

TBI

804

950

780

0.3

T-100

KDX Residence Kamishakujii II

2-18-5, Kamishakujii 2chome, Nerima-ku, Tokyo

TBI

3,186

3,570

3,087

1.0

T-101

KDX Residence Tsudanuma

4-13-35, Maebara-nishi,
Funabashi-shi, Chiba

TBI

1,202

1,390

1,150

0.4

T-102

KDX Residence Yokohama
Momijizaka

6-1, Momijigaoka, Nishi-ku
Yokohama-shi, Kanagawa

TBI

5,154

5,810

5,000

1.6

T-103

KDX Residence Umejima

1-25-19, Umejima, Adachiku, Tokyo

TBI

2,464

2,950

2,373

0.8

T-104

KDX Residence Mizonokuchi

3-4-29, Shinsaku, Takatsu-ku,
Kawasaki-shi, Kanagawa

TBI

2,927

3,140

2,781

0.9

T-105

KDX Residence Hachioji Otsuka

628-3, Otsuka, Hachioji-shi,
Tokyo

TBI

1,601

1,690

1,490

0.5

T-106

KDX Residence Tsudanuma II

4-13-25, Maebaranishi,
Funabashi-shi, Chiba

TBI

951

1,020

920

0.3

T-107

KDX Residence Oyamadai

１-16-23, Tamazutsumi,
Setagaya-ku, Tokyo

TBI

3,306

3,680

3,205

1.1

T-108

KDX Residence Asakusa

7-2-10, Asakusa, Taito-ku,
Tokyo

TBI

966

1,160

932

0.3

R-2

KDX Jozenji Dori Residence

3-25, Kasugamachi, Aoba-ku,
Sendai-shi, Miyagi

TBI

860

1,450

1,015

0.3

R-3

KDX Izumi Residence

24-28, Izumi 2-chome,
Higashi-ku, Nagoya-shi, Aichi

TBI

988

1,650

1,120

0.4

R-4

KDX Chihaya Residence

49-6, Shinsakae 1-chome,
Naka-ku, Nagoya-shi, Aichi

TBI

929

1,680

1,080

0.4

R-5

KDX Sakaisuji Hommachi Residence

7-15, Kawaramachi 1-chome,
Chuo-ku, Osaka-shi, Osaka

TBI

2,545

4,130

2,910

1.0

R-7

KDX Takarazuka Residence

TBI

1,247

2,230

1,510

0.5

R-8

KDX Shimizu Residence

TBI

1,468

2,430

1,680

0.6

R-9

KDX Residence Odori Koen

TBI

732

1,150

765

0.3

R-10

KDX Residence Kikusui Yojo

TBI

822

1,180

830

0.3

R-11

KDX Residence Toyohira Koen

TBI

454

651

445

0.1

R-13

KDX Residence Ichiban-cho

TBI

470

765

530

0.2

R-16

KDX Residence Higashi-sakura I

TBI

2,206

2,680

2,350

0.8

R-18

KDX Residence Jingumae

TBI

792

1,120

840

0.3

R-19

KDX Residence Nishi-oji

TBI

754

992

813

0.3

R-20

KDX Residence Saiin

TBI

402

556

440

0.1

R-21

KDX Residence Namba

6-16, Inari 1-chome, Naniwaku, Osaka-shi, Osaka

TBI

1,314

1,940

1,410

0.5

R-22

KDX Residence Namba-minami

11-9, Shiokusa 3-chome,
Naniwa-ku, Osaka-shi, Osaka

TBI

1,221

1,780

1,350

0.4

R-24

KDX Residence Ibaraki I・II (Note 3)

9-11, 9-12, Takehashicho,
Ibaragi-shi, Osaka

TBI

1,297

1,657

1,275

0.4

R-25

KDX Residence Toyonaka-minami

7-22, Shonaihigashimachi 2chome, Toyonaka-shi, Osaka

TBI

639

1,070

740

0.2

R-26

KDX Residence Moriguchi

12-12, Dainichihigasihmachi,
Moriguchi-shi, Osaka

TBI

481

783

551

0.2

R-27

KDX Residence Sannomiya

8-10, Ninomiyacho 4-chome,
Chuo-ku, Kobe-shi, Hyogo

TBI

1,029

1,410

1,080

0.4

2-43, Sakaemachi 3-chome,
Takarazuka-shi, Hyogo
21-27, Shimizu 1-chome,
Minami-ku, Fukuoka-shi,
Fukuoka
10-1000-4, Minami Nijo,
Chuo-ku, Sapporo-shi,
Hokkaido
2-35, Kikusui 4-jo 3-chome,
Shiroishi-ku, Sapporo-shi,
Hokkaido
4-16, Hiragishi 4-jo 3-chome,
Toyohira-ku, Sapporo-shi,
Hokkaido
15-42, Ichibancho 1-chome,
Aoba-ku, Sendai-shi, Miyagi
13-22, Higashi-sakura 2chome, Higashi-ku, Nagoyashi, Aichi
4-27, Yokota 2-chome, Atsutaku, Nagoya-shi, Aichi
40-3, Nishi 7-jo
Kakegoshicho, Shimogyo-ku,
Kyoto-shi, Kyoto
30-2, Saiintakadacho, Ukyoku, Kyoto-shi, Kyoto- 35 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Appraisal value

Area

Use

No.

Property nameLocation

Form ofownership(Note1)Book
value(Millions ofyen)

Acquisitionat the end ofprice
the fiscal period (Millions ofyen)(Millions of

Ratio
(%)

yen)(Note 2)
20-10, Oharacho, Ashiya-shi,
Hyogo

Other Regional Areas

Residential properties

R-28

Ashiya Royal Homes

R-29

KDX Residence Funairi Saiwai-cho

R-30

KDX Residence Tenjin-higashi II

R-32

KDX Residence Nishi Koen

R-33

KDX Residence Hirao Josui-machi

R-35

Leopalace Flat Shin-sakae

R-36

KDX Residence Konan Yamate

R-37

KDX Residence Hommachibashi

R-38

KDX Residence Minami-kusatsu

R-39

KDX Residence Ohori Harbor View
Tower

R-40

KDX Residence Minami-sanjo

R-41

Serenite Kita-kyuhoji

R-42

Serenite Nishinomiya Hommachi

R-43

KDX Residence Nishijin

R-44

Serenite Kobe Motomachi

R-45

KDX Residence Shukugawa Hills

R-46

KDX Residence Sendai Station East

R-47

Serenite Koshien Plie

10-5, Funairisaiwaicho, Nakaku, Hiroshima-shi, Hiroshima
6-22, Chikkohonmachi,
Hakata-ku, Fukuoka-shi,
Fukuoka
5-7, Minato 3-chome, Chuoku, Fukuoka-shi, Fukuoka
10-17, Hiraojosuimachi,
Chuo-ku, Fukuoka-shi,
Fukuoka
5-31, Shinsakae 1-chome,
Naka-ku, Nagoya-shi, Aichi
9-3, Moriminamimachi 1chome, Higashinada-ku,
Kobe-shi, Hyogo
2-14, Hommachibashi, Chuoku, Osaka-shi, Osaka
1-8, Minamikusatsu 1-chome,
Kusatsu-shi, Shiga
2-18, Minato 1-chome, Chuoku, Fukuoka-shi, Fukuoka
3-2, Minami 3-jo Nishi 8chome, Chuo-ku, Sapporo-shi,
Hokkaido
3-15, Kitakyuhojimachi 1chome, Chuo-ku, Osaka-shi,
Osaka
5-26, Hommachi,
Nishinomiya-shi, Hyogo
24-30, Nishijin 2-chome,
Sawara-ku, Fukuoka-shi,
Fukuoka
1-22, Kaigandori 3-chome,
Chuo-ku, Kobe-shi, Hyogo
7-1, Hinoike-cho,Nishinomiya-shi, Hyogo
2-13 Teppocho-nihsi,
Miyagino-ku, Sendai-shi,
Miyagi5-2-6, Naruo-cho,Nishinomiya-shi, Hyogo

TBI

1,656

2,370

1,360

0.4

TBI

527

827

588

0.2

TBI

622

1,090

680

0.2

TBI

696

1,090

763

0.3

TBI

722

1,090

760

0.2

TBI

3,382

4,730

3,500

1.2

TBI

937

1,350

973

0.3

TBI

3,024

4,180

3,201

1.1

TBI

1,916

2,640

1,974

0.6

TBI

4,276

5,270

4,606

1.5

TBI

911

1,970

915

0.3

TBI

1,199

1,780

1,290

0.4

TBI

606

783

617

0.2

TBI

1,709

1,850

1,600

0.5

TBI

2,376

2,790

2,390

0.8

TBI

7,248

7,480

6,884

2.3

TBI

1,371

1,590

1,340

0.4

TBI

814

865

770

0.3

221,356

309,498

222,570

73.2

Subtotal

Tokyo Metropolitan Area

Healthcare Facilities

H-1

Irise Kamata/Yuseien

2-15-21 Kitakojiya, Ota-ku,
Tokyo

TBI

1,049

1,120

1,120

0.4

H-2

Nichii Home Nakano-Minamidai

3-26-24 Minamidai, Nakanoku, Tokyo

TBI

1,747

2,110

1,780

0.6

H-3

Joy Stage Hachioji

TBI

3,719

4,120

3,690

1.2

H-4

Yuimaru Hijirigaoka(Note 3)

TBI

1,023

1,190

1,120

0.4

H-5

Nichii Home Tama Plaza

TBI

2,678

3,170

2,940

1.0

H-21

Plaisant Grand Ota tamagawa

TBI

3,161

3,490

3,057

1.0

H-22

Tsukui Sun-shine Machida (Note3)

TBI

6,905

7,650

6,934

2.3

H-23

Serabi Ebisu

TBI

1,708

1,740

1,690

0.6

H-27

SOMPO Care LAVIERE Residence
Kawasaki Shimmachi (Note 4)

2-3-2, Odasakae,Kawasakishi, Kanagawa

TBI

1,517

1,600

1,470

0.5

H-28

SOMPO care Sompo no ie S Fujimino

1-15-12, Minamidai,
Fujimino-shi, Saitama

TBI

1,572

1,630

1,520

0.5

924-2 Yokokawamachi,
Hachioji-shi, Tokyo
2-22-4 Hijirigaoka, Tama-shi,
Tokyo (Building A)
2-20-6 Hijirigaoka, Tama-shi,
Tokyo (Building B)
2-21-2 Hijirigaoka, Tama-shi,
Tokyo (Building C)
2-23-6, Inukura, Miyamae-ku,
Kawasaki-shi, Kanagawa
2-19-4 Tamagawa,Ota-ku,
Tokyo
1-11-7 Oyamagaoka Machidashi, Tokyo (West Tower)
1-11-8 Oyamagaoka Machidashi, Tokyo (East Tower)
2-10-20, Mita, Meguro-ku,Tokyo- 36 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Appraisal value

Area

Use

No.

Property nameLocation

Form ofownership(Note1)Book
value(Millions ofyen)

Acquisitionat the end ofprice
the fiscal period (Millions ofyen)(Millions of

Ratio
(%)

yen)(Note 2)

Tokyo Metropolitan Area

H-32

Tsukui Sun-shine Adachi

6-10-3, Hanahata, Adachi,
Tokyo

RE

866

915

830

0.3

H-33

SOMPO Care LAVIERE Ichinoe

4-5-2, Nishi ichinoe,
Egogawa, Tokyo

RE

1,229

1,260

1,184

0.4

H-34

Nichii Home Hachimanyama

1-19-18, Hachimanyama,
Setagaya-ku, Tokyo

TBI

2,208

2,420

2,065

0.7

H-38

Sunny Life Tachikawa

5-79-23, Kamisuna-cho,Tachikawa-shi, Tokyo

RE

1,942

1,960

1,850

0.6

H-39

Rehabili-home Bon Sejour
Minamisenzoku

RE

1,561

1,590

1,470

0.5

H-6

Ten

TBI

2,461

2,660

2,630

0.9

H-7

Irise Nishioka

TBI

764

893

858

0.3

H-8

Izarie Eniwa Building

TBI

1,465

1,820

1,660

0.5

H-9

Sawayaka Sakura Nibankan

TBI

862

1,020

989

0.3

H-10

Activa Biwa(Note 3)

TBI

6,293

6,500

6,560

2.2

H-11

Sompo Care LAVIERE Kobe Tarumi

TBI

1,995

2,240

2,110

0.7

H-12

Rehabili-home Granda Mondo Yakujin

TBI and RE

1,150

1,340

1,253

0.4

H-13

Excellent Nishinomiya

TBI

878

973

971

0.3

H-15

Excellent Kitano

TBI

729

836

737

0.2

H-16

Anesis Teradacho

TBI

3,312

3,690

3,490

1.1

H-17

Rococo-riha

TBI

1,964

2,200

2,100

0.7

H-18

Orage Suma

TBI

2,643

2,820

2,810

0.9

H-19

Canadian Hill

TBI

1,807

1,880

1,830

0.6

H-20

Anesis Hyogo

TBI

1,449

1,440

1,420

0.5

H-24

Arute Ishiyagawa

TBI

1,044

1,370

1,061

0.3

TBI

2,788

3,000

2,709

0.9

TBI

1,769

2,030

1,720

0.6

TBI

1,247

1,420

1,200

0.4

TBI

1,353

1,470

1,287

0.4

TBI

2,450

2,610

2,340

0.8

TBI

1,162

1,210

1,088

0.4

TBI

1,085

1,120

1,020

0.3

1-1-8, Minamisenzoku, Otaku, Tokyo
6-3-1 Tsukisamuchuodori,Toyohira-ku, Sapporo-shi,
Hokkaido
13-7-10 Nishioka Sanjo,
Toyohira-ku, Sapporo-shi,
Hokkaido
1-8-1 Aioimachi, Eniwa-shi,
Hokkaido
1-10-3 Oroshimachi, Akitashi, Akita
6-16-16 Ogoto, Otsu-shi, Shiga
6-11-8 Ogoto, Otsu-shi, Shiga
6-17-17 Ogoto, Otsu-shi,
Shiga
285 Sarukura, Myodanicho,
Tarumi-ku, Kobe-shi, Hyogo
10-10 Hayashidacho,
Nishinomiya-shi, Hyogo
2-4-3 Sumiredai,

Other Regional Areas

Healthcare Facilities

Nishinomiya-shi, Hyogo
10 Kitanohigashi, Kobaicho,
Kita-ku, Kyoto-shi, Kyoto
1-4-24, Hayashiji, Ikuno-ku,
Osaka-shi, Osaka
6-7 Hozan-cho,
Toyonaka-shi, Osaka
3-622-11, Wakakusa-cho,Suma-ku, Kobe-shi, Hyogo
2-3-1 Nagaminedai, Nada-ku,
Kobe-shi, Hyogo
1-8-21, Yoshida-cho,
Hyogo-ku, Kobe-shi, Hyogo
1-10-13, Mikage tsuka-machi,
Higashi nada-ku, Kobe-shi,
Hyogo

H-25

Medical-home Granda Kurakuen

H-26

Rehabili-home Granda Kobe Kitano

H-29

Irise Kobe Rokko

H-30

Excellent Hanayashiki Garden Hills

H-31

Excellent Takarazuka Garden Hills

H-35

Life ship Oasa

H-36

Life ship Yunokawa

6-6, Okuhata,
Nishinomiya-shi, Hyogo
4-12-1, Kitano-cho, Chuo-ku,
Kobe-shi, Hyogo
4-6-3, Shinohara Hommachi,
Nada-ku, Kobe-shi, Hyogo
4-1-6, Hanayashiki Shoen,
Takarazuka-shi, Hyogo
5-4-1, Hirai, Takarazuka-shi,
Hyogo
4-9, Oasa Ougimachi,
Ebetsu-shi, Hokkaido
3-12-15, Yunokawa-cho,
Hakodate-shi, Hokkaido- 37 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Appraisal value

Area

Use

No.

Property nameForm ofownership

Location(Note1)Book
value(Millions ofyen)

Acquisitionat the end ofprice
the fiscal period (Millions ofyen)(Millions of

Ratio
(%)

yen)(Note 2)

Life ship Fukazawa

H-14

Gran Hills Ogawarako

8-13, Taishimachi,

TBI

827

895

758

0.2

TBI

1,253

1,380

1,380

0.5

75,65682,78276,702

25.2

TBI

2,424

2,370

2,390

0.8

TBI

2,606

2,600

2,570

0.8

Subtotal

5,031

4,970

4,960

1.6

Total

302,043

397,250304,232

100.0

Fukagawa-shi, Hokkaido

OthersHealthcare Facilities

H-37

57-2 Tachino Oura-aza,Tohokumachi-Oaza,
Kamikita-gun, Aomori
Subtotal

Tokyo
Metropolitan
Area
Accommodation
Facilities

A-1

Hotel LiVEMAX Tokyo-OtsukaEkimae

3-44-12 Minami-Otsuka,

A-2

Hotel LiVEMAX YokohamaekiNishiguchi

2-10-32 Kitasaiwai, Nishi-ku,

Toshima-ku, Tokyo
Yokohama-shi, Kanagawa(Note 1) “TBI” represents trust beneficiary interest in real estate and “RE” represents real estate.
(Note 2) “Appraisal value at the end of the fiscal period” is the appraisal value in a real property appraisal prepared, pursuant to the asset appraisal techniques and standards in KDR’scertificate of incorporation and the rules of the Investment Trusts Association, Japan, by Japan Real Estate Institute, Daiwa Real Estate Appraisal Co., Ltd., JLL Morii Valuation& Advisory K.K. or Tanizawa Sogo Appraisal Co., Ltd.
(Note 3) R-24 and H-22 consist of two buildings and H-4, H-10 consist of three buildings, book value and appraisal value are total amount of each value of the properties.
(Note 4) The name of property (H-27) was changed from “Grapes Kawasaki Shinmachi” on April 1, 2023. The same shall apply hereinafter.

The overview of the Assets to-be acquired
Area

Use

Name

Location

Form ofownership

Book

Appraisal value

at the end of
value
the
fiscal period(Millions of yen)
(Millions of yen)

Residential
properties
Accommodation
Facilities

River City 21 East Towers II(25% quasi co-ownership interest)

2-1-2 Tsukuda, Chuo-ku, Tokyo

TBI

10,775

9,232

remm roppongi building(20% quasi co-ownership interest)

7-14-4, Roppongi, Minato-ku, Tokyo

TBI

4,060

3,960

Tokyo
Metropolitan Area- 38 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(B) Overview of Tenants
Rental operating revenues

Use

No.

Property name

Type(Note 1,2)

Leasablearea(㎡)(Note 3)

Leased area Occupancy(㎡)(%)(Note 4)(Note 5)

Leasableunits (unit)(Note 6)

LeasedNumber ofunits (unit)
tenants(Note 7)(Note8)(Note 9)(Millions of
yen)

Share
(%)

Residential properties

SmallfamilySmallfamilySmallfamily5,338.99

5,093.87

95.4

86

81

1

168

1.7

2,353.23

2,311.21

98.2

54

53

1

60

0.6

1,131.24

1,059.53

93.7

36

34

1

28

0.3

KDX Bunkyo Sengoku ResidenceSingle2,054.10

1,959.23

95.4

77

73

1

52

0.5

T-6

KDX Azumabashi ResidenceSingle1,054.83

1,005.79

95.4

41

39

1

30

0.3

T-7

KDX Shimura Sakaue Residence

Family6,117.48

6,044.68

98.8

85

84

1

110

1.1

T-9

Cosmo Heim Motosumiyoshi

Single4,538.04

4,259.38

93.9

180

165

1

77

0.8

T-10

KDX Musashi Nakahara Residence

Family2,123.46

2,123.46

100.0

35

35

1

26

0.3

T-11

KDX Chiba Chuo ResidenceSingle3,546.91

3,438.51

96.9

106

103

1

64

0.6

2,491.66

2,334.51

93.7

61

57

1

50

0.5

3,617.32

3,617.32

100.0

50

50

1

121

1.2

2,889.66

2,771.26

95.9

85

82

1

92

0.9

1,680.79

1,648.59

98.1

20

19

1

61

0.6

2,785.42

2,703.26

97.1

62

60

1

75

0.7

2,507.52

2,380.26

94.9

64

61

1

67

0.7

1,849.00

1,806.98

97.7

76

74

1

58

0.6

1,034.27

979.55

94.7

27

25

1

28

0.3

2,310.08

2,251.00

97.4

39

38

1

53

0.5

T-1

KDX Daikanyama Residence

T-3

KDX Odemma Residence

T-4

KDX Iwamoto-cho Residence

T-5

T-12

KDX Kawaguchi Saiwai-cho Residence

T-13

KDX Residence Shirokane I

T-15

KDX Residence Shirokane II

T-16

KDX Residence Minami-aoyama

T-17

KDX Residence Minami-azabu

T-18

KDX Residence Shiba Koen

T-19

KDX Residence Azabu East

SmallfamilySmallfamilySingleSmallfamilySmallfamilySmallfamilySingleSmallfamilySmallfamilyT-20

KDX Residence Takanawa

T-21

KDX Residence Nishihara

T-22

KDX Residence Daikanyama II

Family985.10985.10

100.0

17

17

1

31

0.3

T-24

KDX Residence Nihombashi Suitengu

Family5,534.86

5,534.86

100.0

79

79

1

107

1.1

T-25

KDX Residence Nihombashi Hakozaki

Single1,537.38

1,496.36

97.3

60

58

1

41

0.4

T-26

KDX Residence Higashi-shinjuku

Single4,358.43

4,268.91

97.9

179

176

1

113

1.1

T-27

KDX Residence Yotsuya

Family3,101.16

3,042.46

98.1

42

41

1

84

0.8

T-28

KDX Residence Nishi-shinjuku

Single1,345.92

1,299.47

96.5

54

52

1

38

0.4

T-29

KDX Residence Kagurazaka

Single890.93865.16

97.1

34

33

1

25

0.3

T-30

KDX Residence Futako Tamagawa

Family2,339.62

2,339.62

100.0

38

38

1

45

0.5

T-31

KDX Residence Komazawa Koen

Smallfamily1,020.18

997.81

97.8

32

31

1

30

0.3

T-32

KDX Residence Mishuku

Single1,103.82

1,103.82

100.0

39

39

1

26

0.3

T-33

KDX Residence Yoga

Single1,012.80

1,012.80

100.0

38

38

1

25

0.3

T-34

KDX Residence Shimouma

Single829.05802.93

96.8

29

28

1

20

0.2

T-35

Raffine Minami-magome

Single2,408.56

2,408.56

100.0

56

56

1

41

0.4

T-36

KDX Residence Yukigaya Otsuka

Single1,526.98

1,506.39

98.7

72

71

1

39

0.4

T-37

KDX Residence Denenchofu

Family2,359.44

2,359.44

100.0

36

36

1

40

0.4

T-38

KDX Residence Tamagawa

Single1,170.40

1,148.50

98.1

52

51

1

29

0.3

T-39

KDX Residence MonzennakachoSingle1,171.41

1,171.41

100.0

49

49

1

28

0.3

T-40

KDX Residence Okachimachi

Single1,329.79

1,304.93

98.1

51

50

1

34

0.3

KDX Residence Moto-asakusa

Smallfamily1,314.91

1,282.16

97.5

44

43

1

29

0.3

T-41

- 39 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Rental operating revenues

Use

No.

Property name

Type(Note 1,2)

Leasablearea(㎡)(Note 3)

Leased area Occupancy(㎡)(%)(Note 4)(Note 5)

Leasableunits (unit)(Note 6)

LeasedNumber ofunits (unit)
tenants(Note 7)(Note8)(Note 9)(Millions of
yen)

Share
(%)

Residential properties

T-42

KDX Residence Itabashi Honcho

Single1,127.58

1,127.58

100.0

46

46

1

25

0.3

T-43

KDX Residence Azusawa

Single989.82989.82

100.0

39

39

1

20

0.2

T-45

KDX Residence Yokohama Kannai

Single1,602.16

1,535.11

95.8

72

69

1

36

0.4

T-46

KDX Residence Miyamaedaira

Family2,448.27

2,394.21

97.8

40

39

1

38

0.4

T-47

KDX Residence Machida

Family3,832.53

3,386.31

88.4

52

46

1

70

0.7

T-48

KDX Residence Kinshicho

Family2,024.81

2,024.81

100.0

33

33

1

47

0.5

T-49

KDX Residence Nihombashi Hamacho

Family1,756.27

1,756.27

100.0

28

28

1

38

0.4

T-50

KDX Residence Nihombashi Ningyocho

Single877.14819.73

93.5

27

25

1

19

0.2

T-51

KDX Residence Jiyugaoka

1,637.00

1,600.52

97.8

48

47

1

39

0.4

T-52

KDX Residence Togoshi

4,591.76

4,536.97

98.8

144

142

1

125

1.2

T-53

KDX Residence Shinagawa Seaside

Single3,314.75

3,072.92

92.7

127

118

1

84

0.8

T-54

KDX Residence Ojima

Single2,372.67

2,332.02

98.3

117

115

1

68

0.7

T-55

KDX Residence Oyama

Smallfamily4,009.07

3,955.17

98.7

145

143

1

96

1.0

T-56

KDX Residence Hanzomon

Family4,854.23

4,854.23

100.0

85

85

1

141

1.4

T-57

KDX Residence Akihabara II

Single1,254.50

1,229.82

98.0

52

51

1

31

0.3

T-58

KDX Residence Kagurazaka DoriSingle1,809.84

1,750.98

96.7

70

68

1

54

0.5

T-59

KDX Residence Sendagi

Family3,159.89

2,997.36

94.9

40

37

1

73

0.7

T-60

KDX Residence Seijo

2,198.56

2,198.56

100.0

38

38

1

43

0.4

T-61

KDX Residence Akihabara

1,929.61

1,929.61

100.0

32

32

1

43

0.4

T-62

KDX Residence Iriya

Single1,899.29

1,899.29

100.0

57

57

1

40

0.4

T-63

KDX Residence Tachikawa

Single4,314.87

4,184.73

97.0

174

169

1

103

1.0

T-64

KDX Residence Tsurumi

Smallfamily3,499.84

3,442.34

98.4

59

58

1

56

0.6

T-65

KDX Residence Morishita Chitose

Single1,614.28

1,593.00

98.7

65

64

1

38

0.4

1,180.71

1,139.24

96.5

28

27

1

43

0.4

1,031.09

1,031.09

100.0

30

30

1

30

0.3

2,659.66

2,506.88

94.3

65

61

1

93

0.9

Small
familySmallfamilySmallfamilySmallfamilySmallfamilySmallfamilySmallfamilyT-66

KDX Residence Akasaka

T-67

KDX Residence Kanda

T-68

KDX Residence Ebisu

T-69

KDX Residence Nishi-magome

Single1,297.27

1,271.91

98.0

47

46

1

32

0.3

T-70

KDX Residence Nishi-azabu

Smallfamily1,357.88

1,357.88

100.0

33

33

1

39

0.4

T-71

KDX Residence Azabu Sendaizaka

Single878.50878.50

100.0

30

30

1

27

0.3

T-72

KDX Residence Waseda Tsurumaki

Single808.54808.54

100.0

39

39

1

23

0.2

T-73

KDX Residence Bunkyo Yushima

Single939.89825.92

87.9

38

34

1

25

0.2

T-74

KDX Residence Kamishakujii

Single1,032.18

1,032.18

100.0

47

47

1

24

0.2

T-75

KDX Residence Shin-otsuka

Single872.00872.00

100.0

40

40

1

30

0.3

T-76

KDX Residence SakurajosuiSingle1,227.16

1,201.96

97.9

43

42

1

30

0.3

T-77

KDX Residence Ryogoku

Single1,190.53

1,190.53

100.0

36

36

1

30

0.3

T-78

KDX Residence Toyosu

Single6,811.38

6,811.38

100.0

242

242

1

182

1.8

T-79

KDX Residence Asagaya

Smallfamily1,996.08

1,925.08

96.4

44

42

1

52

0.5

T-80

KDX Residence Hiyoshi

Family6,131.93

5,990.19

97.7

92

90

1

82

0.8

- 40 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Rental operating revenues

Use

No.

Property name

Type(Note 1,2)

Leasablearea(㎡)(Note 3)

Leased area Occupancy(㎡)(%)(Note 4)(Note 5)

Leasableunits (unit)(Note 6)

LeasedNumber ofunits (unit)
tenants(Note 7)(Note8)(Note 9)(Millions of
yen)

Share
(%)

T-81

KDX Residence Kamikitazawa

Smallfamily1,971.07

1,971.07

100.0

39

39

1

40

0.4

T-82

KDX Residence Kaminoge

Single1,224.87

1,224.87

100.0

34

34

1

26

0.3

T-83

KDX Residence Higashi-Asakusa

Single1,013.40

1,013.40

100.0

36

36

1

21

0.2

T-84

KDX Residence Nishi-Funabashi

Single1,277.78

1,251.42

97.9

57

56

1

31

0.3

T-85

KDX Residence Hatagaya

Single2,659.50

2,505.15

94.2

87

82

1

65

0.6

957.67868.86

90.7

32

29

1

23

0.2

820.01782.51

95.4

23

22

1

19

0.2

2,203.87

2,203.87

100.0

80

80

1

50

0.5

665.39665.39

100.0

21

21

1

15

0.2

2,631.45

2,478.07

94.2

51

48

1

69

0.7

Small
familySmallfamilyResidential properties

T-86

KDX Residence Asagaya II

T-87

KDX Residence Gakugeidaigaku

T-88

KDX Residence Kamata-minami

T-89

KDX Residence Kichijoji

T-90

KDX Residence Mitaka

T-91

KDX Residence Nakanobu

Single845.78825.18

97.6

32

31

1

23

0.2

T-92

KDX Residence Ichikawa

Single1,015.39

993.78

97.9

47

46

1

23

0.2

T-93

KDX Residence Hatchobori

Family2,821.15

2,751.36

97.5

46

45

1

85

0.9

T-94

KDX Residence Nakaitabashi

Single1,972.49

1,922.13

97.4

78

76

1

46

0.5

T-95

KDX Residence Shonandai

Single2,723.20

2,592.00

95.2

104

99

1

49

0.5

T-96

KDX Residence Ikebukuro West

Single2,274.70

2,274.70

100.0

89

89

1

56

0.6

T-97

KDX Residence Tennocho

Single1,185.08

1,185.08

100.0

29

29

1

23

0.2

T-98

KDX Residence Kawasaki

Single1,179.11

1,179.11

100.0

57

57

1

26

0.3

T-99

KDX Residence Kamata-minami II

Single881.96881.96

100.0

34

34

1

23

0.2

T-100 KDX Residence Kamishakujii II

Smallfamily3,988.06

3,781.92

94.8

114

108

1

87

0.9

KDX Residence Tsudanuma(Note 3)Single2,477.01

2,477.01

100.0

99

99

1

32

0.3

T-102 KDX Residence Yokohama Momijizaka

Family4,795.16

4,488.60

93.6

75

70

1

133

1.3

T-103 KDX Residence Umejima

Smallfamily3,265.57

3,197.05

97.9

90

88

1

65

0.7

T-104 KDX Residence Mizonokuchi

Single4,103.23

4,077.11

99.4

98

97

1

76

0.8

T-105 KDX Residence Hachioji Otsuka

Single2,914.23

2,914.23

100.0

110

110

1

37

0.4

T-106 KDX Residence Tsudanuma II

Smallfamily1,647.07

1,647.07

100.0

51

51

1

25

0.2

T-107 KDX Residence Oyamadai

Family2,993.65

2,872.01

95.9

46

44

1

67

0.7

T-108 KDX Residence Asakusa

Single907.20806.40

88.9

27

24

1

22

0.2

R-2

KDX Jozenji Dori ResidenceSingle3,330.15

3,144.67

94.4

92

87

1

53

0.5

R-3

KDX Izumi Residence

Family2,798.20

2,518.38

90.0

40

36

1

44

0.4

2,936.40

2,912.08

99.2

92

91

1

47

0.5

6,385.70

6,089.46

95.4

160

152

1

109

1.1

4,631.16

4,631.16

100.0

80

80

1

60

0.6

6,255.16

6,129.71

98.0

148

145

1

78

0.8

2,762.76

2,584.52

93.5

78

73

1

34

0.3

3,413.06

3,342.31

97.9

84

82

1

40

0.4

2,253.81

2,185.37

97.0

65

63

1

23

0.2

1,818.09

1,785.40

98.2

45

44

1

28

0.3

T-101

R-4

KDX Chihaya Residence

R-5

KDX Sakaisuji Hommachi Residence

R-7

KDX Takarazuka Residence

R-8

KDX Shimizu Residence

R-9

KDX Residence Odori Koen

R-10 KDX Residence Kikusui Yojo
R-11 KDX Residence Toyohira Koen
R-13 KDX Residence Ichiban-cho

SingleSmallfamilySmallfamilySmallfamilySmallfamilyFamilySmallfamilySmallfamilySmallfamilySmallfamilySmallfamily- 41 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Rental operating revenues

Use

No.

Property nameR-16 KDX Residence Higashi-sakura I
R-18 KDX Residence Jingumae

Type(Note 1,2)

SmallfamilySmallfamilyLeasablearea(㎡)(Note 3)

Leased area Occupancy(㎡)(%)(Note 4)(Note 5)

Leasableunits (unit)(Note 6)

LeasedNumber ofunits (unit)
tenants(Note 7)(Note8)(Note 9)(Millions of
yen)

Share
(%)

6,221.83

5,522.86

88.8

187

166

1

85

0.9

2,724.19

2,650.84

97.3

95

92

1

39

0.4

Residential properties

R-19 KDX Residence Nishi-oji

Single2,353.55

2,304.81

97.9

76

74

1

34

0.3

R-20 KDX Residence Saiin

Single1,094.81

1,049.92

95.9

49

47

1

18

0.2

R-21 KDX Residence Namba

Single3,387.30

3,335.99

98.5

118

116

1

57

0.6

R-22 KDX Residence Namba-minami

Single3,813.31

3,736.27

98.0

131

128

1

55

0.5

R-24 KDX Residence Ibaraki I・II (Note 4)

Family4,701.87

4,701.87

100.0

61

61

1

55

0.5

R-25 KDX Residence Toyonaka-minami

Smallfamily2,024.50

1,991.82

98.4

70

69

1

30

0.3

R-26 KDX Residence Moriguchi

Family1,942.78

1,942.78

100.0

28

28

1

25

0.3

R-27 KDX Residence Sannomiya

Single2,292.72

2,292.72

100.0

86

86

1

40

0.4

R-28 Ashiya Royal Homes

Family4,044.46

3,589.74

88.8

22

19

1

63

0.6

R-29 KDX Residence Funairi Saiwai-cho

Single1,889.53

1,889.53

100.0

64

64

1

28

0.3

R-30 KDX Residence Tenjin-higashi II

Smallfamily2,602.53

2,437.29

93.7

63

59

1

31

0.3

R-32 KDX Residence Nishi Koen

Family2,522.16

2,522.16

100.0

36

36

1

32

0.3

R-33 KDX Residence Hirao Josui-machi

Family2,098.68

2,098.68

100.0

24

24

1

29

0.3

R-35 Leopalace Flat Shin-sakae

Single11,589.95

11,589.95

100.0

274

274

1

121

1.2

1,923.22

1,863.48

96.9

55

53

1

32

0.3

6,511.88

6,339.71

97.4

134

130

1

108

1.1

5,735.96

5,539.96

96.6

170

164

1

108

1.1

11,855.63

11,430.11

96.4

212

204

1

185

1.8

5,269.39

5,235.42

99.4

114

113

1

58

0.6

R-36 KDX Residence Konan Yamate
R-37 KDX Residence Hommachibashi

SmallfamilySmallfamilyR-38 KDX Residence Minami-kusatsu

SingleKDX Residence Ohori Harbor
R-39
View Tower

SmallfamilySmallfamilyR-40 KDX Residence Minami-sanjo
R-41 Serenite Kita-kyuhojiSingle2,277.14

2,167.46

95.2

85

81

1

43

0.4

R-42 Serenite Nishinomiya Hommachi

Single1,351.68

1,326.33

98.1

51

50

1

24

0.2

R-43 KDX Residence Nishijin

Smallfamily4,472.72

4,234.78

94.7

128

121

1

58

0.6

R-44 Serenite Kobe Motomachi

Single3,787.85

3,542.29

93.5

138

129

1

79

0.8

R-45 KDX Residence Shukugawa Hills

Family17,575.39

17,084.80

97.2

239

233

1

222

2.2

R-46 KDX Residence Sendai Station East

Single2,254.34

2,228.73

98.9

88

87

1

41

0.4

R-47 Serenite Koshien Plie

Smallfamily1,438.36

1,438.36

100.0

49

49

1

26

0.3

385,055.55

374,416.75

97.2

10,046

9,761

141

7,685

76.2

2,086.40

2,086.40

100.0

－

－

1

3,339.00

3,339.00

100.0

－

－

1

13,812.27

13,812.27

100.0

－

－

1

4,385.53

4,385.53

100.0

－

－

1

Subtotal

Healthcare Facilities

H-1

Irise Kamata/Yuseien

H-2

Nichii Home Nakano-Minamidai

H-3

Joy Stage Hachioji

H-4

Yuimaru Hijirigaoka

H-5

Nichii Home Tama Plaza

H-6

Ten

H-7

Irise Nishioka

H-8

Izarie Eniwa Building

H-9

Sawayaka Sakura Nibankan

Fee-basednursingFee-basednursingFee-basednursingFee-based
residential
Fee-basednursingFee-basednursingFee-based
residential
Fee-basednursingFee-basednursing

8,208.65

8,208.65

100.0

－

－

1

6,473.60

6,473.60

100.0

－

－

1

3,140.27

3,140.27

100.0

－

－

1

5,343.39

5,343.39

100.0

－

－

1

3,628.51

3,628.51

100.0

－

－

1

- 42 -

Not
disclosed

Not
disclosed

Not
disclosed

Not
disclosed(Note 10)(Note 10)(Note 10)(Note 10)

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Rental operating revenues

Use

No.

Property name

H-10 Activa Biwa(Note 4)
H-11 Sompo Care LAVIERE Kobe Tarumi
H-12 Rehabili-home Granda Mondo Yakujin
H-13 Excellent Nishinomiya
H-14 Gran Hills Ogawarako
H-15 Excellent Kitano
H-16 Anesis Teradacho
H-17 Rococo-riha
H-18 Orage Suma
H-19 Canadian Hill
H-20 Anesis Hyogo
H-21 Plaisant Grand Ota tamagawa
H-22 Tsukui Sun-shine Machida (Note4)

Healthcare Facilities

H-23 Serabi Ebisu
H-24 Arute Ishiyagawa
H-25 Medical-home Granda Kurakuen
H-26 Rehabili-home Granda Kobe Kitano
H-27

SOMPO Care LAVIERE Residence
Kawasaki Shimmachi

H-28 SOMPO care Sompo no ie S Fujimino
H-29 Irise Kobe Rokko
H-30 Excellent Hanayashiki Garden Hills
H-31 Excellent Takarazuka Garden Hills
H-32 Tsukui Sun-shine Adachi
H-33 SOMPO Care LAVIERE Ichinoe
H-34 Nichii Home Hachimanyama
H-35 Life ship Oasa
H-36 Life ship Yunokawa
H-37 Life ship Fukagawa
H-38 Sunny Life Tachikawa
Rehabili-home Bon Sejour
H-39
Minamisenzoku

Type(Note 1,2)

Fee-basednursingFee-basednursingFee-based
residential
Fee-basednursingServicedhousingFee-based
residential
Fee-basednursingFee-basednursingFee-basednursingFee-basednursingFee-basednursingFee-basednursingFee-basednursingFee-basednursingFee-basednursingFee-basednursingFee-basednursingServicedhousingServicedhousingFee-basednursingFee-basednursingFee-basednursingFee-basednursingFee-basednursingFee-basednursingServicedhousingServicedhousingServicedhousingFee-basednursingFee-basednursing

Subtotal

Leasablearea(㎡)

Leased area Occupancy(㎡)(%)

39,649.84

39,649.84

100.0

－

－

1

4,493.35

4,493.35

100.0

－

－

1

3,287.80

3,287.80

100.0

－

－

1

2,685.48

2,685.48

100.0

－

－

1

4,180.28

4,180.28

100.0

－

－

1

1,339.58

1,339.58

100.0

－

－

1

7,856.64

7,856.64

100.0

－

－

1

3,860.29

3,860.29

100.0

－

－

1

5,995.74

5,995.74

100.0

－

－

1

3,731.26

3,731.26

100.0

－

－

1

4,415.16

4,415.16

100.0

－

－

1

3,175.15

3,175.15

100.0

－

－

1

15,553.33

15,553.33

100.0

－

－

1

1,557.73

1,557.73

100.0

－

－

1

3,444.81

3,444.81

100.0

－

－

1

3,900.59

3,900.59

100.0

－

－

1

2,725.53

2,725.53

100.0

－

－

1

3,455.79

3,455.79

100.0

－

－

1

3,693.83

3,693.83

100.0

－

－

1

2,278.43

2,278.43

100.0

－

－

1

3,469.84

3,469.84

100.0

－

－

1

5,414.02

5,414.02

100.0

－

－

1

2,204.45

2,204.45

100.0

－

－

1

2,306.95

2,306.95

100.0

－

－

1

2,739.47

2,739.47

100.0

－

－

1

3,406.41

3,406.41

100.0

－

－

1

3,413.76

3,413.76

100.0

－

－

1

3,397.74

3,397.74

100.0

－

－

1

3,485.36

3,485.36

100.0

－

－

1

1,979.78

1,979.78

100.0

－

－

1

203,516.01

203,516.01

100.0

－

－

39

(Note 3)(Note 4)(Note 5)

Leasableunits (unit)(Note 6)

LeasedNumber ofunits (unit)
tenants(Note 7)(Note8)

Accommodation
Facilities

A-1

Hotel LiVEMAX Tokyo-Otsuka-Ekimae－

1,660.21

1,660.21

100.0

－

－

1

A-2

Hotel LiVEMAX YokohamaekiNishiguchi－

1,997.18

1,997.18

100.0

－

－

1

Subtotal

3,657.39

3,657.39

100.0

－

－

2

Total

592,228.95

581,590.15

98.2

10,0469,761

182- 43 -(Note 9)(Millions of
yen)

Share
(%)

2,280

22.6

Not
disclosed(Note 10)

10,083Not
disclosed(Note 10)100.0

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Note 1) “Type” is the classification of the principal residential unit of the building, the studio type, the small family type or family type as described

below.
Small family type(housing mainly for married-couple
households and family households withan infant)
The exclusively owned area per The exclusively owned area perresidential unit contains at least 18m2, but residential unit contains at least 30m2, butless than 30m2 and at least 20 residential less than 60m2 and at least 15 residential
units per property.
units per property.
Studio type(housing mainly for single households)

Family type(housing mainly for family households of 3 person
or more)The exclusively owned area per residential unit
contains at least 60m2 per unit and at least 5
residential units per property.

(Note 2) “Category” is according to the below classification:
Serviced
Housing for theGeriatric Health Services Facilities
Elderly
Paid nursing homes for the elderly that fall Nursing homes for the elderly that neither Rental housing or paid nursing homes Facilities approved by prefectures
under the prefectural government’s fall under the prefectural government’s registered in prefectures that meet criteria aiming to provide medical treatment,
designation of Daily Life Long-Term Care designation of “Daily Life Long-Term of housing conditions (floor area, nursing care and functional training
Admitted to a Specified Facility” for long- Care Admitted to a Specified Facility” for equipment, and structure), services for under medical supervision, otherterm insurance.
long-term insurance nor care homes.
residents, and contracts with residents necessary medical services, andprescribed in Act on Securement of everyday care for those who require
Stable Supply of Elderly Persons' nursing care based on the facility’s
Housing.
service plan.
Paid Nursing Home

Residential Type Paid Nursing Home

(Note 3) “Total leasable area” is the floor area described in the lease agreements that is leasable at the asset (in case the asset contains more than one building, the sum of the leasable
floor area of such buildings) as of July 31, 2023.
(Note 4) “Leased area” indicates the total leased area based on the lease agreements for each property as of July 31, 2023.
(Note 5) The “occupancy rate” = leased area / leasable area x 100. The “total” for the “occupancy rate” column is the occupancy rate for the portfolio as a whole.
(Note 6) “Leasable unit” indicates the number of units described in the lease agreements that is leasable at the property (including retail shops) as of July 31, 2023.
(Note 7) “Leased units” indicates the total leased units based (including retail shops) on the lease agreements for each property as of July 31, 2023.
(Note 8) Regarding residential, in the “number of tenants” column, if a master lease agreement has been executed with a master lease company, 1 is entered as the number of tenants.
As of July 31, 2023, master lease agreements had been executed for all investment assets of KDR except for Raffine Minami-magome; the “total” for the “number of tenants”
is the sum of the master lease agreements for the properties (running number); and for the properties with no master lease agreement, the number of end tenants is entered.
For reference, the total number of master lease companies is 11. "Total number of tenants" of the healthcare facility and accommodation facility lists the total number oftenants of the master lease contract pertaining to each asset effective as of July 31, 2023. For properties with no master lease agreement, the number of direct contractors(tenants) by the trustee or KDR is indicated. As of July 31, 2023, no master lease contracts have been signed in H-27 SOMPO Care LAVIERE Residence Kawasaki Shimmachi,
H-28 SOMPO care Sompo no ie S Fujimino, H-32 Tsukui Sun-shine Adachi, H-33 SOMPO Care. LAVIERE Ichinoe, H-38 Sunny Life Tachikawa and H-39 Rehabili-home
Bon Sejour Minamisenzoku.) Furthermore, the said master lease agreement is so-called pass through lease agreement, and as of July 31, 2023, the leased area under the said
master lease agreement with the tenant is 186,389.79㎡ and the security deposit and guarantee is 0 yen.
(Note 9) “Rental and other operating revenues” is the sum of a property’s rental business income for each fiscal period.
(Note 10) KDR has not obtained consent from the tenant to release this information.

- 44 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(C) Overview of Appraisal Reports
Appraisal (Note 1)
Direct capitalization method
Appraisal
Estimated
Estimated
value
value
Cap ratevalue(Millions of(Millions of(%)(Millions of
yen)
yen)
yen)

No.

Property nameT-1

KDX Daikanyama Residence

F

7,950

8,040

3.1

T-3

KDX Odemma Residence

F

2,870

2,900

T-4

KDX Iwamoto-cho Residence

F

1,290

1,300

T-5

KDX Bunkyo Sengoku Residence

F

2,280

T-6

KDX Azumabashi Residence

F

T-7

KDX Shimura Sakaue ResidenceF

T-9

Cosmo Heim Motosumiyoshi

F

T-10

KDX Musashi Nakahara Residence

F

T-11

KDX Chiba Chuo Residence

D

T-12

KDX Kawaguchi Saiwai-cho Residence

F

T-13

KDX Residence Shirokane I

T-15

KDX Residence Shirokane II

T-16

DCF method
Discount rate(%)

Terminal
capitalization
rate (%)

7,850

2.9

3.2

3.2

2,840

3.0

3.3

3.2

1,270

3.0

3.3

2,300

3.2

2,250

3.0

3.3

1,160

1,170

3.3

1,140

3.1

3.4

4,370

4,410

3.6

4,330

3.4

3.7

2,580

2,600

3.9

2,560

3.7

4.0

797

802

4.0

791

3.8

4.1

1,980

1,990

4.4

1,970

4.2

4.6

1,880

1,890

3.8

1,860

3.6

3.9

F

4,490

4,540

3.2

4,440

3.0

3.3

F

4,380

4,430

3.1

4,320

2.9

3.2

KDX Residence Minami-aoyama

F

2,840

2,870

3.2

2,800

3.0

3.3

T-17

KDX Residence Minami-azabu

F

3,400

3,430

3.1

3,360

2.9

3.2

T-18

KDX Residence Shiba Koen

F

2,840

2,860

3.1

2,810

2.9

3.2

T-19

KDX Residence Azabu East

F

2,540

2,560

3.2

2,510

3.0

3.3

T-20

KDX Residence Takanawa

F

1,370

1,380

3.1

1,350

2.9

3.2

T-21

KDX Residence Nishihara

F

2,290

2,310

3.3

2,270

3.1

3.4

T-22

KDX Residence Daikanyama II

F

1,390

1,410

3.3

1,370

3.1

3.4

T-24

KDX Residence Nihombashi Suitengu

D

4,750

4,850

3.6

4,710

3.6

3.8

T-25

KDX Residence Nihombashi Hakozaki

D

1,600

1,630

3.6

1,590

3.4

3.8

T-26

KDX Residence Higashi-shinjuku

F

5,130

5,180

3.2

5,070

3.0

3.3

T-27

KDX Residence Yotsuya

F

3,710

3,740

3.3

3,670

3.1

3.4

T-28

KDX Residence Nishi-shinjuku

F

1,710

1,730

3.2

1,690

3.0

3.3

T-29

KDX Residence Kagurazaka

F

1,160

1,170

3.2

1,150

3.0

3.3

T-30

KDX Residence Futako Tamagawa

F

1,820

1,840

3.4

1,800

3.2

3.5

T-31

KDX Residence Komazawa Koen

F

1,410

1,420

3.2

1,390

3.0

3.3

T-32

KDX Residence Mishuku

F

1,180

1,190

3.2

1,160

3.0

3.3

T-33

KDX Residence Yoga

F

1,080

1,090

3.3

1,070

3.1

3.4

T-34

KDX Residence Shimouma

F

930

940

3.3

919

3.1

3.4

T-35

Raffine Minami-magome

F

1,630

1,640

4.2

1,620

4.0

4.3

T-36

KDX Residence Yukigaya Otsuka

F

1,590

1,600

3.5

1,570

3.3

3.6

T-37

KDX Residence Denenchofu

D

1,450

1,470

3.9

1,440

3.7

4.1

T-38

KDX Residence Tamagawa

F

1,130

1,140

3.6

1,120

3.4

3.7

T-39

KDX Residence Monzennakacho

F

1,200

1,210

3.3

1,180

3.1

3.4

T-40

KDX Residence Okachimachi

F

1,320

1,330

3.4

1,310

3.2

3.5

T-41

KDX Residence Moto-asakusa

F

1,220

1,230

3.4

1,210

3.2

3.5

T-42

KDX Residence Itabashi Honcho

F

958

965

3.6

951

3.4

3.7

T-43

KDX Residence Azusawa

F

781

787

3.6

775

3.4

3.7

T-45

KDX Residence Yokohama Kannai

F

1,180

1,180

3.8

1,170

3.6

3.9

T-46

KDX Residence Miyamaedaira

F

1,360

1,370

3.7

1,350

3.5

3.8

T-47

KDX Residence Machida

F

2,630

2,650

3.5

2,610

3.3

3.6

T-48

KDX Residence Kinshicho

F

2,150

2,170

3.3

2,130

3.1

3.4

T-49

KDX Residence Nihombashi Hamacho

F

1,610

1,620

3.3

1,600

3.1

3.4

T-50

KDX Residence Nihombashi Ningyocho

F

819

827

3.4

811

3.2

3.5

T-51

KDX Residence Jiyugaoka

F

1,950

1,970

3.1

1,920

2.9

3.2

T-52

KDX Residence Togoshi

F

5,750

5,810

3.3

5,690

3.1

3.4

T-53

KDX Residence Shinagawa Seaside

F

3,700

3,730

3.3

3,660

3.1

3.4

T-54

KDX Residence Ojima

F

2,910

2,940

3.4

2,880

3.2

3.5

Appraisal- 45 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

No.

Property nameAppraisal

Appraisal (Note 1)
Direct capitalization method
Appraisal
Estimated
Estimated
value
value
Cap ratevalue(Millions of(Millions of(%)(Millions of
yen)
yen)
yen)

DCF method
Discount rate(%)

Terminal
capitalization
rate (%)

T-55

KDX Residence Oyama

F

3,970

4,000

3.6

3,930

3.4

3.7

T-56

KDX Residence Hanzomon

F

7,090

7,170

3.2

7,000

3.0

3.3

T-57

KDX Residence Akihabara II

F

1,320

1,330

3.2

1,300

3.0

3.3

T-58

KDX Residence Kagurazaka Dori

F

2,710

2,740

3.0

2,670

2.8

3.1

T-59

KDX Residence Sendagi

F

3,070

3,100

3.3

3,040

3.1

3.4

T-60

KDX Residence Seijo

F

1,920

1,940

3.3

1,900

3.1

3.4

T-61

KDX Residence Akihabara

F

1,950

1,970

3.3

1,930

3.1

3.4

T-62

KDX Residence Iriya

F

1,670

1,680

3.5

1,650

3.3

3.6

T-63

KDX Residence Tachikawa

F

4,350

4,390

3.5

4,300

3.3

3.6

T-64

KDX Residence Tsurumi

F

1,850

1,860

4.1

1,840

3.9

4.2

T-65

KDX Residence Morishita Chitose

M

1,520

1,550

3.5

1,490

3.3

3.7

T-66

KDX Residence Akasaka

F

2,430

2,460

2.9

2,390

2.7

3.0

T-67

KDX Residence Kanda

F

1,340

1,350

3.1

1,330

2.9

3.2

T-68

KDX Residence Ebisu

F

5,510

5,580

2.9

5,430

2.7

3.0

T-69

KDX Residence Nishi-magome

F

1,430

1,440

3.3

1,410

3.1

3.4

T-70

KDX Residence Nishi-azabu

F

2,020

2,040

3.0

1,990

2.8

3.1

T-71

KDX Residence Azabu Sendaizaka

F

1,330

1,340

3.0

1,310

2.8

3.1

T-72

KDX Residence Waseda Tsurumaki

F

967

977

3.2

956

3.0

3.3

T-73

KDX Residence Bunkyo Yushima

F

1,090

1,100

3.2

1,080

3.0

3.3

T-74

KDX Residence Kamishakujii

F

938

945

3.6

930

3.4

3.7

T-75

KDX Residence Shin-otsuka

F

1,220

1,230

3.6

1,200

3.4

3.7

T-76

KDX Residence Sakurajosui

F

1,340

1,350

3.2

1,330

3.0

3.3

T-77

KDX Residence Ryogoku

F

1,440

1,450

3.2

1,420

3.3

T-78

KDX Residence Toyosu

T

8,070

8,170

3.5

8,020

T-79

KDX Residence Asagaya

F

2,570

2,600

3.2

2,540

3.0
(1-4years)
3.7(5year-)
3.6
3.0

T-80

KDX Residence Hiyoshi

F

3,040

3,060

3.7

3,010

3.5

3.8

T-81

KDX Residence Kamikitazawa

F

1,670

1,680

3.6

1,650

3.4

3.7

T-82

KDX Residence Kaminoge

F

1,460

1,480

3.2

1,430

3.0

3.3

T-83

KDX Residence Higashi-Asakusa

F

857

865

3.4

849

3.2

3.5

T-84

KDX Residence Nishi-Funabashi

F

1,190

1,190

3.9

1,180

3.7

4.0

T-85

KDX Residence Hatagaya

F

2,920

2,950

3.4

2,880

3.2

3.5

T-86

KDX Residence Asagaya II

F

1,110

1,120

3.5

1,090

3.3

3.6

T-87

KDX Residence Gakugeidaigaku

T

831

856

3.4

820

3.5

3.6

T-88

KDX Residence Kamata-minami

F

2,460

2,480

3.4

2,430

3.2

3.5

T-89

KDX Residence Kichijoji

T

650

663

3.8

645

3.9

4.0

T-90

KDX Residence Mitaka

F

3,280

3,310

3.5

3,250

3.3

3.6

T-91

KDX Residence Nakanobu

T

939

956

3.6

931

3.7

3.8

T-92

KDX Residence Ichikawa

D

946

966

3.7

938

3.5

3.9

T-93

KDX Residence Hatchobori

T

3,720

3,790

3.3

3,690

3.4

3.5

T-94

KDX Residence Nakaitabashi

F

2,030

2,040

3.4

2,010

3.2

3.5

T-95

KDX Residence Shonandai

D

1,730

1,760

4.0

1,710

3.8

4.2

T-96

KDX Residence Ikebukuro West

D

2,580

2,650

3.4

2,550

3.2

3.6

T-97

KDX Residence Tennocho

D

966

990

3.7

956

3.5

3.9

T-98

KDX Residence Kawasaki

D

1,080

1,100

3.7

1,070

3.3

3.9

T-99

KDX Residence Kamata-minami II

F

950

962

3.4

938

3.2

3.5

T-100

KDX Residence Kamishakujii II

T

3,570

3,630

3.6

3,540

3.7

3.8

T-101

KDX Residence Tsudanuma

D

1,390

1,420

4.2

1,370

3.9

4.3

T-102

KDX Residence Yokohama Momijizaka

F

5,810

5,850

3.5

5,770

3.3

3.6

T-103

KDX Residence Umejima

F

2,950

2,970

3.5

2,920

3.3

3.6

- 46 -

3.7
3.3

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Appraisal (Note 1)
Direct capitalization method
Appraisal
Estimated
Estimated
value
value
Cap ratevalue(Millions of(Millions of(%)(Millions of
yen)
yen)
yen)

No.

Property name

T-104

KDX Residence Mizonokuchi

D

3,140

3,220

3.7

T-105

KDX Residence Hachioji Otsuka

D

1,690

1,730

T-106

KDX Residence Tsudanuma II

D

1,020

1,040

T-107

KDX Residence Oyamadai

F

3,680

T-108

KDX Residence Asakusa

F

R-2

KDX Jozenji Dori Residence

D

R-3

KDX Izumi Residence

R-4
R-5

DCF method
Discount rate(%)

Terminal
capitalization
rate (%)

3,110

3.5

3.9

4.0

1,670

3.8

4.2

4.0

1,010

3.8

4.2

3,720

3.5

3,630

3.3

3.6

1,160

1,170

3.3

1,150

3.1

3.4

1,450

1,460

4.6

1,440

4.4

4.8

F

1,650

1,660

3.8

1,640

3.6

3.9

KDX Chihaya Residence

F

1,680

1,690

3.9

1,670

3.7

4.0

KDX Sakaisuji Hommachi Residence

F

4,130

4,160

3.6

4,090

3.4

3.7

R-7

KDX Takarazuka Residence

F

2,230

2,240

3.7

2,210

3.5

3.8

R-8

KDX Shimizu Residence

F

2,430

2,440

3.9

2,410

3.7

4.0

R-9

KDX Residence Odori Koen

F

1,150

1,150

4.1

1,140

3.9

4.2

R-10

KDX Residence Kikusui Yojo

F

1,180

1,180

4.3

1,170

4.1

4.4

Appraisal

R-11

KDX Residence Toyohira Koen

F

651

653

4.4

649

4.2

4.5

R-13

KDX Residence Ichiban-cho

D

765

770

4.6

763

4.4

4.8

R-16

KDX Residence Higashi-sakura I

F

2,680

2,700

3.8

2,660

3.6

3.9

R-18

KDX Residence Jingumae

F

1,120

1,120

4.1

1,110

3.9

4.2

R-19

KDX Residence Nishi-oji

D

992

1,000

4.3

988

4.1

4.5

R-20

KDX Residence Saiin

D

556

562

4.3

553

4.1

4.5

R-21

KDX Residence Namba

F

1,940

1,950

3.9

1,920

3.7

4.0

R-22

KDX Residence Namba-minami

F

1,780

1,790

4.0

1,770

3.8

4.1

R-24

KDX Residence Ibaraki I・II (Note 2)

F

1,657

1,660

4.2

1,644

4.0

4.3

R-25

KDX Residence Toyonaka-minami

F

1,070

1,080

4.1

1,060

3.9

4.2

R-26

KDX Residence Moriguchi

F

783

786

4.0

779

3.8

4.1

R-27

KDX Residence Sannomiya

F

1,410

1,420

3.6

1,400

3.4

3.7

R-28

Ashiya Royal Homes

F

2,370

2,390

3.6

2,350

3.4

3.7

R-29

KDX Residence Funairi Saiwai-cho

F

827

830

4.7

824

4.5

4.8

R-30

KDX Residence Tenjin-higashi II

F

1,090

1,090

3.9

1,080

3.7

4.0

R-32

KDX Residence Nishi Koen

F

1,090

1,100

3.9

1,080

3.7

4.0

R-33

KDX Residence Hirao Josui-machi

F

1,090

1,090

3.7

1,080

3.5

3.8

R-35

Leopalace Flat Shin-sakae

M

4,730

4,790

3.9

4,660

3.8

4.1

R-36

KDX Residence Konan Yamate

F

1,350

1,360

3.6

1,340

3.4

3.7

R-37

KDX Residence Hommachibashi

F

4,180

4,200

3.6

4,150

3.4

3.7

R-38

KDX Residence Minami-kusatsu

D

2,640

2,650

5.0

2,630

4.8

5.2

R-39

KDX Residence Ohori Harbor View Tower

D

5,270

5,310

4.3

5,250

4.1

4.5

R-40

KDX Residence Minami-sanjo

F

1,970

1,980

4.1

1,960

3.9

4.2

R-41

Serenite Kita-kyuhoji

M

1,780

1,810

3.6

1,740

3.4

3.8

R-42

Serenite Nishinomiya Hommachi

T

783

792

4.3

779

4.4

4.5

R-43

KDX Residence Nishijin

T

1,850

1,880

4.1

1,840

4.2

4.3

R-44

Serenite Kobe Motomachi

T

2,790

2,830

4.0

2,770

4.1

4.2

R-45

KDX Residence Shukugawa Hills

D

7,480

7,550

4.0

7,450

3.8

4.2

R-46

KDX Residence Sendai Station East

F

1,590

1,600

4.0

1,580

3.8

4.1

R-47

Serenite Koshien Plie

T

865

867

4.2

864

4.3

4.4

H-1

Irise Kamata/Yuseien

D

1,120

1,150

4.3

1,110

4.1

4.5

H-2

Nichii Home Nakano-Minamidai

D

2,110

2,150

4.0

2,090

3.8

4.2

T

4,120

4,150

4.9

4,100

Yuimaru Hijirigaoka

F

1,190

1,190

4.6

1,190

（1-10years）
4.8（11year-）
5.0
4.4

Nichii Home Tama Plaza

D

3,170

3,200

4.8

3,150

4.6

5.0

Ten

T

2,660

2,690

6.0

2,650

6.1

6.2

H-3

Joy Stage Hachioji

H-4
H-5
H-6

- 47 -

5.1
4.7

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

No.

Property nameH-7

Irise Nishioka

H-8
H-9
H-10

Appraisal

Appraisal (Note 1)
Direct capitalization method
Appraisal
Estimated
Estimated
value
value
Cap ratevalue(Millions of(Millions of(%)(Millions of
yen)
yen)
yen)

DCF method
Discount rate(%)

Terminal
capitalization
rate (%)

F

893

896

4.9

890

4.7

5.0

Izarie Eniwa Building

F

1,820

1,820

5.3

1,810

5.1

5.4

Sawayaka Sakura Nibankan

D

1,020

1,030

5.3

1,020

5.1

5.5

Activa Biwa

T

6,500

6,470

5.7

6,510

5.8

5.9
4.8
4.3

H-11

Sompo Care LAVIERE Kobe Tarumi

T

2,240

2,270

4.6

2,230

（1-7years）4.6（8year-）4.7

H-12

Rehabili-home Granda Mondo Yakujin

F

1,340

1,350

4.2

1,320

3.9

（1-10years）
971
4.7(11year-）4.8（First year）
6.9
1,380
(2-years）
7.0（7year-）7.1（1-10year）4.4
832(11year-）4.5

H-13

Excellent Nishinomiya

T

973

979

4.7

H-14

Gran Hills Ogawarako

T

1,380

1,380

7.0

H-15

Excellent Kitano

T

836

845

4.4

H-16

Anesis Teradacho

D

3,690

3,750

4.9

3,670

4.7

5.1

H-17

Rococo-riha

D

2,200

2,230

5.0

2,190

4.8

5.2

（1-3years）5.0（4-10years）
5.1(11year-）5.2（1-3years）4.6（4-10years）
4.7(11year-）4.8（1-3years）4.7（4-10years）
4.8(11year-）4.9

4.9

7.2

4.6

H-18

Orage Suma

T

2,820

2,840

5.2

2,810

H-19

Canadian Hill

T

1,880

1,900

4.7

1,870

H-20

Anesis Hyogo

T

1,440

1,450

4.8

1,430

H-21

Plaisant Grand Ota tamagawa

F

3,490

3,520

3.7

3,450

3.5

3.8

H-22

Tsukui Sun-shine Machida (Note3)

F

7,650

7,700

4.0

7,590

3.8

4.1

H-23

Serabi Ebisu

M

1,740

1,770

3.9

1,700

3.7

4.1

（1-3years）5.1（4-10years）
5.2(11year-）5.2（1-10years）
4.3(11year-）4.4

5.4

4.9

5.0

H-24

Arute Ishiyagawa

T

1,370

1,460

5.4

1,370

H-25

Medical-home Granda Kurakuen

T

3,000

3,040

4.3

2,980

H-26

Rehabili-home Granda Kobe Kitano

F

2,030

2,040

4.1

2,010

3.9

4.2

H-27

Grapes Kawasaki Shimmachi

D

1,600

1,640

3.8

1,580

3.6

4.0

H-28

SOMPO care Sompo no ie S Fujimino

D

1,630

1,660

4.0

1,610

3.8

4.2

（1-3years）4.3（4-6years）4.4(7year-）4.5（1-10years）
4.4(11year-）4.5（1-10years）
4.3(11year）4.4

5.2

4.5

H-29

Irise Kobe Rokko

T

1,420

1,430

4.4

1,410

H-30

Excellent Hanayashiki Garden Hills

T

1,470

1,480

4.4

1,460

H-31

Excellent Takarazuka Garden Hills

T

2,610

2,620

4.3

2,600

H-32

Tsukui Sun-shine Adachi

D

915

932

3.7

908

3.5

3.9

H-33

SOMPO Care LAVIERE Ichinoe

F

1,260

1,260

3.7

1,250

3.5

3.8

H-34

Nichii Home Hachimanyama

F

2,420

2,420

3.7

2,410

3.5

3.8

H-35

Life ship Oasa

D

1,210

1,220

5.2

1,210

5.0

5.4

H-36

Life ship Yunokawa

D

1,120

1,130

5.3

1,110

5.1

5.5

H-37

Life ship Fukagawa

D

895

902

5.6

892

5.4

5.8

H-38

Sunny Life Tachikawa

F

1,960

1,970

4.0

1,940

3.8

4.1

- 48 -

4.6

4.6

4.5

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

No.

Property nameAppraisal

Appraisal (Note 1)
Direct capitalization method
Appraisal
Estimated
Estimated
value
value
Cap ratevalue(Millions of(Millions of(%)(Millions of
yen)
yen)
yen)

H-39

Rehabili-home Bon Sejour
Minamisenzoku

F

1,590

1,600

3.5

1,570

A-1

Hotel LiVEMAX Tokyo-Otsuka-Ekimae

T

2,370

2,420

4.1

2,350

A-2

Hotel LiVEMAX YokohamaekiNishiguchi

T

2,600

2,640

4.1

2,580

Total

-

397,250

401,175-

393,586- 49 -

DCF method
Discount rate(%)

Terminal
capitalization
rate (%)

3.3

3.6(1-5years)
4.1(6year-)4.2(1-5years)
4.1(6year-)
4.2
-

4.3

4.3
-

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Note 1) Values under “Appraisal Report” are from the appraisal reports prepared based on the Investment Trusts Act, the Act on Real Estate Appraisal (Act No. 152 of 1963, as
amended) and the Japanese Real Estate Appraisal Standards by Japan Real Estate Institute (“F”), Daiwa Real Estate Appraisal Co., Ltd. (“D”), JLL Morii Valuation &Advisory K.K. (“M”), or Tanizawa Sogo Appraisal Co., Ltd. (“T”) after conducting appraisals for each asset. Appraisal Value and Value Indicated by Income Approach
are rounded down to the nearest million yen. Note that the appraisal reports constitute the judgment and opinion of the appraiser as of the appraisal date (July 31, 2023)
and do not guarantee the validity and accuracy of their contents or possible transactions at the appraisal values.
(Note 2) The property is comprised of two buildings, and the Appraisal Vale and Value Indicated by Income Approach are calculated as the sum of the two buildings. Direct
Capitalization Rate, Discount Rate, and Terminal Cap Rate are based on values for KDX Residence Ibaraki I. Please refer to the following values for KDX Residence
Ibaraki Ⅱ.
Direct Capitalization Rate 4.2%, Discount Rate 4.0%, Terminal Cap Rate 4.3%
(Note 3) The property is comprised of two buildings, and the Appraisal Vale and Value Indicated by Income Approach are calculated as the sum of the two buildings. Direct
Capitalization Rate, Discount Rate, and Terminal Cap Rate are based on values for Tsukui Sun-shine Machida (West Tower). Please refer to the following values for
Tsukui Sun-shine Machida (East Tower).
Direct Capitalization Rate 4.0%, Discount Rate 3.8%, Terminal Cap Rate 4.1%

- 50 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(D) Overview of Building Condition Investigation Reports
Building Condition Investigation Reports(Note 1)
No.

Property name

Repair, maintenance andInvestigation
renovation expenses
company(Thousands of yen) (Note 2)

Investigation
performed in

PML Report
PML value(%)(Note 3)

T-1

KDX Daikanyama ResidenceD

161,561

July 2022

6.7

T-3

KDX Odemma Residence

D

79,292

July 2022

5.5

T-4

KDX Iwamoto-cho ResidenceD44,282

July 2022

5.5

T-5

KDX Bunkyo Sengoku ResidenceD

66,797

July 2022

4.1

T-6

KDX Azumabashi ResidenceT37,507

July 2022

4.9

T-7

KDX Shimura Sakaue ResidenceD

144,255

July 2022

7.0

T-9

Cosmo Heim MotosumiyoshiD

158,319

Oct. 2020

7.2

T-10

KDX Musashi Nakahara ResidenceT82,385

July 2022

6.7

T-11

KDX Chiba Chuo ResidenceT

63,026

July 2022

5.3

T-12

KDX Kawaguchi Saiwai-cho ResidenceT56,291

July 2022

5.8

T-13

KDX Residence Shirokane IH

144,930

Jan. 2019

3.4

T-15

KDX Residence Shirokane IIH135,390Jan. 2019

3.4

T-16

KDX Residence Minami-aoyama

H69,510July 2019

5.7

T-17

KDX Residence Minami-azabu

H

114,450

Jan. 2019

6.1

T-18

KDX Residence Shiba Koen

H

121,760

July 2019

4.4

T-19

KDX Residence Azabu EastT

75,109Jan. 2019

6.6

T-20

KDX Residence Takanawa

T30,480July 2019

6.6

T-21

KDX Residence NishiharaH

95,040Jan. 2019

7.0

T-22

KDX Residence Daikanyama IID

41,075Jan. 2019

3.9

T-24

KDX Residence Nihombashi Suitengu

D

112,545

July 2019

6.1

T-25

KDX Residence Nihombashi Hakozaki

D54,041

July 2019

5.1

T-26

KDX Residence Higashi-shinjuku

H

213,090

July 2019

4.0

T-27

KDX Residence YotsuyaT42,028July 2019

3.8

T-28

KDX Residence Nishi-shinjuku

T44,651

July 2019

7.4

T-29

KDX Residence Kagurazaka

T24,867

July 2019

5.9

T-30

KDX Residence Futako Tamagawa

T105,060

Jan. 2019

4.8

T-31

KDX Residence Komazawa Koen

T

31,147

July 2019

7.5

T-32

KDX Residence Mishuku

H

48,010Jan. 2019

5.3

T-33

KDX Residence Yoga

D

45,699Jan. 2019

8.0

T-34

KDX Residence ShimoumaT

23,645

July 2019

5.6

T-35

Raffine Minami-magome

H

104,990

July 2019

5.4

T-36

KDX Residence Yukigaya Otsuka

D

58,973

July 2019

8.1

T-37

KDX Residence Denenchofu

D51,194Jan. 2019

5.6

T-38

KDX Residence Tamagawa

T42,135Jan. 2019

6.9

T-39

KDX Residence MonzennakachoD48,300July 2019

8.1

T-40

KDX Residence Okachimachi

D

49,678Jan. 2019

5.7

T-41

KDX Residence Moto-asakusa

H69,210Jan. 2019

6.1

T-42

KDX Residence Itabashi HonchoT22,453

July 2019

4.8

T-43

KDX Residence Azusawa

T27,622

July 2019

7.0

T-45

KDX Residence Yokohama KannaiH

84,910Jan. 2019

7.1

T-46

KDX Residence MiyamaedairaT

92,813Jan. 2019

5.6

T-47

KDX Residence MachidaD

87,851

Jan. 2019

3.6

T-48

KDX Residence KinshichoT61,515Jan. 2020

6.0

T-49

KDX Residence Nihombashi Hamacho

D

40,215Jan. 2020

6.1

T-50

KDX Residence Nihombashi NingyochoH39,060Jan. 2020

5.5

T-51

KDX Residence Jiyugaoka

H61,550Jan. 2020

5.6

T-52

KDX Residence TogoshiT147,641Jan. 2020

3.8

T-53

KDX Residence Shinagawa SeasideT

124,589

Jan. 2020

5.4

T-54

KDX Residence Ojima

T

71,084Jan. 2020

6.1- 51 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Building Condition Investigation Reports(Note 1)
No.

Property name

PML Report

T-55

KDX Residence Oyama

T

Repair, maintenance andrenovation expenses(Thousands of yen) (Note 2)
108,080Jan. 2020

3.0

T-56

KDX Residence Hanzomon

T69,770Jan. 2021

4.5

T-57

KDX Residence Akihabara IID

44,883

July 2020

4.3

T-58

KDX Residence Kagurazaka DoriT

59,797Jan. 2021

2.7

T-59

KDX Residence SendagiH122,600

Jan. 2021

5.1

T-60

KDX Residence Seijo

H87,430Jan. 2021

5.9

T-61

KDX Residence AkihabaraT39,420Jan. 2021

7.1

T-62

KDX Residence IriyaT

45,896

Jan. 2021

5.3

T-63

KDX Residence Tachikawa

T

93,918Jan. 2021

2.6

T-64

KDX Residence Tsurumi

T

127,158

Jan. 2021

8.6

T-65

KDX Residence Morishita ChitoseD

58,434

July 2021

6.0

T-66

KDX Residence Akasaka

T17,850July 2021

5.6

T-67

KDX Residence Kanda

T

20,116

July 2021

3.8

T-68

KDX Residence Ebisu

T

35,839July 2021

7.0

T-69

KDX Residence Nishi-magomeD

26,380Jan. 2022

3.6

T-70

KDX Residence Nishi-azabu

T

46,893Jan. 2022

4.3

T-71

KDX Residence Azabu Sendaizaka

T36,926

Jan. 2022

5.9

T-72

KDX Residence Waseda TsurumakiD40,120Jan. 2022

5.0

T-73

KDX Residence Bunkyo YushimaD44,613Jan. 2022

4.8

T-74

KDX Residence Kamishakujii

T33,660Jan. 2022

5.7

T-75

KDX Residence Shin-otsuka

T

18,352

Jan. 2022

4.9

T-76

KDX Residence SakurajosuiD

25,482

Jan. 2022

7.1

T-77

KDX Residence Ryogoku

D

24,851

Jan. 2022

4.8

T-78

KDX Residence Toyosu

D126,882

July 2022

5.5

T-79

KDX Residence Asagaya

D81,220July 2023

6.7

T-80

KDX Residence HiyoshiD

191,182

July 2023

7.8

T-81

KDX Residence Kamikitazawa

H

70,950Dec. 2018

5.8

T-82

KDX Residence Kaminoge

D

12,422

Dec. 2018

6.8

T-83

KDX Residence Higashi-Asakusa

D

28,986

Dec. 2018

5.2

T-84

KDX Residence Nishi-Funabashi

D28,787

Sept. 2019

6.1

T-85

KDX Residence Hatagaya

D85,843

Sept. 2019

4.1

T-86

KDX Residence Asagaya IID23,871

Sept. 2019

6.2

T-87

KDX Residence Gakugeidaigaku

D

24,342

Dec. 2019

5.4

T-88

KDX Residence Kamata-minami

D

18,708Feb. 2020

6.0

T-89

KDX Residence Kichijoji

D

7,148

Mar. 2020

5.1

T-90

KDX Residence MitakaD

22,152June 2020

5.8

T-91

KDX Residence Nakanobu

D25,367

Dec. 2019

6.9

T-92

KDX Residence Ichikawa

D

22,374

Aug. 2020

9.0

T-93

KDX Residence HatchoboriD

26,328

Sept. 2020

4.9

T-94

KDX Residence Nakaitabashi

D15,974

Aug. 2020

6.6

T-95

KDX Residence Shonandai

D83,477

Oct. 2020

6.5

T-96

KDX Residence Ikebukuro WestD

16,906

Jan. 2021

4.4

T-97

KDX Residence Tennocho

D

6,247

Jan. 2021

7.1

T-98

KDX Residence Kawasaki

D

9,687

Jan. 2021

6.8

T-99

KDX Residence Kamata-minami II

D

8,337

Apr. 2021

5.8

T-100

KDX Residence Kamishakujii IID

30,934Jan. 2021

7.8

T-101

KDX Residence Tsudanuma

D62,850Oct. 2021

5.5

T-102

KDX Residence Yokohama Momijizaka

D51,189Oct. 2021

8.0

T-103

KDX Residence UmejimaD27,019Jan. 2022

8.4

T-104

KDX Residence MizonokuchiD31,872

Jan. 2022

8.9

T-105

KDX Residence Hachioji Otsuka

D

24,651

May 2022

5.5

Investigationcompany- 52 -

Investigation
performed in

PML value(%)(Note 3)

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Building Condition Investigation Reports(Note 1)
No.

Property name

PML Report

T-106

KDX Residence Tsudanuma II

D

Repair, maintenance andrenovation expenses(Thousands of yen) (Note 2)
28,678Apr. 2022

8.4

T-107

KDX Residence OyamadaiD24,181

Nov. 2022

7.6

T-108

KDX Residence Asakusa

D

8,986

Nov. 2022

5.8

R-2

KDX Jozenji Dori ResidenceD

124,091

July 2022

0.5

R-3

KDX Izumi ResidenceT58,447

July 2022

3.1

R-4

KDX Chihaya ResidenceT80,322

July 2022

2.4

R-5

KDX Sakaisuji Hommachi ResidenceT

189,433

July 2022

1.5

R-7

KDX Takarazuka ResidenceT

135,222

July 2022

0.8

R-8

KDX Shimizu ResidenceD

202,492

July 2022

0.8

R-9

KDX Residence Odori Koen

D

54,573

July 2019

0.1

R-10

KDX Residence Kikusui Yojo

D

76,194

July 2019

0.4

Investigationcompany

Investigation
performed in

PML value(%)(Note 3)

R-11

KDX Residence Toyohira Koen

D

50,020July 2019

0.3

R-13

KDX Residence Ichiban-choD42,526

Jan. 2019

1.2

R-16

KDX Residence Higashi-sakura IH

230,750

Jan. 2019

0.3

R-18

KDX Residence JingumaeH105,470

Jan. 2019

3.5

R-19

KDX Residence Nishi-oji

D65,443Jan. 2019

0.5

R-20

KDX Residence Saiin

D

39,114Jan. 2019

0.7

R-21

KDX Residence Namba

H

129,270

Jan. 2019

2.7

R-22

KDX Residence Namba-minami

H

138,500

Jan. 2019

5.0

R-24

KDX Residence Ibaraki I II (Note 4)

H

191,230

July 2019

2.9

R-25

KDX Residence Toyonaka-minami

T52,941

July 2019

2.2

R-26

KDX Residence Moriguchi

T

49,710July 2019

4.4

R-27

KDX Residence Sannomiya

H

119,100

July 2019

0.7

R-28

Ashiya Royal Homes

H

124,210

July 2019

1.4

R-29

KDX Residence Funairi Saiwai-choT47,878Jan. 2019

1.6

R-30

KDX Residence Tenjin-higashi IID68,091

July 2019

0.3

R-32

KDX Residence Nishi Koen

D

61,039July 2019

0.8

R-33

KDX Residence Hirao Josui-machi

D40,168July 2019

0.6

R-35

Leopalace Flat Shin-sakaeT217,404

Jan. 2021

1.2

R-36

KDX Residence Konan Yamate

T44,255Jan. 2021

2.3

R-37

KDX Residence Hommachibashi

T143,799

Jan. 2021

1.4

R-38

KDX Residence Minami-kusatsu

D

157,421Jan. 2021

0.4

R-39

KDX Residence Ohori Harbor View Tower

T

196,158

Jan. 2021

Below 0.1

R-40

KDX Residence Minami-sanjoT

96,951

July 2021

0.2

R-41

Serenite Kita-kyuhojiT38,269July 2021

1.2

R-42

Serenite Nishinomiya Hommachi

T24,013Jan. 2022

2.1

R-43

KDX Residence NishijinD

104,620

July 2022

1.0

R-44

Serenite Kobe Motomachi

D

73,003

July 2023

0.5

R-45

KDX Residence Shukugawa Hills

D

491,569

July 2023

1.0

R-46

KDX Residence Sendai Station East

D

13,056

Sept. 2019

0.3

R-47

Serenite Koshien PlieD

16,652

Jan. 2022

2.8

H-1

Irise Kamata/YuseienT

95,186

July 2021

10.2

H-2

Nichii Home Nakano-MinamidaiT48,688July 2021

6.9

H-3

Joy Stage Hachioji

TK155,210

June 2021

5.2

H-4

Yuimaru Hijirigaoka(Note 4)

E

82,510July 2021

6.3

H-5

Nichii Home Tama PlazaH

123,600

Apr. 2021

7.8

H-6

Ten

TK

74,510Aug. 2022

1.6

H-7

Irise Nishioka

E50,620July 2021

0.6

H-8

Izarie Eniwa Building

TK

58,660July 2021

2.8

H-9

Sawayaka Sakura Nibankan

TK

54,340July 2021

2.8

H-10

Activa Biwa(Note 4)E372,840

July 2021

2.7

・- 53 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Building Condition Investigation Reports(Note 1)
No.

Property name

PML Report

H-11

Sompo Care LAVIERE Kobe Tarumi

TK

Repair, maintenance andrenovation expenses(Thousands of yen) (Note 2)
94,160Aug. 2022

1.5

H-12

Rehabili-home Granda Mondo Yakujin

T70,512

Aug. 2022

2.0

H-13

Excellent Nishinomiya

T68,618July 2021

1.9

H-14

Gran Hills Ogawarako

TK

106,560

June 2021

2.5

H-15

Excellent KitanoD

15,236

July. 2023

2.1

H-16

Anesis TeradachoE

193,700

July 2023

2.3

H-17

Rococo-rihaE

72,620July 2023

2.0

H-18

Orage SumaE

156,830

July 2023

1.9

H-19

Canadian Hill

E

206,740

July 2023

1.3

H-20

Anesis Hyogo

E

97,910July 2023

2.2

H-21

Plaisant Grand Ota tamagawa

E

39,667

7.4

H-22

Tsukui Sun-shine Machida (Note4)

E

166,720

H-23

Serabi Ebisu

H

44,670

Sept. 2018
East: Dec. 2018
West: Jan. 2019
Dec. 2018

H-24

Arute Ishiyagawa

E71,230Dec. 2018

3.0

H-25

Medical-home Granda Kurakuen

D

20,346

Jan. 2021

2.0

H-26

Rehabili-home Granda Kobe KitanoD

45,021

Jan. 2021

2.8

H-27

Grapes Kawasaki Shimmachi

D32,551

Oct. 2021

10.5

H-28

SOMPO care Sompo no ie S FujiminoD

32,009Oct. 2021

6.2

H-29

Irise Kobe Rokko

D

7,136

Feb. 2022

1.8

H-30

Excellent Hanayashiki Garden Hills

D

39,475

Feb. 2022

1.3

H-31

Excellent Takarazuka Garden Hills

D

29,623Feb. 2022

2.4

H-32

Tsukui Sun-shine AdachiD

35,360June 2022

7.0

H-33

SOMPO Care LAVIERE Ichinoe

D49,174

Sept. 2022

9.8

H-34

Nichii Home Hachimanyama

D-

Nov. 2022

6.5

H-35

Life ship Oasa

D

46,995Oct. 2022

1.0

H-36

Life ship Yunokawa

D

49,861

Oct. 2022

1.2

H-37

Life ship Fukagawa

D

51,638Oct. 2022

0.5

H-38

Sunny Life Tachikawa

D

27,362Feb. 2023

6.2

H-39

Rehabili-home Bon Sejour Minamisenzoku

D46,392Mar. 2023

6.2

A-1

Hotel LiVEMAX Tokyo-Otsuka-EkimaeD11,707Jan. 2020

5.5

A-2

Hotel LiVEMAX Yokohamaeki-NishiguchiD

20,583Jan. 2020

6.6

Total

－

13,368,017－

2.5

Investigationcompany

Investigation
performed in

PML value(%)(Note 3)

7.6
6.3

(Note 1) Engineering Report” represents the summary appraisal report of the portfolio prepared by HI International Consultant Co., Ltd. (“H”), Tokio Marine dR Co., Ltd. (“T”),
Daiwa Real Estate Appraisal Co., Ltd. (“D”), ERI Solution Co., Ltd. (“E”), or Tokyo Bldg-Tech Center Co., Ltd. (“TK”) after conducting an investigation of building
deterioration conditions, planning of short-term and long-term repair and maintenance, an investigation of building code compliance, an environmental assessment withrespect to hazardous substances, and soil environment surveys. Note that the engineering reports constitute the judgment and opinion of the appraiser as of the certain point
in time and do not guarantee the validity and accuracy of their contents.
(Note 2) Repair and maintenance expenses represents the sum of the estimated amount of repair and maintenance expenses required for 12 years from the base date set in the engineering
report. These estimates are as of the date of the engineering report and are not as of the date of this document. In addition, inflation and consumption tax are not taken into
account in calculating future repair and maintenance expenses.
(Note 3) Total PML value is the portfolio PML value of 182 properties that the Investment Corporation owns as of July 31, 2023 based on the Portfolio PML Evaluation Report dated
August 2023, created by Sompo Risk Management Inc.
(Note 4) The properties are comprised of two or three buildings, thus the repair and maintenance expenses are calculated as the sum of the two or three buildings.

- 54 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)（2）Capital Expenditures on the Managed Assets①Planned Capital Expenditures
The table below shows major capital expenditures for renovations, repairs and other projects that are planned for the 24th fiscal period ending October
31, 2023. These expenditures are for real estate owned by KDR and real estate in trusts in which KDR owns trust beneficiary rights. These planned
projects may include some expenditure that will be recorded as expenses rather than capital expenditures for accounting purposes.
Planned amount of capital
expenditure(Millions of yen)No.
Name of property
Location
PurposeScheduledPayment
Total ofTotal
for theadvancedperiodpayment
FukuokaFrom August 2023 to
R-8
KDX Shimizu Residenceshi
Major renewal construction
80－－
October 2023
Fukuoka
SetagayaKDX Residence Komazawa
From August 2023 to
T-31
ku
Major renewal construction
36
－
－
Koen
October 2023
Tokyo
Ota-ku Common area HVAC renewal From August 2023 toH-1
Irise Kamata/Yuseien
25－－
construction
Tokyo
October 2023
SetagayaKDX Residence Futako(Outside) Mecanical parking From August 2023 to
T-30
ku
20
－
－
Tamagawa
gate parts renewal
October 2023
Tokyo

②Capital Expenditures During the 23rd Fiscal Period
The table below shows major capital expenditures for renovations, repairs and other projects in the 23rd fiscal period ended July
2023. The construction cost for the period amounted to 1,834 million yen, consisting of 1,446 million yen of capital expendituresand 388 million yen of repair and maintenance expenses.
No.

Name of property

T-7

KDX Shimura Sakaue Residence

T-9

Cosmo Heim Motosumiyoshi

H-10

Activa Biwa

H-20

Anesis Hyogo

R-38

KDX Residence Minami-kusatsu
others (Note)

R-16

KDX Residence Higashi-sakura I

H-20

Anesis Hyogo

R-18

KDX Residence Jingumae

R-18

KDX Residence Jingumae

T-73

KDX Residence Bunkyo Yushima

Location

PurposeItabashi-ku
Major renewal construction
Tokyo
Kawasaki-shi
Major renewal construction
Kanagawa
Otsu-shi
Major renewal construction
Shiga
Kobe-shiCommon area HVAC renewal
Hyogo
construction
Kusatsu-shi
Intercom facilities exchange
construction
Shiga
Nagoya-shi
Electric water heater
replacement construction
Aichi
Kobe-shi
Hot water supply replacement
construction
Hyogo
Nagoya-shi
Hot water supply replacement
construction
Aichi
Nagoya-shi
Common area construction
Aichi
Bunkyo-ku
Elevator equipment
replacement construction
Tokyo
OthersTotal portfolio(Note) Includes properties with number of R-22, R-25 and R-29.

Term
From February 2023
to July 2023
From October 2022
to February 2023
From February 2023
to July 2023
From April 2023
to May 2023
From February 2023 toJuly 2023
From April 2023 to July
2023
From March 2023 toJuly 2023
From April 2023 to July
2023
From May 2023 to July
2023
From February 2023 toJune 2023

Capital expenditures(Millions of yen)
110
98
94
75
58
44
16
16
10
7
912
1,446

- 55 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)③Reserved Funds for Long-term Maintenance Plan
In accordance with its long-term repair and maintenance plan for each property, KDR sets aside, from the cash flow during the 23rd
fiscal period, repair and maintenance reserves designed to finance payment of future medium- to long-term major repair andmaintenance work.
(Millions of yen)
Term

19th
20th
From Feb. 1, 2021 From Aug. 1, 2021
to Jul. 31, 2021
to Jan. 31, 2022

Reserve balance at the
beginning of the period
Amount of reserve during
the period
Reversal of reserves
during the period
Amount carried forward to
the next period

21stFeb. 1, 2022
to Jul. 31, 2022

22nd
From Aug. 1, 2022
to Jan. 31, 2023

23rd
From Feb. 1, 2023
to Jul. 31, 2023

982

1,015

1,036

1,052

1,067

37

50

20

36

15

4

29

3

22

1

1,015

1,036

1,052

1,067

1,081

(3) Information Concerning Major Tenants①Major tenant
There is no end tenant and sub-lease-type master lease company (Note) (referred collectively as “end tenant”) whose lease area
represents more than 10% of the total lease area of the portfolio as of July 31, 2023.
(Note) “Sub-lease-type master lease company” refers to a master lease company that has entered into a master lease agreement to pay a fixed
rent to a lessor regardless of the rent under the lease agreement with the end tenant.

②Top end-tenants in terms of rent
The following summarizes top five end-tenants as of July 31, 2023.
Name of end-tenants

Souseikai Medical
Corporation

Property nameLeased area(㎡)

Ratio(%)(Note 1)

Security
Annual rent
deposit
Scheduled lease(Thousands(Thousands of term maturity(Note
2)
of yen)yen)(Note 2)

Anesis Teradacho

Mar. 28, 2036

Rococo-rihaMar. 28, 2036

Orage Suma
Canadian Hill

29,303.90

Mar. 28, 2036

5.0

Mar. 28, 2036

Anesis Hyogo

Mar. 28, 2036

Arute Ishiyagawa

Aug. 31, 2048
Not
disclosed

Not
disclosed

HIMEDIC Inc.

Activa Biwa

39,649.84

6.8

RELOCATION JAPAN.
LIMITED.
S-FIT PARTNERS CO.,LTD

KDX Daikanyama Residence,
91 other properties
KDX Residence Yukigaya
Otsuka, 6 other properties

11,024.83

1.9-

8,207.06

1.4

-

3.1

Mar. 31, 2042
(west)
May 31, 2044
(east)

Tsukui Sun-shine MachidaTSUKUI CORPORATION

17,757.78
Tsukui Sun-shine Adachi

Aug. 28, 2027

Jan. 31, 2046

(Note 1) “Ratio” is the ratio of leased area of the end-tenant to total leasable area of the portfolio as of July 31, 2023, and rounded to the nearest tenth.
(Note 2) We have not obtained consent from the tenant to release this information.

- 56 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)③Top end-tenants in terms of leased area
The following summarizes top five end-tenants as of July 31, 2023.
Name of end-tenants
HIMEDIC Inc.

Souseikai Medical
CorporationTSUKUI CORPORATION

Property name
Activa Biwa

Security
Annual rent
Leased area Ratio (%)
deposit
Scheduled lease(Thousands(Note 1)(㎡)
(Thousands of term maturityof yen)(Note 2)yen)(Note 2)
39,649.84

6.8

Anesis Teradacho

Mar. 28, 2036

Rococo-rihaMar. 28, 2036

Orage Suma
Canadian Hill

29,303.90

Mar. 28, 2036

5.0

Mar. 28, 2036

Anesis Hyogo

Mar. 28, 2036

Arute Ishiyagawa

Aug. 31, 2048

Tsukui Sun-shine MachidaMar. 31, 2042
(west)
May 31, 2044
(east)

17,757.78

3.1

Tsukui Sun-shine Adachi

Notdisclosed

Nichii Home Nakano
Minamidai
Nichii Carepalace
Company

Aug. 28, 2027

Nichii Home Tama Plaza

14,287.12

2.5

Not
disclosed

Jan. 31, 2046
Mar. 31, 20327
Jul. 31, 2032
Mar. 31, 2048

Nichii Home Hachimanyama

Sompo Care LAVIERE Kobe
May 31, 2030
Tarumi
Sompo Care LAVIERE
Residence Kawasaki
Dec. 31, 2037
Shinmachi
SOMPO care Sompo no ie S
Dec. 31, 2037
Fujimino
Sompo Care Inc.
14,013.49
2.4
SOMPO Care LAVIERE
Sept. 30, 2039
Ichinoe
KDX Residence Toyohira
Koen
KDX Residence Shinagawa
Seaside(Note 1) “Ratio” is the ratio of leased area of the end-tenant to total leasable area of the portfolio as of July 31, 2023, and rounded to the nearest tenth.
(Note 2) We have not obtained consent from the tenant to release this information.

- 57 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Note 3) The following summarizes the pass through type master lease company where leased area represents 10% or more of the total portfolio as ofJanuary 31, 2023.
Name of endtenants

HASEKOLIVENET, Inc.

Type ofbusiness

Real estate
management

No.

Annual rent Security
deposit
Leased area (Thousands (Thousands
Scheduled lease(㎡)
of yen)term maturity(※3)
of yen)Property name

(※1)

T-9
T-12
T-22
T-26
T-29
T-33
T-36
T-38
T-42
T-47
T-54
T-55
T-59
T-62
T-63
T-85
T-88
T-90
T-99
R-2
R-7
R-8
R-13
R-19
R-20
R-21
R-22
R-24
R-25
R-26
R-28
R-30
R-32
R-33

Cosmo Heim Motosumiyoshi

R-39
R-43
R-44
R-45
R-46
R-47

(※2)

4,259.38
2,334.51
985.104,268.91
865.16
1,012.80
1,506.39
1,148.50
1,127.58
3,386.31
2,332.02
3,955.17
2,997.36
1,899.29
4,184.73
2,505.15
2,203.87
2,478.07
881.96
3,144.67
4,631.16
6,129.71
1,785.40
2,304.81
1,049.92
3,335.99
3,736.27
4,701.87
1,991.82
1,942.78
3,589.74
2,437.29
2,522.16
2,098.68

124,146
91,692
54,168211,326
46,19544,52075,84053,652
49,296
113,820
122,340
176,628
125,90277,568184,356
114,900
100,058
130,598
41,136
91,632
114,744
136,344
52,58465,271
34,068
107,635
110,032
105,649
58,476
46,062
123,252
56,36458,50054,80427,025
10,057
7,705
19,153
5,285
6,441
7,980
5,806
5,077
16,906
10,483
20,34931,162
7,983
17,835
13,872
8,829
9,668
3,517
5,521
8,946
7,394
5,520
4,091
1,264
6,285
7,152
9,503
3,139
2,422
24,131
4,887
4,038
4,176

Nov. 1, 2023
Jan. 31, 2024
Aug. 6, 2024
Aug. 6, 2025
Aug. 6, 2025
Aug. 6, 2025
Aug. 6, 2025
Aug. 6, 2025
Aug. 6, 2024
Aug. 6, 2024
Aug. 6, 2024
Aug. 6, 2024
Feb. 4, 2024
2024年2月4日
Feb. 4, 2024
Feb. 26, 2024
Mar. 1, 2024
June 29, 2024
May 5, 2024
Oct. 31, 2023
Apr. 30, 2024
Jan. 31, 2024
Oct. 31, 2023
Aug. 6, 2024
Aug. 6, 2024
Aug. 6, 2024
Aug. 6, 2024
Aug. 6, 2024
Aug. 6, 2024
Aug. 6, 2024
Aug. 6, 2024
Aug. 6, 2024
Aug. 6, 2024
Aug. 6, 2024

KDX Residence Ohori Harbor View
Tower

11,430.11

331,249

7,254

Feb. 4, 2024

KDX Residence Nishijin

4,234.78
3,542.29
17,084.80
2,228.73
1,438.36

97,320142,356
411,544
78,312
51,424

1,304
10,97673,295
6,395
531

July 31, 2024
Aug. 1, 2024
Aug. 1, 2024
Feb. 26, 2024
Mar. 31, 2024

KDX Kawaguchi Saiwai-cho Residence
KDX Residence Daikanyama II
KDX Residence Higashi-shinjuku
KDX Residence Kagurazaka
KDX Residence Yoga
KDX Residence Yukigaya Otsuka
KDX Residence Tamagawa
KDX Residence Itabashi Honcho
KDX Residence Machida
KDX Residence Ojima
KDX Residence Oyama
KDX Residence Sendagi
KDX Residence Iriya
KDX Residence Tachikawa
KDX Residence Hatagaya
KDX Residence Kamata-minami
KDX Residence Mitaka
KDX Residence Kamata-minami II
KDX Jozenji Dori Residence
KDX Takarazuka Residence
KDX Shimizu Residence
KDX Residence Ichiban-cho
KDX Residence Nishi-oji
KDX Residence Saiin
KDX Residence Namba
KDX Residence Namba-minami
KDX Residence Ibaraki I・IIKDX Residence Toyonaka-minami
KDX Residence Moriguchi
Ashiya Royal Homes
KDX Residence Tenjin-higashi II
KDX Residence Nishi Koen
KDX Residence Hirao Josui-machi

Serenite Kobe Motomachi
KDX Residence Shukugawa Hills
KDX Residence Sendai Station East
Serenite Koshien Plie(※1) “Annual rent” is calculated as the 12 times the total of, rounded down to the nearest thousand yen, common area fees (including the amount equivalent to parking fee
when a lease agreement includes it in a rent) indicated in the lease agreements, etc. concluded between the master lease companies, the Investment Corporation, or
trustee and the end tenants as of the end of the 23rd fiscal period (July 31, 2023).
(※2) “Security deposit” represents leasehold and security deposits etc. (if there is a portion that does not need to be refunded, the amount after deducting that portion)
indicated in the lease agreements, etc. concluded between the master lease companies, the Investment Corporation, or trustee and the end tenants as of the end of July
31, 2023, and rounded down to the nearest thousand yen.
(※3) With regard to the method of contract renewal, unless either a trustee or a lessee expresses its intention in writing to another party no later than three months prior to
the expiration date of the lease period, the lease period shall be renewed for one year, and the same shall apply thereafter.

- 58 -