KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Translation of Japanese Original

FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED October 31, 2014 (REIT)(May 1, 2014 to October 31, 2014)
Kenedix Office Investment Corporation is listed on the Tokyo Stock Exchange with the securities code number 8972.
Representative:

December 15, 2014

Naokatsu Uchida, Executive Director

Asset Management Company: Kenedix Real Estate Fund Management, Inc.
Representative:

Ryosuke Homma, CEO and President

Inquiries:

Hikaru Teramato, General Manager of Planning Department, Office REIT Division
TEL +81-3-5623-8979

Planned submission of semiannual securities report: January 30, 2015

Planned start of distribution payments: January 21, 2015

Preparing presentation material:

Yes･NoHold a financial brief meeting:Yes･No (for institutional investors and analysts)

1．PERFORMANCE FOR THE FISCAL PERIOD ENDED October 31, 2014 (May 1, 2014 to October 31, 2014)(1) Business Results(Amounts are rounded down to the nearest Millions of Yen)(% indications are increase-decrease rate of period-over period)
Operating Revenues

Operating Income

Ordinary Income

Net Income

For the six months ended

Millions of Yen%

Millions of Yen%

Millions of Yen%

Millions of Yen%

October 31, 2014

12,928

18.7

5,028

17.4

3,570

23.7

3,569

23.7

April 30, 2014

10,895

11.0

4,283

1.0

2,887

1.9

2,885

1.9

Net Income per unit

Return on Unitholders’ Equity

Ordinary Income to Operating
Revenues

Ordinary Income to Total Assets

For the six months ended

Yen

%

%

%

October 31, 2014

10,149

2.0

1.0

27.6

April 30, 2014

8,767

1.8

0.9

26.5

（Total distributions is rounded down to the nearest one million yen.）(2) Distribution
Distributions per Unit
(Excluding Excess of
Earnings)

Total Distribution(Excluding Excess of
Earnings)

Distributions in Excessof Earnings per Unit

Total Distributions in
Excess of Earnings

For the six months ended

Yen

Millions of Yen

Yen

Millions of Yen%%

October 31, 2014

10,060

3,571

0

0

100.1

2.0

April 30, 2014

9,638

3,205

0

0

111.1

1.9

Distribution Ratio to
Unitholders’ Equity

Payout Ratio

Note 1: Distributions per unit for the fiscal period ended April 30, 2014 is calculated by dividing the amount of the reversal of reserve for reduction entry (¥319
million) added unappropriated retained earnings by the number of investment units issued and outstanding. The main difference between distribution per unit
and net income per unit is due to this calculation.
Note 2: Distributions per unit for the fiscal period ended October 31, 2014 is calculated by dividing the amount of the reversal of reserve for reduction entry (¥1
million) added unappropriated retained earnings by the number of investment units issued and outstanding. The main difference between distribution per unit
and net income per unit is due to this calculation.
Note 3: Due to the issuance of new investment units during the fiscal period ended April 30, 2014 and the fiscal period ended October 31, 2014, the payout ratios arecalculated as following method.
Payout Ratio = Total Distributions /Net Income × 100（Total assets and unitholders’ equity are rounded down to the nearest one million yen.）(3) Financial Position
Total Assets

Unitholders’ Equity

Unitholders’ Equity to Total Assets

Unitholders’ Equity per Unit

For the six months ended

Millions of Yen

Millions of Yen%

October 31, 2014

388,169

180,84446.6

509,407

April 30, 2014

355,167

170,10947.9

511,546(4) Cash Flow Position
Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Yen（Amounts are rounded down to the nearest one million yen.）
Cash Flows from
Cash and Cash Equivalents
Financing Activities
at Period End

For the six months ended

Millions of Yen

Millions of Yen

Millions of Yen

Millions of Yen

October 31, 2014

8,979

(39,303)

26,992

14,206

April 30, 2014

8,595

(35,509)33,502

17,537This is an English-language translation of the original Japanese announcement on our Web site released on December 15, 2014. However, no assurance or warranties are given with respect tothe accuracy or completeness of this English-language translation. The Japanese original shall prevail in the case of discrepancies between this translation and the Japanese original.

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KENEDIX OFFICE INVESTMENT CORPORATION (8972)

2．FORECAST OF RESULTS FOR THE FISCAL PERIOD ENDING April 30, 2015 (November 1, 2014 to April 30, 2015)(% change from the previous fiscal period)
Operating Revenues(Millions of Yen)%

For the six months endedApril 30, 2015

Operating Income(Millions of Yen)

13,412

3.7

Ordinary Income(Millions of Yen)
%

5,934

18.0

Distribution per Unit
(Excluding Excess of
Earnings)

Distribution in Excessof Earnings per Unit

%

Yen

Yen

24.8

11,0000

Net Income(Millions of Yen)
%

4,456

24.8

4,454

(Reference) Estimated net income per unit for the fiscal period ending April 30, 2015: ¥11,208
Forecasted number of investment units issued and outstanding as of April 30, 2015: 404,885 units
Forecasted average number of investment units during the fiscal period ending April 30, 2015: 397,394 units

3．OTHER(1) Changes in Accounting Policies・Changes in Accounting Estimate・Retrospective Restatement(a) Changes concerning accounting policy accompanying amendments to accounting standards: No(b) Changes other than (a): No(c) Changes in accounting estimate: No(d) Retrospective restatement: No(2) Number of Investment Units Issued and Outstanding (including treasury units)(a) Number of investment units issued and outstanding at period end (including treasury units)
As of October 31, 2014: 355,010 units
As of April 30, 2014: 332,540 units(b) Number of treasury units at period end
As of October 31, 2014: 0 units
As of April 30, 2014: 0 units
Note: Please refer to page 28 “Notes to the Information per Unit” for the calculation of net income per unit.

*Details concerning actual status of auditing procedures
As of the disclosure of this financial report, auditing procedures for financial statements based on the Financial Instruments andExchange Law are underway.
*Explanation on the appropriate use of the forecast of results and other matters of special consideration
Readers are advised that actual operating revenues, operating income, ordinary income, net income and distribution per unit may
differ significantly from forecasts due to a variety of factors. Accordingly, the Investment Corporation does not guarantee paymentof the forecast distribution per unit. Please refer to page 11 “Preconditions and Assumptions for the Fiscal Period Ending April 30,
2015.” for the precondition of forecast for the twentieth fiscal period ending October 31, 2014.

This notice is an English-language translation of the original Japanese announcement on our Web site released on December 15, 2014. However, no assurance or warranties are given withrespect to the accuracy or completeness of this English-language translation. The Japanese original shall prevail in the case of discrepancies between this translation and the Japanese original.

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KENE
EDIX OFFICE INVESTMENT CORPORATION
N (8972)

1. Basic Structu
ure — Overview
w of Companiees Related to th
he Investment CorporationC
As of today, th
the structure off companies relaated to the Inveestment Corporration as follow
ws.
The Investmeent Corporationn had been enttrusting all the Property Manaagement Services to Kenedixx Property Man
nagement, Inc.. as of
September 1,, 2014 for all its
i owned prop
perties except K
KDX Toyosu Grand Square,, for which Keenedix Propertyy Managemennt, Inc.
already conduucts the propert
rty managemen
nt Services and the Shinjuku 6-chome
6
Buildiing (Land).

①
②
③
④
⑤
⑥

Asset Manageement Agreemeent/Operating Ag
gency Agreemeent
Property Mannagement Agreemement
New Support--Line Memoranndum of Undersstanding
Asset Custodiian Agreement
Administrativve Agency Agreeement
Unitholder Reegister Administtrative Agency Agreement/SpecA
cial Account
Administrativve Agency Agreeement⑦ Fiscal Agencyy Agreementnt Corporation (reeferring to the speecified related com
mpany stipulated in Article 12 Parragraph 3 of the Cabinet
C(Notte) The specified related company of the Investmen
Office Ordinaance on Disclosurre of Information,, etc. on Specifiedd Securities (Orddinance of the Ministry of Financee No. 22 of 1993,, including amenddments
thereafter)) is Kenedix, Inc. Kenedix
K
Inc. is th
he parent companny (referring to theth parent compaany stipulated in Article 8 Paragrraph 3 of Ordinanance ondinance of the Ministry of Financee No.59 of 1963,, including amenddments
Terminology, Forms, and Prepparation Methods of Financial Stattements, etc. (Ordthereafter)) of the Asset Manageement Company.

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KENEDIX OFFICE INVESTMENT CORPORATION (8972)

2.

Management Policy and Operating Conditions(1) Management Policy
There were no major changes to the “Investment Policy,” “Investment Strategy” and “Distribution Policy” from the most recent securities report(submitted on July 30, 2014), and accordingly this information has been omitted from this document.
(2) Operating Conditions① Operating Conditions for the Nineteenth Fiscal Period (fiscal period ended October 31, 2014)
A. The Investment Corporation
Kenedix Office Investment Corporation (“the Investment Corporation”) was established on May 6, 2005 in accordance with the Investment
Trust and Investment Corporation Law (Law No. 198 of 1951, including amendments thereafter). On July 21, 2005, the Investment Corporation
was listed on the Real Estate Investment Trust Market of the Tokyo Stock Exchange, Inc. (“the Tokyo Stock Exchange”) with a total of 75,400
investment units issued and outstanding (Securities Code: 8972). Subsequently, the Investment Corporation raised funds through public offerings
and including six global offerings. As a result, as of October 31, 2014, the end of the nineteenth fiscal period, the number of investment units
issued and outstanding totaled 355,010 units.
The Investment Corporation appointed Kenedix Real Estate Fund Management, Inc. (“the Asset management Company”). In collaboration with
the Asset Management Company, the Investment Corporation strives to maximize cash distribution to investors by securing stable earnings andsustainable investment growth. To this end, the Investment Corporation adopts the basic policy of conducting dynamic and flexible investment
stance that seeks to respond to its environment and market trends, and endeavors to ensure a timely response to opportunities.
B. Investment Environment and Management Performance(a) Investment Environment
During the fiscal period under review (fiscal period ended October 31, 2014), the Japanese economy saw its pace of recovery gradually
decelerating. Its GDP for the July – September 2014 period announced by the Cabinet Office posted negative growth, marking the second
consecutive quarter with a decrease. Although the impact of the weakened demand in reaction to the demand rush prior to the consumption tax
rate hike being mitigated, a large part of private inventories were liquidated, significantly pulling down growth. As for overseas economies,
according to the IMF’s publicly announced World Economic Outlook, global economic activities are somewhat slowing down with the eurozone and Japan becoming weaker despite the U.S. economy remaining strong. Meanwhile, it is anticipated that emerging economies willcontinue to drive the world economy although they are impacted by stagnant domestic demand and geopolitical risks.
Concerning the office building leasing market, the vacancy rate of business districts across Japan continues to show a downward trend as the
supply of newly built buildings remains limited while demand from companies is on the rise. In particular, vacancies are steadily being filled in
the central five wards of Tokyo, with average vacancy rates declining for 16 consecutive months, reflecting aggressive corporate activities suchas relocating for expanded floor areas and for better locations. As a result, asking rents are increasing while discounts through granting rent-free
periods and such are decreasing.
In the office building transaction market, transactions remain brisk as domestic investors centering on listed J-REITs continue to show strong
appetite for new acquisitions. Cap rates are on a slightly downward trend as the leasing market is showing signs of bottoming out and thegrowing anticipation for the rise of future transaction prices. The official land prices (average of all asset types) in the three largest metropolitan
areas in Japan increased for the first time in six years, providing proof of the active real estate transactions. Under the ongoing eased financial
capital market, transaction volume is on a further upward trend.
(b) Management Performance
As of the end of the eighteenth fiscal period (fiscal period ended April 30, 2014), the Investment Corporation owned 89 properties (with a totalacquisition price of ¥336,163 million), preferred equity securities (investment of ¥891 million) and equity interest in a Japanese silent partnership(tokumei kumiai) (“TK”) (acquisition price of ¥1,107 million). During the fiscal period under review (fiscal period ended October 31, 2014), theInvestment Corporation acquired seven office buildings (KDX Toyosu Grand Square: acquisition price of ¥8,666 million, Grace Building
Takadanobaba: acquisition price of ¥3,650 million, Fumix STM Building: acquisition price of ¥2,350 million, Hiroshima Ekimae-dori Mark
Building: acquisition price of ¥1,300 million, Tosen Ikebukuro Building: acquisition price of ¥1,934 million, Senri Life Science Center Building:acquisition price of ¥13,000 million, Urban Square Yokohama: acquisition price of ¥7,210 million ), preferred equity securities (Toyonaka
Property TMK: investment of ¥1,583 million) and, sold KDX Minami Semba Dai-1 Building (initial acquisition price of ¥1,610) and Nissou
Dai-17 Building (initial acquisition price of ¥2,710) (with a total disposition price of ¥2,600 million))
As a result, the number of properties owned as of October 31, 2014 (excluding the preferred equity securities and TK interest, same applies
below.) amounts to 94 (with a total acquisition price of ¥369,954 million). Looking at the portfolio as a whole, 91.3% was comprised of officebuildings, 6.0% of central urban retail properties, 1.9% of residential properties and 0.8% of other property on an acquisition price basis. The
occupancy ratio as of the end of the nineteenth fiscal period was 95.6% reflecting stable operational management.
In addition, the Investment Corporation made its decision to acquire acquisition of Yokohama Nishiguchi SIA Building, Shin-Yokohama 214
Building, KDX Minami-Honmachi Building, BUREX Toranomon and KDX Sakura-dori Building (Note) on November 6, 2014 (Total of 5
properties: total acquisition price of 14,800 million), and acquired Yokohama Nishiguchi SIA Building, Shin-Yokohama 214 Building and KDX-4-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Minami-Honmachi Building on December 2, 2014, and BUREX Toranomon on December 3, 2014. In addition, KDX Sakura-dori Building isplanning to acquire on January 9, 2015.
Note: KDX Sakura-dori Building changed the property name from Chugai Tokio Marine Building on December 1, 2014.
Operation and Management of Existing Properties
The Investment Corporation has entrusted property management services (“PM Services”) for its entire portfolio (excluding Shinjuku
6-chome Building (Land)) to Kenedix Property Management, Inc. (“KPM”) as of October 31, 2014 (Note). In establishing a single point ofcontact for all matters relating to property management activities, the Investment Corporation have strived to secure consistent policies,
specifications and procedures along with ensuring swift service with a high degree of quality.
In terms of leasing, the Investment Corporation sought out potential demand by maintaining close relationships with brokers based on therecovery trends of the economy and real estate market. Moreover, in order to maintain and increase the competitiveness of office buildings,
renovation of air conditioning, repair of common areas, etc. were implemented according to the plan.
Consequently, as of the end of the period under review, the occupancy ratio of the Investment Corporation’s owned office buildings in theTokyo Metropolitan Area stood at 95.2% and for the Investment Corporation’s office buildings overall stood at 95.4%, a decrease of 0.5%
from the previous fiscal period but keeping a high level of occupancy rate.
Note: The Investment Corporation had been entrusting all the PM Services to the Asset Management Company for all its owned
properties except the Shinjuku 6-chome Building (Land) and KDX Toyosu Grand Square, for which KPM already conducted theproperty management. However, the Investment Corporation changed the PM Service provider to KPM as of September 1, 2014,
considering that this change should contribute to improving the profitability and asset value of the owned properties.
Stable Management through Large Number of Tenants and Tenant Diversification by Sector
The number of end-tenants for our office buildings was 1,004 (Note 1) (Note 2) as of the end of the fiscal period (fiscal period ended October
31, 2014) and diversifying tenant’s stratum further. Floor area leased to the top 10 office end-tenants as a proportion of total leased floor areaof the total portfolio was 12.6% (Note 3). Furthermore, tenants of office buildings are in various sectors. As a result, we believe the impact bya certain end-tenant vacating the property or sluggish performance in certain sectors would have a relatively limited effect and will be able tomaintain stable revenue.
Note 1: When a tenant is leasing more than one property, it is counted as one tenant and the number of tenants is indicated accordingly.
Note 2: The number of end-tenants for entire portfolio is 1,146 as of the end of the fiscal period (fiscal period ended October 31, 2014).
Note 3: Total floor area leased to Kenedix, Inc., the sponsor company, as a proportion of the total portfolio owned by the Investment
Corporation was 3.6% (KDX Nihonbashi Kabutocho Building 0.7%, KDX Musashi-Kosugi Building 2.6% and KDX
Toyosu Grand Square 0.4%). Thus the largest tenant for office buildings in terms of leased floor area is Kenedix Inc. Kenedix
Inc. is conducting sub-master leasing in which Kenedix Inc. sub-leases part of properties leased from the Investment
Corporation, its master lease company, to third parties.
C. Capital Financing(a) Issuance of New Investment Units
The Investment Corporation additionally issued 21,400 investment units through public offerings, including international offering, with an aim
to procure funds for acquiring new properties and procured ¥9,876 million on May 27, 2014. Furthermore, additionally issued 1,070 units
through by way of third-party allotment in aim to procure procedure for compensate the cash on hand, and procured ¥493 million on June 24,2014.
(b) Investment Corporation Bonds
The Investment Corporation issued the Sixth Series Unsecured Investment Corporation Bonds (totaling ¥2,000 million and maturing in ten
years) on July 25, 2014, and used the procured funds to prepay part of existing borrowings. As a result, the outstanding investment corporation
bonds as of the end of the fiscal period under review (fiscal period ended October 31, 2014) totaled ¥8,300 million.
(c) Status of Borrowings
The Investment Corporation will continue to strive to reduce refinancing risk by diversifying repayment dates for its interest-bearing debt. During
the fiscal period under review (fiscal period ended October 31, 2014), the Investment Corporation undertook new borrowings of ¥20,150 million(¥16,900 million in short-term borrowings, ¥25,400 million in long-term borrowings (Note1)) to acquire additional assets and ¥26,400 million(¥1,000 million in short-term borrowings, ¥25,400 million in long-term borrowings (Note 1)) to repay borrowings that matured during the fiscal
period. As a result, the balance of interest-bearing debt amounted to ¥187,685 million as of October 31, 2014, comprising ¥179,385 million inborrowings (¥163,485 million in long-term borrowings and ¥15,900 million in short-term borrowings) and ¥8,300 million in investment
corporation bonds.
Furthermore, as of October 31, 2014, ¥77,850 million out of ¥84,350 million of long-term borrowings, which have floating interest rates, have
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KENEDIX OFFICE INVESTMENT CORPORATION (8972)

been hedged and practically fixed by utilizing interest-rate swap agreements. In addition, the long-term debt ratio (Note 2) was 91.5% and thelong-term fixed interest debt ratio (Note 3) was 88.1%.
In addition, the Investment Corporation has maintained the average remaining term of its interest-bearing debt (Note 4), the weighted averagebased on the balance of interest-bearing debt at the end of each period, from 2.3 years at the end of the thirteenth fiscal period (fiscal period ended
October 31, 2011) to 3.6 years at the end of the fiscal period under review (fiscal period ended October 31, 2014). Furthermore, during the same
period, the average interest rate (Note 4) was reduced from 2.17% to 1.46%, demonstrating a successful steady reduction of financial costs.
Note 1: Short-term borrowings refer to borrowings with a period of less than or equal to one year from the drawdown date to the repayment date. However, theborrowings whose period until repayment date have surpassed one year because the repayment date one year from the drawdown date is not abusiness day and for which the repayment date has been moved to the following business day are included in short-term borrowings. Long-termborrowings refer to borrowings with a period of more than one year from the drawdown date to the repayment date. The same classification criteria
apply to other borrowings listed below.
Note 2: Long-term debt ratio= (Balance of long-term borrowings + Balance of investment corporation bonds) / (Total borrowings + Balance of investment
corporation bonds) ×100
Long-term debt ratio is rounded to the nearest first decimal place.
Note 3: Long-term fixed interest debt ratio = (Balance of long-term fixed interest rate borrowings + Balance of investment corporation bonds) / (Total
borrowings + Balance of investment corporation bonds) ×100
The balance of long-term fixed interest rate borrowings includes borrowings with floating interest rates effectively fixed by utilizing interest-rate swap
agreements. Long-term fixed interest debt ratio is rounded to the nearest first decimal place.
Note 4: Average interest rates and average remaining terms are the weighted average based on the period-end interest rates and remaining terms based on thebalance of interest-bearing debt. Average interest rates are rounded to the nearest second decimal place and average remaining terms are rounded to
the nearest first decimal place respectively.

The balance of borrowings according to financial institutions as of April 30, 2014 and October 31, 2014 are as follows:
LenderEighteenth Fiscal Period(as of April 30, 2014)

Nineteenth Fiscal Period(as of October 31, 2014)(Millions of Yen)

(Millions of Yen)

Ratio as of End of
Eighteenth Fiscal Period(%) (Note 5)

Sumitomo Mitsui Banking Corporation

46,966.5

55,335.0

30.8Development Bank of Japan Inc.

29,117.5

29,075.0

16.2

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

21,200.0

24,200.0

13.5

Aozora Bank, Ltd.

21,337.5

21,325.0

11.9

Sumitomo Mitsui Trust Bank, Limited

17,650.0

19,000.0

10.6

Resona Bank, Ltd.

8,300.0

9,250.0

5.2

Mitsubishi UFJ Trust and Banking Corporation

9,200.0

9,200.0

5.1

Mizuho Bank, Ltd.

2,200.0

4,200.0

2.3

Mizuho Trust & Banking Co., Ltd.

2,000.02,800.0

1.6

The Bank of Fukuoka, Ltd.

1,500.0

2,000.0

1.1

The Nishi-Nippon City Bank, Ltd.

700.0

1,200.0

0.7

Hiroshima Bank, Ltd

500.0

1,000.0

0.6

The 77 Bank, Ltd

500.0

500.0

0.3

The Higashi-Nippon Bank, Limited

300.0

300.0

0.2

Total
161,446.5
Note 5: Percentages are rounded down to the nearest first decimal place.

179,385.0

100.0(d) Status of Credit Rating
The status of the credit ratings as of October 31, 2014 is as follows:
Credit Rating Agency
Details of the Ratings
Long-Term Issuer Rating
A+ (Outlook: Stable)
Japan Credit Rating Agency, Ltd.
Ratings on Bonds
A+
Rating of Shelf Registration(e) Status of Shelf Registration
The Investment Corporation filed a debt shelf registration statement on February 7, 2013. Details are as follows.
Investment Corporation Bonds
Planned Issue Amount¥100,000,000,000
Planned Issuance Period February 15, 2013 to February 14, 2015
Acquisition funds for specified assets, repayment of borrowings, repayment ofinvestment corporation bonds, refund of lease and guarantee deposits, funds to pay for repairs andUse of Funds
maintenance, working capital, etc.
The Investment Corporation’s Fifth Series Unsecured Investment Corporation Bonds of ¥1,800,000,000 were issued based on theabovementioned debt shelf registration statement filed in September 2013. In addition, Sixth Series Unsecured Investment Corporation
Bonds of ¥2,000,000,000 were issued based on the abovementioned debt shelf registration statement filed in July 2014.
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KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Moreover, in order to continuously secure opportunities for flexible equity financing, the Investment Corporation had filed a shelfregistration of new investment unit certificate for primary and secondary offerings on February 7, 2013. However, it decided to cancel
the application for shelf registration of new investment unit certificate for primary and secondary offerings and filed a cancellation as ofNovember 6, 2014.
D. Operating Results and Cash Distribution
As a result of the aforementioned management performance, the Investment Corporation reported operating revenues of ¥12,928 million,
operating income of ¥5,028 million, ordinary income of ¥3,570 million and net income of ¥3,569 million for its nineteenth fiscal period (fiscal
period ended October 31, 2014).
Cash distributions are paid out to the application of Article 67-15 of the Special Taxation Measures Law (Law No. 26 of 1957, including
amendments thereafter). In addition, the Investment Corporation has decided to book a portion of its unappropriated retained earnings to internal
reserve as a reserve for reduction entry based on application of the “Special Provisions for Taxation in the Event of Advance Acquisition ofLand, etc. in 2009 and 2010” (Article 66-2 of the Special Taxation Measures Law) in the fiscal period under review. In accordance with thispolicy, following the posting of this reduction entry reserve, the Investment Corporation reversed part of reserve for reduction entry (1 million
yen) added the amount of the concerned reversal of reserve for reduction entry to the unappropriated retained earnings. Almost the entire sum
amount was distributed to unitholders’, yielding ¥10,060 per unit.
② Outlook
A. Investment Environment
With regard to the outlook of the Japanese economy, although Japan’s GDP posted a negative growth for the July – September 2014 period,
marking the second consecutive quarter with a decrease, it will subsequently return to positive growth due to such factors as an increase in
consumer spending and capital investment by companies, with the decrease in demand as a rebound in association with the consumption tax rate
hike being further mitigated. The overseas economy as a whole is on a recovery trend, primarily led by the U.S. However, close monitoring isrequired of the risk of a downturn in the global economy caused by deficits of current accounts and regional conflicts in some emerging
countries and resource-rich countries, concerns over financial market stability and other issues.
Concerning the office building leasing market, according to figures announced by Miki Shoji Co., Ltd, as of the end of October 2014, theaverage vacancy rate of Tokyo five central wards was 5.60%, a year-on-year decrease of 1.96%. Furthermore, compared with the beginning of
the period, the figure dropped by 0.92%, continuing to clearly indicate an improvement. In addition, the average rent in the Tokyo five central
wards (including newly built office buildings) has increased for 10 consecutive months, though slightly, suggesting that rents are gradually
getting on track to a full-on increase. Although macroeconomic conditions are somewhat weak, companies are acting aggressively in generaland the demand for office floor space is expected to remain strong going forward. As such, the leasing market is anticipated to show further
improvements.
In the office building transaction market, demand for office buildings as investment assets continues to remain strong with the backdrop of
expectations for a full-fledged recovery of the leasing market and a favorable funding environment. Accordingly, transactions by such major
investors as listed J-REITs, private placement REITs and foreign investors are expected to remain brisk. On the other hand, there is a concern
about acquisition prices soaring as a result of competition over properties becoming more intensified.
B. Future Management Policies and Pending Issues
The Investment Corporation adopts the basic policy of conducting dynamic and flexible investment stance that seeks to respond to its
environment and market trends, and endeavors to ensure a timely response to opportunities. From this standpoint and in light of the investment
environment described above (the Japanese economy, the office building leasing market and the office building real estate transaction market,etc.), the Investment Corporation creates a property investment strategy, management strategy for existing properties, and financial strategy in a
dynamic and flexible manner as set forth below.
(a) Investment Strategy for New Properties and Sales Policy
The Investment Corporation aims for further expansion of its asset size, with the goal of “forming a firm portfolio focusing on mid-sized officebuildings” and to become the “No. 1 J-REIT for mid-sized office buildings.” The Investment Corporation will keep mid-sized office buildings in
the Tokyo Metropolitan Area as its focus, and with regard to central urban retail properties, invest only in those that have rare value as analternative to office buildings, are located in busy commercial areas and offer a certain amount of office space. In addition, the Investment
Corporation believes that maintaining an investment strategy which aims for a certain degree of regional diversification, will be a foundation for
constructing a superior portfolio and differentiating the Investment Corporation from others in the business.
Moreover, when acquiring assets, the Investment Corporation will aim for the stable growth of the portfolio, by securing continuous
opportunities for acquiring properties and flexible acquisition methods by utilizing the Asset Management Company’s own networks and thesponsor company’s support line through the construction of multiple pipelines. Also, based on the premises of that the Investment Corporation
able to obtain opportunities for property acquisitions in the future, the Investment Corporation might invest in TK interests etc. with the sponsor
company on a conjoint basis. In addition, in order to seek diversifying acquisition methods (direct acquisition, equity investment and-7-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

co-acquisition with the sponsor company), with consideration to the balance of financing and to secure mobilizing acquisition of properties, theinvestment company invests in warehousing related TMK etc. with the sponsor company cooperation. In selling properties, the Investment
Corporation will examine the sale of properties individually in considering the use of funds for replacement of assets through new property
acquisition or fund-type investments. Of this, concerning residential properties, the Investment Corporation will not only refrain from conducting
new investments in principle, but will also place such properties on the top of the list of properties to sell while taking into consideration themarket environment, asset size and other factors. On the other hand, the Investment Corporation will decide on the sale of office buildings andcentral urban retail properties individually by considering the current profitability, revenue projections that take into account future market trends,
building age, area and property size, among other factors, and also in light of the significance of the property’s presence in the portfolio.
(b) Management Strategy for Existing Properties
Taking into consideration economic and real estate market trends, the Investment Corporation adopts “a tenant-oriented approach which will leadto revenue” for its leasing activities with aims of ensuring a timely and flexible response as well as optimizing tenant satisfaction. Accordingly,
the Investment Corporation seeks to aim to maintain / increase cash flow by offering office environments with high tenant satisfaction. Based on
the aforementioned in aim to become “the mid-sized office building of the choice,” the Asset Management Company undertakes asset
management activities as follows:・Take measures to maintain and raise competitiveness of properties
・Tailor leasing management according to the market environment
・Apply careful control of management and operating costs by taking advantage of portfolio size
・Ensure appropriate response to relevant laws and regulations
・Develop a proactive response to environmental issues
Take measures to maintain and raise competitiveness of properties
The Investment Corporation will implement operation and management in close contact with the actual properties and further enhance themanagement level. Some specific examples of the operation and management are the installation of public wireless LAN services andinstallation of automated external defibrillators (AEDs) in consideration of business continuity plans (BCP) and its corporate social
responsibilities (CSR).
Furthermore, tenants at properties are positioned as important “customers” and the perspective of customer satisfaction (CS) is applied to the
management of properties. The Investment Corporation has conducted a CS survey targeting the tenants of its office buildings five times incooperation with J.D. Power Asia Pacific, Inc., an internationally recognized company that engages in customer satisfaction evaluation(requesting those in charge of general affairs and employees of tenants to complete a questionnaire on the hard aspects such as the building andfacilities as well as on the soft aspects such as management and operation, consisting of multiple items for evaluation and open-ended questions).
The comprehensive satisfaction rating results for the Fifth CS survey conducted in August 2013 is as follows.
The response of “Satisfied”, “Slightly Satisfied” weighted 2.0% increase compare to the Fourth CS Survey conducted in September 2011.
＜Comprehensive Satisfaction Rating＞
Slightly
Dissatisfied

Satisfied

Slightly Satisfied

Fifth CS Survey

26%

51%

18%

4%

1%

1%

Fourth CS Survey

23%

52%

19%

5%

1%

1%

Neither

Dissatisfied

Unknown

Note 1: Target respondents for the survey are the administration officers of each tenant and tenant employees.
Note 2: Ratios are rounded to the nearest unit.

By conducting such surveys continuously and meeting tenant needs, the Investment Corporation is aiming to improve customer satisfaction
while also maintaining and improving the competitiveness and asset value of its properties.
Tailor leasing management according to the market environment
The characteristics of mid-sized office buildings, which are the primary target of the Investment Corporation’s investment, are that many of thetenant turnover ratios are relatively high. Therefore, in the leasing aspect, the Investment Corporation implements leasing activities in a timely
and flexible manner by adopting the basic policy of endeavoring to maximize revenues for the medium- to long-term through maintaining
occupancy ratios, while taking into account economic and real estate market trends.
Concerning the solicitation of new tenants, the Investment Corporation strives to shorten the period of vacancy and boost the occupancy ratio byimplementing dynamic and flexible leasing activities through the sharing of information closely with leasing brokers, holding of previews,
marketing directly to corporations, utilizing guarantee companies and other measures while closely watching market conditions and timing ofchanges going forward.
Apply careful control of management and operating costs by taking advantage of portfolio size
The Investment Corporation will carefully control the quality of property management and operating costs and reduce building maintenance and-8-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

operating costs by taking advantage of the portfolio size in building maintenance costs and construction bidding.
Ensure appropriate responses to relevant laws and regulations
The Investment Corporation will gather information on the Building Standards Law (Law No.201, 1950, including amendments thereafter) andother relevant laws and regulations and any future revisions, in a timely manner and will respond as necessary while considering compliance.
Develop a proactive response to environmental issues
The Investment Corporation is designated as a specified corporation pursuant to the Act on the Rational Use of Energy. The Investment
Corporation will research on energy saving and environmental friendliness of mid-sized office buildings, develop medium- to long-term energy
saving plans and reduction targets, and proactively institute measures in terms of both hardware (buildings and facilities) and soft services(operating and management services) in an aim to ensure the simultaneous pursuit of return on investment and social benefits.
(c) Financial Strategy (Debt Financing)
As the environment for procuring interest-bearing debt is continuing to improve, the Investment Corporation is determined to continue to work
to improve the terms and conditions of borrowings.
In addition, by taking the following measures, etc., the Investment Corporation aims for stable financial management.
・Reduce refinance risk by diversifying maturities of interest-bearing debt
・Have the procurement ratio of long-term fixed interest borrowings above a certain level・Control the rate of interest-bearing debt (Note) in a conservative manner (the Investment Corporation will continue to aim to keep the ratio ofinterest-bearing debt to total assets (LTV) at within less than 45% level as a rule. However, it will also remain open to the option of increasing
LTV to the upper 40% level in the event of debt financing conducted for the purpose of acquiring competitive properties or otherwise.)Moreover, the Investment Corporation will undertake stable fund procurement based on existing favorable relations with financial institutions,especially mega-banks, trust banks and Development Bank of Japan Inc., as well as aim for more conservative financial management. In
addition, the Investment Corporation aspires to pay attention to the share of each bank and consider as appropriate the introduction oftransactions with new banks based on comparison with the conditions with currently transacting banks.
Note: Interest bearing debt ratio = Interest-bearing debt at end of period / Total assets ×100(d) Information Disclosure
Consistent with its basic information disclosure policy, the Investment Corporation proactively engages in IR activities with the aim of promptly
providing a wide range of relevant information to investors, and make revisions to the information disclosure system when needed. In specificterms, the Investment Corporation provides information through the Timely Disclosure Network System (TDnet), which is a system operated by
the Tokyo Stock Exchange, as well as press releases and its Web site (URL: http://www.kdx-reit.com/eng/ ).
(3) Important Subsequent EventsThe Issuance of New Investment Units
On November 6, 2014 and November 19, 2014, the Board of Directors of the Investment Corporation resolved to issue new investment units asdetailed below. The payments were completed on November 27, 2014 for issuance of new investment units through public offerings (includinginternational offering. Same applies below.).
As a result, the Investment Corporation had total unitholders’ capital of ¥204,901,648,020 with 402,695 investment units outstanding as of November
27, 2014. When new investment units are issued through a third-party allotment with Nomura Securities Co. Ltd. as the allottee in connection with thesecondary offering, the payment date will be December 24, 2014 (planned).
Issuance of New Investment Units through Public Offering
Issuance of New Investment Units：47,685 units (Japanese Offering 23,750 units, International Offering 23,935 units)

Issue Price (Offer Price)：¥614,250 per unit

Aggregate Issue Price (Total Offer Price)：¥29,290,511,250

Issue Amount (Paid - in Value)：¥592,830 per unit

Total Issue Amount (Aggregate Paid - in Value)：¥28,269,098,550

Payment Date

：November 27, 2014

New Investment Units by Third-Party Allotment.
Issuance of New Investment Units (Maximum)：2,190 units

Issue Amount (Paid - in Value)：¥592,830 per unit

Total Issue Amount (Aggregate Paid - in Value)：¥1,298,297,700(Maximum)-9-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Payment Date

：December 24, 2014(Planned)

Allottee：Nomura Securities Co. Ltd.

(Use of Funds)
The funds from the abovementioned public offering, allocated as the funds for the acquisition of properties in the Twentieth Fiscal Period
defined below and a portion of the funds for the repayment of borrowings. Furthermore, the funds from the issuance of new investment units
by third-party allotment are allocated to as proceed for a portion of the funds for the acquisition of future specified assets and repayment ofborrowings.
(Reference Material)
The Investment Corporation acquired following trust beneficiary interest in real estate or real estate (total acquisition price ¥8,900 million for 4
office buildings. With KDX Sakura-dori Building, shall hereafter be referred to as the collectively “Twentieth Fiscal Period Anticipated
Assets”).
Furthermore, acquisition price is excluding acquisition costs, adjustment amount of property tax and city-planning tax, and consumption tax,
etc.
Acquisition Date
December 2, 2014
December 2, 2014
December 2, 2014
December 3, 2014
Total

Type of Acquisition

Property Name

Location

Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Real estate－

Yokohama Nishiguchi
SIA Building
Shin-Yokohama 214
Building
KDX Minami-Honmachi
Building
BUREX Toranomon－

Yokohama,
Kanagawa
Yokohama,
Kanagawa (Note)

SellerAcquisition
Price(Million yen)Appraisal
Value(Million Yen)

G.K. KDX 11

2,750

2,830

Y.K. KW Property 6

2,200

2,200

Osaka, Osaka

Kenedix Development, Inc.

2,200

2,490

Minato-ku, Tokyo－

Space Design, Inc.
－

1,750
8,900

2,030
9,550

Note: The Property’s residential address has yet to be determined.
In addition, the Investment Corporation is planning to acquire following a trust beneficiary interest in real estate. Furthermore, acquisition price is
excluding acquisition costs, adjustment amount of property tax and city-planning tax, and consumption tax, etc.
Acquisition Date

Type of Acquisition

January 9, 2015

Trust beneficiaryinterest in real estate

Property NameKDX Sakura-dori
Building (Note)

Location
Nagoya, Aichi

SellerAcquisition
Price(Million yen)

KRF 53 TMK

5,900

Appraisal
Value(Million Yen)
7,140

Note: KDX Sakura-dori Building changed its name from Chugai Tokio Marine Building on December 1, 2014.
Refund of the preferred equity securities
Toyonaka Properties TMK, in which the Investment Corporation has a preferred investment, sold Senri Life Science Center Building to theInvestment Corporation. In accordance with the transfer, the Investment Corporation is scheduled to receive a refund of the preferred equity
securities (investment amount: ¥1,583 million) in the TMK by the end of the 20th fiscal period ending April 2015.
(4) Risk Factors
There are no significant changes to the “Investment Risks” as described in the Securities Report (including any amendments thereto) submitted
November 6, 2014.
(5) Outlook
Forecasts for the twentieth fiscal period (November 1, 2014 to April 30, 2015) are presented as follows.
Operating Revenues¥13,412 million
Operating Income¥5,934 million
Ordinary Income¥4,456 million
Net Income¥4,454 million
Distribution per Unit
¥11,000
Preconditions and assumptions for the outlooks, please see following “Preconditions and Assumptions for the Twentieth Fiscal Period Ending April
30, 2015” for more details.
In addition, as stated in “Preconditions and Assumptions for the Twentieth Fiscal Period Ending April 30, 2015”, the Investment Corporation issued
new investment units, acquired assets after the end of nineteenth fiscal period. There is no change in the forecast figures although these preconditions
are updated as of this financial report date from the press release “Notice Concerning the Announcement of the Revisions of Operating Forecasts andDistribution Forecasts for the Fiscal Period Ended October 31, 2014 and Operating Forecasts for the Fiscal Period Ending April 30, 2015” dated
November 6, 2014.
-10-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Note: Forecast figures above are calculated based on certain assumptions. Readers are advised that actual operating revenues, net income and distribution per unit may
differ significantly from forecasts due to a variety of reasons. Accordingly, the Investment Corporation does not guarantee payment of the forecasted distribution
per unit.

Preconditions and Assumptions for the Twentieth Fiscal Period Ending April 30, 2015
Preconditions and Assumptions
Calculation Period The twentieth fiscal period: November 1, 2014 to April 30, 2015 (181 days)
Property Portfolio
 Although the number of real estate and trust beneficiary interests in real estate held by the Investment Corporation asof December 15, 2014 including 4 properties acquired during the twentieth fiscal period as stated below is 98
properties. Furthermore, including KDX Sakura-dori Building scheduled to be acquired on January 9, 2015, is 99
properties.
 Yokohama Nishiguchi SIA Building (office building) (Acquired on December 2, 2014)
 Shin-Yokohama 214 Building (office building) (Acquired on December 2, 2014)
 KDX Minami-Honmachi Building (office building) (Acquired on December 2, 2014)
 BUREX Toranomon (office building) (Acquired on December 3, 2014)
 KDX Sakura-dori Building (office building) (Scheduled to be Acquired on January 9, 2015)(KDX Sakura-dori Building changed its property name from Chugai Tokio Marine Building on as ofDecember 1, 2014.)
 Forecasts are based on the assumption that the number of properties will remain unchanged (no sale or acquisition of
new properties, etc.) until the end of the twentieth fiscal period other than the above mentioned acquisitions.
 The Investment Corporation also holds an each of TMK preferred securities and TK equity. It assumes the refund of
Toyonaka Property TMK preferred securities will occur by the end of the twentieth fiscal period as announced in thepress release “Notice Concerning Acquisition of Property (Conclusion of Agreement) and Lease (Senri Life Science
Center Building)”, dated September 30, 2014. As regards to the TK equity will not occur by the end of the fiscal
period.
 The actual results may fluctuate due to changes in the property portfolio.
Operating Revenues
 Rental revenues are estimated based on valid leasing agreements as of December 15, 2014 and by considering
variable factors, such as seasonal factors against the backdrop of historical performance, as well as leasing
conditions, such as the recent real estate market conditions, in addition to the difference in number of operating days
due to movements in existing investment assets.
 Dividends received of ¥595 million have been assumed. Furthermore, the twentieth fiscal period dividend received
includes the final distribution of profit from Toyonaka Property TMK.
 Forecasts are based on the assumption that there will be no rent in arrears or non-payments from tenants.
Operating Expenses
 Expenses related to rent business other than depreciation are based on the historic expenses, adjusted to reflect
expense variables including seasonal factors.
 An amount of ¥1,249 million has been assumed for property management fees and facility management fees
(property management and building maintenance fees, etc.).
 An amount of ¥965 million has been assumed for taxes and public dues (property tax and city-planning tax, etc.).
 An amount of ¥2,209 million has been assumed for depreciation expense.
 An amount of ¥539 million has been assumed for repairs, maintenance and renovation expenses.
Repairs, maintenance and renovation expenses are estimated based on the amounts budgeted by the AssetManagement Company for each property and amounts considered essential for the period. Actual repairs,
maintenance and renovation expenses for the fiscal period may, however, differ significantly from estimatedamounts due to unforeseen circumstances or emergencies.
 In general, property tax and city planning tax are allocated to the seller and purchaser on a pro rata basis at the time ofacquisition settlement. In the case of the Investment Corporation, an amount equivalent to the portion allocated to thepurchaser is included in the acquisition price of the property.
Non-Operating
 An amount of ¥125 million has been assumed for expenses associated with the issuance and secondary offering of
Expenses
new investment units.
 Interest payable (including financing related expenses etc.) of ¥1,400 million is assumed.
Extraordinary Extraordinary profit/loss is not assumed.
Profit/Loss
Debt Financing and The balance of the borrowings and the investment corporation bonds as of December 15, 2014 is ¥179, 385 million
Investment Corporationand ¥8, 300 million, respectively.
Bonds
 Of the proceeds procured through issuance of new investment units on November 27, 2014, the Investment
Corporation plans to use ¥12,700 million on December 26, 2014 to fund partial prepayment of existing borrowings.
 Of the borrowings as of December 15, 2014 excluding the above-mentioned partial early repayment, a total of¥15,635 million in borrowings is due for repayment during the twentieth fiscal period. However, it is assumed thatall borrowings will be refinanced other than repayment of ¥50 million as agreed.
 Forecasts are based on the assumption that there will be no maturity for investment corporation bonds during thetwentieth fiscal period.
Investment Units Issued  Regarding the number of issued investment units, the aggregate number of its investment units issued andand Outstanding
outstanding to be 404,885 units consisting of (a) 355,010 investment units issued and outstanding as of October 31,
2014, and (b) Maximum of 49,875 new investment units the Board of Directors of the Investment Corporation
resolved to issue on November 6, 2014 and November 19, 2014, which are comprised of (i) 47,685 new investment-11-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)


Distributions per Unit

Distributions in Excessof Earnings per Unit
Other

units issued in a capital increase through public offering and (ii) maximum of 2,190 new investment units issued
through a third-party allotment in connection with a secondary offering.
The Investment Corporation assumes that there will be no additional changes to the issued and outstanding
investment units for the nineteenth fiscal periods other than the abovementioned issuance of 49,875 investment units.
Distributions per unit are calculated in accordance with the distribution policy outlined in the Investment
Corporation’s Articles of Incorporation.
Actual distributions per unit may differ significantly from forecasted figures due to a variety of reasons including
movements in investment assets, rental revenues impacted by tenant movements or the incidence of major
unforeseen renovation expense.



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

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



-12-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

3. Financial Statements(1) Balance Sheets(Thousands of Yen)
Eighteenth Fiscal Period

Nineteenth Fiscal Period(As of April 30, 2014)(As of October 31, 2014)ASSETS
Current assets
Cash and deposits

10,401,130

6,618,979

Cash and deposits in trust

7,654,302

9,850,930

Accounts receivable-trade252,557

293,160

Prepaid expenses

60,75067,307

Consumption Taxes receivable

219,446

752,671

Other

13,515

334,708

18,601,704

17,917,757

Total current assets
Noncurrent assets
Property, plant and equipment
Buildings

17,104,159

18,412,066

Accumulated depreciation

3,159,760)

3,446,065)

Buildings, net

13,944,398

14,966,000

Structures

23,371

23,371

Accumulated depreciation

9,270)

9,980)

Structures, net

14,10013,390Machinery and equipment

365,230

365,530

Accumulated depreciation

137,882)

148,227)

Machinery and equipment, net

227,348

217,303

Tools, furniture and fixtures

80,757

81,665

Accumulated depreciation

37,239)40,445)Tools, furniture and fixtures, net

43,51741,220Land

34,040,805

36,127,661

95,212,559

109,693,031

Accumulated depreciation

16,732,208)

17,894,099)

Buildings in trust, net

78,480,350

91,798,931

318,890388,628

Accumulated depreciation

111,124)

122,722)

Structures in trust, net

207,765

265,905

Machinery and equipment in trust

1,608,089

1,593,819

Accumulated depreciation

649,138)

672,196)

Machinery and equipment in trust, net

958,950

921,623

Tools, furniture and fixtures in trust

392,231426,041

Accumulated depreciation

212,183)

220,554)

Tools, furniture and fixtures in trust, net

180,048

205,486

204,428,467

220,922,709

Buildings in trust*2

Structures in trust

Land in trust
Construction in progress in trust

1,785

-

332,527,539

365,480,232

Leasehold right

285,350

285,350

Leasehold right in trust

70,207

69,432

Total property, plant and equipment
Intangible assets

Right of using water facilities in trust
Total intangible assets

197

79

355,754354,8622,006,886

2,679,138

10,00010,000Investments and other assets
Investment securities
Lease and guarantee deposits
Lease and guarantee deposits in trust

123,825

123,825

Long-term prepaid expenses

1,381,048

1,377,453

21,26917,303

Others-13-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Total investments and other assets

3,543,030

4,207,721

336,426,324

370,042,816

Investment corporation bond issuance costs

31,327

44,638Investment unit issuance expenses

107,995

164,420

Total deferred assets

139,322

209,059

355,167,351

388,169,633

Total noncurrent assets
Deferred assets

Total assets(Thousands of Yen)
Eighteenth Fiscal Period

Nineteenth Fiscal Period(As of April 30, 2014)(As of October 31, 2014)

Liabilities
Current Liabilities
Accounts payable

702,818

743,307

Short-term loans payable

6,000,000

15,900,000

Current portion of long-term loans payable

36,246,500

30,135,000

Accounts payable-other275,722

256,974

Accrued expenses

139,003

133,059

678

747

Income taxes payable
Accrued consumption taxes

24,356-

Advances received

1,792,248

1,868,868

Deposits received

29,071

15,69545,210,399

49,053,652

Total current liabilities
Noncurrent liabilities
Investment corporation bond

6,300,000

8,300,000

Long-term loans payable

119,200,000

133,350,000

2,064,059

2,183,348

Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust

12,283,357

14,437,870

Total noncurrent liabilities

139,847,417

158,271,219

185,057,816

207,324,872

166,261,745

176,632,549

Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus
Voluntary reserve
Reserve for reduction entry

961,750

642,566

Total voluntary reserve

961,750

642,566

Unappropriated retained earnings(undisposed loss)

2,886,039

3,569,644

Total surplus
Total unitholders' equity
Total net assets*1

Total liabilities and net assets-14-

3,847,789

4,212,211

170,109,535

180,844,760

170,109,535

180,844,760

355,167,351

388,169,633

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(2) Statements of Income(Thousands of Yen）
Eighteenth Fiscal Period

Nineteenth Fiscal Period

November 1, 2013 to

May 1, 2014 toApril 30, 2014

October 31, 2014

Operating revenue
Rental revenues*1

9,076,070

9,799,462

Other rental revenues*1

1,254,267

1,495,944

Gain on sales of real estate property*2497,481-

67,467

1,632,716

10,895,287

12,928,123

Dividends income
Total operating revenue
Operating expenses
Property related expenses*1

5,047,050

5,557,659

Loss on sales of real estate property, etc.

*2816,665

1,524,517

564,461

643,210

Asset management fee
Directors' compensation

8,100

8,400

Asset custody fee

19,086

20,430Administrative service fees

50,074

52,105

Audit fee

10,80010,800

Other operating expenses

95,65082,300Total operating expenses

6,611,888

7,899,424

4,283,398

5,028,698

Interest income

572

650

Dividends and redemption-prescription

920

739

Interest on refund

640

872

Total non-operating income

2,133

2,262

980,272

1,048,853

Operating income
Non-operating income

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

59,291

66,162

Borrowing related expenses

301,079

288,413

Amortization of investment corporation bond issuance costs

4,323

4,888

Amortization of investment unit issuance expenses

40,502

37,204Other

12,925

14,781

1,398,394

1,460,303

Ordinary income

Total non-operating expenses

2,887,138

3,570,656

Income before income taxes

2,887,138

3,570,656

Income taxes-current

1,252

1,210

Income taxes-deferred

13

4

Total income taxes

1,265

1,214

2,885,872

3,569,442

166

202

2,886,039

3,569,644

Net income
Retained earnings brought forward
Unappropriated retained earnings(undisposed loss)-15-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(3) Statements of Unitholders’ Equity
Eighteenth fiscal period (November 1, 2013 to April 30, 2014)(Thousands of Yen)
Unitholders' equity
Surplus
Unitholders' capital

Balance at the start of current
periodChanges of items during theperiodIssuance of new investment units

147,153,820

Voluntary reserve
Reserve for
Reduction entry

Total Voluntary
reserve

Unappropriatedretained earnings(undisposed loss)

795,928

795,928

2,831,476

Total Surplus

3,627,405

19,107,925

Provision of reserve for reduction
entry

Total unitholders'equityTotal net assets

150,781,225

150,781,225

19,107,925

19,107,925

165,821)－－－

Distribution from surplus

2,665,488)

2,665,488)

2,665,488)

2,665,488)

Net income

2,885,872

2,885,872

2,885,872

2,885,872

Total changes of items during theperiodBalance at the end of current
period165,821

165,821

19,107,925

165,821

165,82154,562

220,384

19,328,309

19,328,309※ 166,261,745

961,750

961,750

2,886,039

3,847,789

170,109,535

170,109,535

Nineteenth fiscal period (May 1, 2014 to October 31, 2014)(Thousands of Yen)
Unitholders' equity
Surplus
Unitholders' capital

Balance at the start of current
periodChanges of items during theperiodIssuance of new investment units

166,261,745

Voluntary reserve
Reserve for
Reduction entry

Total Voluntary
reserve

Unappropriatedretained earnings(undisposed loss)

961,750

961,750

2,886,039

Total Surplus

3,847,789

10,370,803

Provision of reserve for reduction
entry

Total unitholders'equityTotal net assets

170,109,535

170,109,535

10,370,803

10,370,803

319,183－－－

Distribution from surplus

3,205,020)

3,205,020)

3,205,020)

3,205,020)

Net income

3,569,442

3,569,442

3,569,442

3,569,442

Total changes of items during theperiodBalance at the end of current
period319,183)

319,183)

10,370,803

319,183)

319,183)

683,605

364,421

10,735,225

10,735,225※ 176,632,549

642,566

642,566

3,569,644

4,212,211

180,844,760

180,844,760-16-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(4) Basis for Calculating Cash Distribution(Unit: Yen)
Nineteenth Fiscal Period

Eighteenth Fiscal Period(November 1, 2013 to April 30, 2014)
2,886,039,471

3,569,644,611

Reversal for reserve for reduction entry

319,183,549

1,755,989

Total Distribution

3,205,020,520

3,571,400,600(9,638)(10,060)

202,500-

I.

Retained earnings at the end of period

II.

Voluntary reserve (Reversal)

III.

(Distribution per Unit)
IV.

(May 1, 2014 to October 31, 2014)

Retained Earnings brought forward to
the next period

Method of calculating the distribution amountIn accordance with the policy depicted in Article 35-1

In accordance with the policy depicted in Article 35-1

of its Articles of Incorporation, the Investmentof its Articles of Incorporation, the Investment

Corporation determines that the amount of distribution

Corporation determines that the amount of distribution

shall exceed the amount equivalent to 90% of its

shall exceed the amount equivalent to 90% of its

distributable profit as stipulated in Article 67-15 of the

distributable profit as stipulated in Article 67-15 of theSpecial Taxation Measures Law, and shall be up to theSpecial Taxation Measures Law, and shall be up to theamount of its profits as the ceiling. Following thisamount of its profits as the ceiling. Following this policy,

policy, the Investment Corporation has decided to

the Investment Corporation has decided to distributedistribute ¥3,205,020,520 which is the maximum¥3,571,400,600 which is the maximum integral multiple

integral multiple of 332,540 units issued andof 355,010 units issued and outstanding as the distribution

outstanding as the distribution of earnings, which basedof earnings, which based on the total amount for theon the total amount for the reversal of reserve forreversal of reserve for reduction entry and unappropriatedreduction entry and unappropriated retained earnings.

retained earnings. Procedures for the distribution ofProcedures for the distribution of amounts exceeding

amounts exceeding distributable income are outlined in

distributable income are outlined in Article 35-2 of the

Article 35-2 of the Investment Corporation’s Articles ofInvestment Corporation’s Articles of Incorporation. In

Incorporation. In its fiscal period under review, theits fiscal period under review, the Investment

Investment Corporation has decided not to distribute cash

Corporation has decided not to distribute cash in excess

in excess of distributable profit.

of distributable profit.

-17-

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

Eighteenth Fiscal Period

Nineteenth Fiscal Period

November 1, 2013 to April 30, 2014

May 1, 2014 to October 31, 2014

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

2,887,138

3,570,656

Depreciation and amortization

1,826,542

2,022,380

Amortization of long-term prepaid expenses

287,473

276,014

Interest income

572)

650)

Interest expenses

1,039,563

1,115,015

Amortization of investment unit issuance expenses

40,502

37,204

Amortization of investment corporation bond issuance expenses

4,323

4,888

Decrease (increase) in accounts receivable-trade

1,501

40,603)

Decrease (increase) in consumption taxes refund receivable

119,288)533,224)

Decrease (increase) in prepaid expenses

2,590

6,556)

Increase (decrease) in accounts payable

46,299)141,993

5,995

27,782

Increase (decrease) in accrued consumption taxes

24,903)24,356)

Increase (decrease) in advances received

285,630

76,620

Increase (decrease) in deposits received

22,90913,376)

3,833,388

4,037,459

Increase (decrease) in accounts payable-other

Changes in net property, plant and equipment held in trust from sale
Decrease (increase) in long-term prepaid expenses
Other, net
SubtotalInterest income received
Interest expenses paid
Income taxes paid

398,315)

272,419)

2,708)

322,247)

9,645,471

10,096,580

572

650

1,049,144)

1,116,993)

945)

809)

8,595,953

8,979,427

Purchase of property, plant and equipment

4,711,702)

3,410,974)

Purchase of property, plant and equipment in trust

31,468,020)

35,614,513)

Purchase of investment securities

1,109,905)

1,592,392)

Proceeds from investment securities

213,075

919,814

Payments of tenant leasehold and security deposits

35,946)

110,421)

Proceeds from tenant leasehold and security deposits

423,048

227,242

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

Payments of tenant leasehold and security deposits in trust

723,535)

813,709)

Proceeds from tenant leasehold and security deposits in trust

1,916,746

2,837,301

Payments of restricted bank deposits in trust

94,113)

1,834,659)

Proceeds from restricted bank deposits in trust

80,65788,375

Others180-

35,509,516)

39,303,937)

Increase in short-term loans payable

3,000,000

17,900,000

Decrease in short-term loans payable

6,100,000)

8,000,000)

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

Proceeds from long-term loans payable

37,800,000

28,650,000

Repayment of long-term loans payable

17,511,500)

20,611,500)-

1,981,800

18,978,330

10,277,173

Proceeds from issuance of investment corporation bonds
Proceeds from issuance of new investment units
Dividends paid

2,664,276)

3,204,771)

Net cash provided by (used in) financing activities

33,502,554

26,992,703

Net increase (decrease) in cash and cash equivalents

6,588,991

3,331,806)

Cash and cash equivalents at beginning of period

10,948,849

17,537,840

17,537,840

14,206,033

Cash and cash equivalents at end of period

*

-18-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)（6）Notes to the Going Concern
Not applicable（7）Important Accounting Standards
1. Evaluation standards and evaluation method of assets

Securities
Other securitiesThose with no fair value
Cost method through moving-average method
Concerning silent partnership (tokumei kumiai) (TK) interests, the method ofincorporating the amount of equity equivalent to the portion that corresponds to the net gainor loss of TK is added.

2. Depreciation of fixed assets(1) Property, plant and equipment (includes trust assets)
The straight-line method is applied.
Useful lives of the assets ranging are as follows:
Buildings: 2 to 49 years
Structures: 2 to 45 years
Machinery and equipment: 3 to 17 years
Tools, furniture and fixtures: 3 to 20 years(2) Intangible assets (includes trust assets)
The straight-line method is applied.
Right of using water facilities: 6 years
Leasehold rights
Fixed term leasehold is amortized over a contractual period of 48 years and 9 months under thestraight-line method.
(3) Long-term prepaid expenses
The straight-line method is applied.

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

4. Accounting standards for revenues and expenses

Accounting method for property tax
Property-related taxes including property taxes and city planning taxes, etc. are imposed on
properties on a calendar year basis. These taxes are generally charged to rental expenses for theperiod, for the portion of such taxes corresponding to said period.
In connection with the acquisition of real estate including trust beneficiary interests in real estate during
the fiscal period under review, the Investment Corporation included it’s pro rata property portion forthe year in each property acquisition price and not as rental expense. The amount of property taxes
included in acquisition prices for the previous fiscal period amounted to ¥84,126 thousand and for the
fiscal period under review amounted to ¥87,637 thousand.

5. Accounting for hedges(1) Hedge accounting method
The deferred hedge method is applied. However, the special treatment is applied for theinterest-rate swap and interest-rate cap agreements that meet the criteria.
(2) Hedging instruments and risks hedged
Hedge instruments
The Investment Corporation enters into interest-rate swap transactions.
The Investment Corporation enters into interest-rate cap transactions.
Risks hedged
Interest rates on debt.
(3) Hedging policy
The Investment Corporation enters into derivative transactions based on its risk management
policies with the objective of hedging risks in accordance with its Articles of Incorporation.
(4) Method of evaluating the effectiveness of hedging
During the period from the commencement of hedging to the point at which effectiveness is
assessed, the Investment Corporation compares the cumulative total of market changes in thetargeted objects of hedging or cash flow changes with the cumulative total of market changes in
the hedging instruments or cash flow changes. The Investment Corporation then makes a-19-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

decision based on the changes and other factors of the two.
However, the interest-rate swap and interest-rate cap agreements that meet the criteria for special
treatment, the evaluation of effectiveness are omitted.
6. The scope of cash and cash equivalents on statements ofcash flows

For the purpose of cash flow statements, cash and cash equivalents consist of cash on hand, deposits
received that can be withdrawn on demand, and short-term investments with original maturities of 3
months or less, that are readily convertible to known amounts of cash and present insignificant riskof a change in value.

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 oftrust beneficiary interests in real estate and other assets are recorded in full in the Investment
Corporation’s balance sheets and statements 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 andfixtures in trust, land in trust and construction in progress in trust
3. Leasehold rights in trust, right of using water facilities in trust
4. Lease and guarantee deposits in trust
5. Tenant leasehold and security deposits in trust(2) Accounting method for consumption tax
Consumption taxes are separately recorded. Non-deductible consumption taxes applicable to theacquisition of assets are included in the cost of acquisition for each asset.

-20-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(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(Thousands of Yen)
Eighteenth Fiscal Period(as of April 30, 2014)

Nineteenth Fiscal Period(as of October 31, 2014)
50,000*2.

50,000

The amount of advanced depreciation of property, plant and equipment acquired by government subsidy(Thousands of Yen)
Eighteenth Fiscal Period(as of April 30, 2014)
Building in trust

Nineteenth Fiscal Period(as of October 31, 2014)
26,230-21-

26,230KENEDIX OFFICE INVESTMENT CORPORATION (8972)（Notes to the Statements of Income）*1. Breakdown of real estate rental business profit and loss

(Thousands of Yen)
Seventeenth Fiscal Period

Eighteenth Fiscal Period

May 1, 2013 to October 31, 2013

November 1, 2013 to April 30, 2014

A. Rental and other operating revenues
Rental revenues
Leasing income

7,380,878

8,101,029

Common area charges

1,695,192

1,698,433

9,076,070

9,799,462

Parking space rental revenues

326,300

350,221

Utility charge reimbursement

804,403

976,930

Miscellaneous

123,562

168,792

Total
Other rental revenues

Subtotal
Total rental and other operating revenues

1,254,267

1,495,944

10,330,337

11,295,406

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

1,016,938

1,074,236

Utilities

916,743

1,103,866

Taxes

847,465

916,289

Repairs and maintenance costs

193,972

174,511

Insurance

14,825

15,840Trust fees

45,14245,445

Others

185,421205,089

Depreciation

1,826,542

2,022,380

Total rental and other operating expenses

5,047,050

5,557,659

5,283,286

5,737,746

C. Rental business profit (A – B)
*2. Gain and Loss on sale of real estate property
Eighteenth Fiscal Period (November 1, 2013 to April 30, 2014)(Thousands of Yen)
(1) KDX Niigata Building
Revenue from sale of the investment property

630,000

Costs of the investment property

1,427,549

Other sales expenses

19,115

Loss on sale of real estate property

816,665(2) Court Mejiro
Revenue from sale of the investment property

1,329,105

Costs of the investment property

1,141,622

Other sales expenses

14,319Gain on sale of real estate property

173,163(3) Kabutocho Nikko Building II
Revenue from sale of the investment property

1,600,000

Costs of the investment property

1,264,216

Other sales’ expenses

11,465Gain on sale of real estate properties

324,318-22-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Nineteenth Fiscal Period (May 1, 2014 to October 31, 2014)(Thousands of Yen)
(1) KDX Minami Semba Dai-1 Building
Revenue from sale of the investment property

950,000

Costs of the investment property

1,480,365

Other sales expenses

26,795

Loss on sale of real estate property

557,160(Thousands of Yen)

(2) Nissou Dai-17 Building
Revenue from sale of the investment property

1,650,000

Costs of the investment property

2,557,093

Other sales expenses

60,263

Loss on sale of real estate property

967,356（Notes to the Statements of Changes in Unitholders’ Equity）*Total number of authorized investment units and total number of investment units issued and outstanding
Eighteenth Fiscal Period

Nineteenth Fiscal Period

November 1, 2013 to April 30, 2014

May 1, 2014 to October 31, 2014

Total number of authorized investment units

2,000,000 units

2,000,000 units

Total number of investment units issued and outstanding

332,540 units

355,010 units（Notes to the Statements of Cash Flow）* Reconciliation of balance sheet items to cash and cash equivalents at end of period in the cash flows statements(Thousands of Yen)
Eighteenth Fiscal Period

Nineteenth Fiscal Period

November 1, 2013 to April 30, 2014

May 1, 2014 to October 31, 2014

Cash and deposits

10,401,130

6,618,979

Cash and deposits in trust

7,654,302

9,850,930

Restricted bank deposits held in trust (Note)(517,592)

2,263,876)

Cash and cash equivalents

17,537,840

14,206,033

Note: Restricted bank deposits held in trust are retained for repayment of tenant leasehold and security deposits held in trust.
（Notes to the Lease Transactions）
Operating lease transactions(Lessor)(Thousands of Yen)
Eighteenth Fiscal Period(as of April 30, 2014)

Nineteenth Fiscal Period(as of October 31, 2014)

Unearned lease payments
Due within one year

1,827,908

2,138,972

Due after one year

11,980,836

9,346,089

Total

13,808,745

11,485,061（Notes to the Financial Instruments）
1. Items with Regard to the current status of Financial Instruments(1) Action Policy with Regard to Financial Instruments
The Investment Corporation procures essential funds for acquiring properties and undertaking the repayment of loans primarily through bank loans and theissuance of investment corporation bonds and new investment units. The Investment Corporation makes use of derivative instruments primarily as a risk hedge
against interest rate fluctuations and to lessen interest-rate payments. In addition, it is company policy to not conduct speculative derivative transactions.
Management of surplus funds is undertaken in a prudent manner that considers fully such factors as safety, liquidity, interest rate conditions and cash flows.
(2) Financial Instruments and Respective Risks
Investment securities are preferred equity securities of TMK as set forth by the Act on Securitization of Assets and TK interests are exposed to credit risk of theissuer and risk of fluctuation of value of real estate, etc.
Loans and investment corporation bonds are used primarily for procuring funds necessary for the acquisition of properties and have a redemption date of a
maximum of 10 years following the closing date. Although a certain portion of said liabilities are subject to interest rate fluctuation risks, the Investment-23-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Corporation utilizes derivative instruments (interest-rate swap transactions, etc.) in order to hedge against such risks.
Derivative instruments are interest-rate swap and interest-rate cap transactions that are used to hedge against interest rate fluctuation risks. Utilizing interest-rate
swap transactions, the Investment Corporation fixed its interest payments for funds procured on a floating interest rate basis or minimizing the risk of interest rateincrease. With regard to hedge accounting methods, hedging instruments and hedged items, hedge policy, and the method of evaluation of hedge effectiveness,please see “5. Hedge Accounting Method in notes concerning Important Accounting Standards”.
(3) Risk Management Structure with Regard to Financial Instruments
A. Management of Market Risk (Risk Associated with Fluctuations in Interest Rates and Others)
The Investment Corporation uses interest-rate swap etc., in order to minimize risks associated with interest payment rate fluctuations on funds procured.
The Investment Corporation will periodically grasp the value of real estate, etc. and financial condition, etc. of the issuer with regard to investment securities.
B. Management of Liquidity Risk (Risk of Defaulting on Payments by the Due Date) Associated with Funds Procurement
Although loans and other liabilities are subject to liquidity risks, the Investment Corporation reduces such risks by spreading out payment due dates and byusing diversified fund procurement methods. Liquidity risk is also managed by such means as regularly checking the balance of cash reserves.
(4) Supplemental Explanation of Items with Regard to Fair Value of Financial Instruments
Included in the fair value of financial products are market prices, or, in the event market prices are not available, prices that are calculated on a rational basis.
Because the factors incorporated into the calculation of these prices are subject to change, differing assumptions are adopted which may alter fair value.
2. Items with Regard to Fair Value of Financial Instruments
The book value per the balance sheet, fair values, as well as their difference are as follows. Furthermore, items whose fair values are recognized to be extremely
difficult to grasp are not included in the following table (Refer to Note 2).
Eighteenth Fiscal Period (as of April 30, 2014)(Thousands of Yen)
Book Value

Fair Value

Difference(1) Cash and deposits

10,401,130

10,401,130-(2) Cash and deposits in trust

7,654,302

7,654,302-

Total assets

18,055,432

18,055,432-(1) Short-term loans payable

6,000,000

6,000,000-(2) Investment corporation bonds

6,300,000

6,483,690

183,690

155,446,500

155,707,336

260,836

167,746,500

168,191,026

444,526---(3) Long-term loans payable
Total liabilities
Derivative Transaction
Nineteenth Fiscal Period (as of October 31, 2014)(Thousands of Yen)
Book Value

Fair Value

Difference(1) Cash and deposits

6,618,979

6,618,979-(2) Cash and deposits in trust

9,850,930

9,850,930-

Total assets

16,469,910

16,469,910-(1) Short-term loans payable

15,900,000

15,900,000-(2) Investment corporation bonds

8,300,000

8,522,510

222,510

163,485,000

164,117,408

632,408

187,685,000

188,539,918

854,918---(3) Long-term loans payable
Total liabilities
Derivative Transaction

Note 1: Items with regard to the calculation method of financial instrument fair value together with investment securities and derivative transactions.
Assets(1) Cash and deposits, (2) Cash and deposits in trust
Because these are settled in the short-term, the fair value can be considered as equivalent to the book value; therefore, the book value is used to determine fair value.
Liabilities(1) Short-term loans payable
Because these are settled in the short-term, the fair value can be considered as equivalent to the book value; therefore, the book value is used to determine fairvalue.

-24-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(2) Investment corporation bonds
The fair value of investment corporation bonds is based on market prices.
(3) Long-term loans payable
The fair value of long-term borrowings is calculated based on the present value that discounts the total amount of principal and interest by using the estimated interest
rate in the event that the Investment Corporation conducts new borrowings of the same type. Among interest rate fluctuations on long-term borrowings, saidborrowings—which are subject to fixed interest rates resulting from interest-rate swaps or interest-rate caps and special treatment applied to said swaps or caps arecalculated by discounting the total amount of principal and interest, which is handled together with applicable interest-rate swaps or interest-rate caps, by the rationallyestimated interest rate in the case that the same type of borrowings are undertaken.
Derivative Transaction
Please refer to the following “Derivative Transaction.”
Note 2: Financial instruments for which it is extremely difficult to determine the fair value
Eighteenth Fiscal Period
Classification(as of April 30, 2014)
Investment securities *(Thousands of Yen)
Nineteenth Fiscal Period(as of October 31, 2014)
2,006,886

2,679,138*Because no quoted market price is available and it is extremely difficult to determine the fair value, the above preferred equity securities of TMK and TK interests are
not included in the preceding table.
Note 3: Redemption schedule of monetary claims after the closing date
Eighteenth Fiscal Period (as of April 30, 2014)(Thousands of Yen)

Less than or Equal
to 1 yr.

1-2 yrs.

2-3 yrs.

3-4 yrs.

4-5 yrs.

More than 5 yrs.

Cash and deposits

10,401,130

-

-

-

-

-

Cash and deposits in trust

7,654,302

-

-

-

-

-

18,055,432

-

-

-

-

-

Total

Nineteenth Fiscal Period (as of October 31, 2014)(Thousands of Yen)

Less than or Equal
to 1 yr.

1-2 yrs.

2-3 yrs.

3-4 yrs.

4-5 yrs.

More than 5 yrs.

Cash and deposits

6,618,979

-

-

-

-

-

Cash and deposits in trust

9,850,930

-

-

-

-

-

16,469,910

-

-

-

-

-

Total

Note 4: Investment corporation bonds, repayment of loans after the closing date, planned repayment amount
Eighteenth Fiscal Period (as of April 30, 2014)(Thousands of Yen)

Less than or Equal
to 1 yr.
Short-term loans payable
Investment corporation bonds
Long-term loans payable

Investment corporation bonds
Long-term loans payable

2-3 yrs.

3-4 yrs.

More than 5yrs.

4-5 yrs.

6,000,000

-

-

-

-

-

-

-

3,000,000

1,500,000

1,800,000-

36,246,500

32,800,000

17,700,000

19,250,000

15,050,000

34,400,000

Nineteenth Fiscal Period (as of October 31, 2014）
Less than or Equal
to 1 yr.
Short-term loans payable

1-2 yrs.

(Thousands of Yen)
1-2 yrs.

2-3 yrs.

3-4 yrs.

More than 5yrs.

4-5 yrs.

15,900,000

-

-

-

-

-

-

-

4,500,000

1,800,000-

2,000,000

30,135,000

30,800,000

16,200,000

16,750,000

12,750,000

56,850,000（Notes to the Marketable Securities）
Eighteenth Fiscal Period (as of April 30, 2014) and Nineteenth Fiscal Period (as of October 31, 2014) : Not applicable（Notes to the Derivative Transactions）(1) Items that do not apply hedge accounting
Eighteenth Fiscal Period (as of April 30, 2014) and Nineteenth Fiscal Period (as of October 31, 2014) : Not applicable-25-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(2) Items that apply hedge accounting
Eighteenth Fiscal Period (as of April 30, 2014)
Hedge accounting
methodSpecial treatment ofinterest-rate swaps

Type of Derivative Transactions

Contracted amountMore than 1 yr.

Fair Calculation method forvalue applicable fair value

Interest-rate swap transaction
Fixed rate payable･Floating rate receivable

Long-term loans
payable57,700,000

50,200,000＊-

Interest-rate cap transaction

Long-term loans
payable3,000,000

3,000,000＊-

60,700,000

53,200,000

Special treatment ofinterest-rate caps

(Thousands of Yen)
Main target of risk
hedge

Total

(Thousands of Yen)

Nineteenth Fiscal Period (as of October 31, 2014）
Hedge accounting
methodSpecial treatment ofinterest-rate swaps
Special treatment ofinterest-rate caps

Type of Derivative Transactions

Main target of risk
hedge

Contracted amountMore than 1 yr.

Fair Calculation method forvalue applicable fair value

Interest-rate swap transaction
Fixed rate payable･Floating rate receivable

Long-term loans
payable77,850,000

71,850,000＊-

Interest-rate cap transaction

Long-term loans
payable3,000,000

3,000,000＊-

80,850,000

74,850,000

Total

-

※Special treatment of interest-rate swaps or the interest-rate caps is reported at the fair value of applicable long-term loans payable. This is because such swaps or caps
are handled together with hedged long-term loans payable.
（Notes to the Retirement Payment）
Eighteenth Fiscal Period (as of April 30, 2014) and Nineteenth Fiscal Period (as of October 31, 2014): Not applicable（Notes to the Asset Retirement Obligations）
Eighteenth Fiscal Period (as of April 30, 2014) and Nineteenth Fiscal Period (as of October 31, 2014): Not applicable（Notes to the Segment and Related Information）
1. 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.
2. Related Information
Eighteenth Fiscal Period (November 1, 2013 to April 30, 2014)(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 thestatement of income.
(2) Information about each geographic area
①Net 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.

②Property, 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 andequipment on the balance sheet.
(3) Information about each major customer
Disclosure is omitted because net sales to a single external customer account for less than 10% of the operating revenue on the statement of income.
Nineteenth Fiscal Period (May 1, 2014 to October 31, 2014)(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 thestatement of income.

-26-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(2) Information about each geographic area
①Net 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.
②Property, 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 andequipment on the balance sheet.
(3) Information about each major customer
Disclosure is omitted because net sales to a single external customer account for less than 10% of the operating revenue on the statement of income.
（Notes to the Tax-Effect Accounting）
1. The significant components of deferred tax assets and liabilities(Thousands of Yen)
Eighteenth Fiscal Period(as of April 30, 2014)

Nineteenth Fiscal Period(as of October 31, 2014)

Deferred tax assets
Enterprise tax payable not included in expenses
Amortization of leasehold rights in trust
Subtotal deferred tax assets
Valuation Allowance
Total deferred tax assets

34

29

1,807

2,071

1,841

2,100

(1,807)2,071)

34

29

2. Significant difference between statutory income tax rate and the effective tax rate
(Unit: %)Eighteenth Fiscal Period(as of April 30, 2014)

Nineteenth Fiscal Period(as of October 31, 2014)
36.59

34.16

(40.62)34.17)

Others4.07

0.04

Effective tax rate

0.04

0.03

Statutory tax rate
(Adjustments)
Deductible cash distributions

3. Tax rate changes after the nineteenth fiscal period
With the Local Corporation Tax Act (Act No.11 of 2014) and the Act for Partial Amendment to Local Tax Law, Etc. (Act No. 4 of 2014) promulgated on March 31,
2014, the local corporation tax has been established and part of the special local corporation tax has been restored to corporate enterprise tax, becoming effective forthe business year starting on October 1, 2014 and after. Accordingly, the effective statutory tax rate used to calculate deferred tax assets and deferred tax liabilities
concerning temporary differences, etc. expected to be resolved in accounting periods starting on October 1, 2014 and after will be changed to 34.15%.
The effect of the announced tax rate changes is immaterial.
(Notes to the Equity-Method Income and Retained Earnings)
Eighteenth Fiscal Period (November 1, 2013 to April 30, 2014) and Nineteenth Fiscal Period (May 1, 2014 to October 31, 2014): Not applicable(Notes to the Related-Party Transactions)
1．Parent Company, corporate unitholders’ and other
Eighteenth Fiscal Period (November 1, 2013 to April 30, 2014) and Nineteenth Fiscal Period (May 1, 2014 to October 31, 2014): Not applicable
2．Affiliated companies and other
Eighteenth Fiscal Period (November 1, 2013 to April 30, 2014) and Nineteenth Fiscal Period (May 1, 2014 to October 31, 2014): Not applicable
3．Fellow subsidiary companies and other
Eighteenth Fiscal Period (November 1, 2013 to April 30, 2014) and Nineteenth Fiscal Period (May 1, 2014 to October 31, 2014): Not applicable
4．Directors, individual unitholders’ and other
Eighteenth Fiscal Period (November 1, 2013 to April 30, 2014) and Nineteenth Fiscal Period (May 1, 2014 to October 31, 2014): Not applicable-27-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)（Notes to the Fair Value of Real Estate for Rental Purposes）
The Investment Corporation owns real estate for rental purposes mainly in the Tokyo Metropolitan Area for the purpose of generating rental revenue.
The book value per balance sheet for the fiscal period under review and fair value concerning the above real estate for rental purposes are as follows.
(Thousands of Yen)
Eighteenth Fiscal Period

Nineteenth Fiscal Period

November 1, 2013 to April 30, 2014

May 1, 2014 to October 31, 2014

Book Value (Thousands of Yen)
Balance at the beginning of period

302,127,261

332,883,294

Changes during the period

30,756,033

32,951,800

Balance at the end of current period

332,883,294

365,835,094

Fair value at the end of current period
316,442,000
358,470,000
Note 1: Book value excludes accumulated depreciation from acquisition costs.
Note 2: Fair value at the end of the fiscal period under review is the appraisal value determined by outside appraisers.
Note 3: Among changes in the amount of real estate for rental purposes that occurred during the eighteenth fiscal period, principal increases were the acquisition ofreal estate in 1 property and real estate trust beneficiary interests in 7 properties totaling ¥35,708,056 thousand, the sale of real estate trust beneficiary interestsin 3 properties amounting ¥3,833,388 thousand and depreciation amounting in ¥1,826,542 thousand and principal increases were the acquisition of real estatein 2 properties and real estate trust beneficiary interests in 5 properties totaling ¥38,462,888 thousand, the sale of real estate trust beneficiary interests in 2
properties amounting ¥4,037,459 thousand and depreciation amounting in ¥2,022,380 thousand and for the fiscal period under review.
Income and loss for real estate for rental purposes is listed in Notes to the Statements of Income.
(Notes to the Information per Unit)
Eighteenth Fiscal Period

Nineteenth Fiscal Period

November 1, 2013 to April 30, 2014

May 1, 2014 to October 31, 2014

Unitholders’ Equity per Unit
Net Income per Unit

¥511,546¥509,407¥8,767¥10,149

Note 1: Net Income per Unit is calculated by dividing Net Income by the weighted average (based on number of days) number of units. Net income per unit after
adjusting for residual units is not included because there were no residual investment units.
Note 2: The calculation for the net income per unit is as follow.
Eighteenth Fiscal Period

Nineteenth Fiscal Period

November 1, 2013 to April 30, 2014

May 1, 2014 to October 31, 2014

Net Income (Thousands of Yen)
Amount not vested in ordinary investors(Thousands of Yen）
Net income for ordinary units(Thousands of Yen)
Average number of units during the period(unit)

2,885,872

3,569,442--

2,885,872

3,569,442

329,164

351,672(Important Subsequent Events)
Issuance of the New Investment Units
On November 6, 2014 and November 19, 2014, the Board of Directors of the Investment Corporation resolved to issue new investment units as detailed below. The
payments were completed on November 27, 2014 through issuance of public offering (including international offering. Same applies below.). As a result of the issuanceof new investment units, the Investment Corporation had total unitholders’ capital of ¥204,901,648,020 with 402,695 investment units outstanding as of November 27,
2014. Furthermore, when new investment units are issued through a third-party allotment with Nomura Securities Co. Ltd. as the allottee in connection with the secondaryoffering, the payment date will be December 24, 2014 (planned).
(Issuance of New Investment Units through Public Offering)Issuance of New Investment Units：47,685 units (Domestic Offering 23,750 units, International Offering 23,935 units)

Issue Price（Offer Price）：¥614,250 per unit

Aggregate Issue Price (Total Offer Price)：¥29,290,511,250

Issue Amount (Paid - in Value)：¥592,830 per unit

Total Issue Amount (Aggregate Paid - in Value)：¥28,269,098,550

Payment Date

：November 27, 2014

（Issuance of New Investment Units through Third-Party Allotment）
Issuance of New Investment Units (Maximum)：2,190 units

Issue Amount (Paid - in Value)：¥592,830 per unit

Total Issue Amount (Aggregate Paid - in Value)：¥1,298,297,700(Maximum)-28-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Payment Date

：December 24, 2014 (Planned)

Allottee：Nomura Securities Co. Ltd.

(Use of Funds)
The funds from the abovementioned public offering, allocated as the funds for the acquisition of properties in the Twentieth Fiscal Period and a portion of thefunds for the repayment of borrowings. Furthermore, the funds from the issuance of new investment units by third-party allotment are allocated to as proceed for a
portion of the funds for the acquisition of future specified assets and repayment of borrowings.
（9）Movements in Investment Units Issued and Outstanding
Movements in the number of investment units issued and outstanding and unitholders’ capital since first fiscal periods are summarized in the following table.
Investment Units Issued andUnitholders’ Capital
Outstanding (Units)(Millions of Yen)
Settlement Date
Particulars
Remarks
Increase
Increase
Balance
Balance(Decrease)(Decrease)
May 6, 2005
Private placement
400
400
200
200
(Note 1)
July 20, 2005
Public offering
75,00075,40041,86842,068(Note 2)
August 16, 2005
Third-party allotment
3,970
79,3702,216
44,285(Note 3)
May 1, 2006
Public offering
73,660153,030
42,17186,456(Note 4)
May 26, 2006
Third-party allotment
3,970
157,000
2,272
88,729(Note 5)
May 22, 2007
Public offering
40,900
197,900
34,474
123,203(Note 6)
June 19, 2007
Third-party allotment
2,100
200,000
1,770
124,973(Note 7)
November 16, 2009
Public offering
33,550233,550
8,156
133,129(Note 8)July 20, 2011
Public offering
51,400284,950
13,600146,730(Note 9)August 8, 2011
Third-party allotment
1,600
286,550
423
147,153(Note 10)
November 13, 2013
Public offering
43,800330,350
18,198165,351(Note 11)
December 10, 2013
Third-party allotment
2,190
332,540909
166,261(Note 12)
May 27, 2014
Public offering
21,400353,940
9,876
176,138(Note 13)
June 24, 2014
Third-party allotment
1,070
355,010493
176,632(Note 14)
Note 1: The Investment Corporation was established with an offer price of ¥500,000 per unit.
Note 2: The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring funds for the acquisition of
investment properties. The offer price was ¥580,000 per unit with an underwritten price of ¥558,250 per unit.
Note 3: The Investment Corporation undertook an additional issue of new investment units by way of third-party allotment with the aim of procuring funds for theacquisition of investment properties. The issue price was ¥558,250 per unit.
Note 4: The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring funds for the acquisition of
investment properties. The offer price was ¥593,096 per unit with an issue price of ¥572,519 per unit.
Note 5: The Investment Corporation undertook an additional issue of new investment units by way of third-party allotment with the aim of procuring funds for theacquisition of investment properties. The issue price was ¥572,519 per unit.
Note 6: The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring funds for the acquisition of
investment properties and repayment of borrowings. The offer price was ¥873,180 per unit with an issue price of ¥842,886 per unit.
Note 7: The Investment Corporation undertook an additional issue of new investment units by way of third-party allotment with the aim of procuring funds for theacquisition of investment properties and repayment of borrowings. The issue price was ¥842,886 per unit.
Note 8: The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring funds for the acquisition of
investment properties. The offer price was ¥252,200 per unit with an issue price of ¥243,100 per unit.
Note 9: The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring funds for the acquisition of
investment properties and repayment of borrowings. The offer price was ¥274,510 per unit with an issue price of ¥264,605 per unit.
Note 10: The Investment Corporation undertook an additional issue of new investment units by way of third-party allotment with the aim of procuring funds forthe repayment of borrowings. The issue price was ¥264,605 per unit.
Note 11: The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring funds for the acquisition of
investment properties and repayment of borrowings. The offer price was ¥430,950 per unit with an issue price of ¥415,480 per unit.
Note 12: The Investment Corporation undertook an additional issue of new investment units with an issue price of ¥415,480 per unit by way of third-party
allotment because cash on hand was allocated as a portion of the funds for the acquisition of new properties, the funds from the issuance of new
Investment Units by third-party allotment are allocated as proceeds to compensate for the decrease of cash on hand.
Note 13: The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring funds for the acquisition of
investment properties. The offer price was ¥478,725 per unit with an issue price of ¥461,540 per unit.
Note 14: The Investment Corporation undertook an additional issue of new investment units with an issue price of ¥461,540 per unit by way of third-party
allotment because cash on hand was allocated as a portion of the funds for the acquisition of new properties, the funds from the issuance of new
Investment Units by third-party allotment are allocated as proceeds to compensate for the decrease of cash on hand.
4. Resignation/Appointment of the Directors
Resignation/Appointment of the Director of the Asset Management Company
Appointed: Director and COO, General Manager of Retail REIT Division Akihiro Asano (As of September 1, 2014)-29-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

5. Reference Information（1）Component of Assets
Eighteenth Fiscal Period(as of April 30, 2014)

Type of

Type

Specified Asset

Real Estate

Area

Other Regional Areas

Total for Office Buildings
Total for Real Estate
Office Buildings

Trust BeneficiaryInterest in Real Estate

3.4

13,201

3.4

48,555

13.7

51,65013.3

Ratio(%) (Note 2)
9.9

48,555

13.7

51,65013.3

215,574

60.7

231,853

59.7

Other Regional Areas

37,336

10.5

51,037

13.1

252,91171.2

282,891

72.9

Tokyo Metropolitan Area

4,801

1.4

4,756

1.2

Other Regional Areas

1,724

0.5

1,708

0.4

6,526

1.8

6,465

1.7

21,916

6.2

21,853

5.6

21,916

6.2

21,853

5.6

Total for Residential Properties
Central Urban RetailTokyo Metropolitan Area
Properties
Total for Central Urban Retail Properties
Others11,944Ratio(%) (Note 2)

Tokyo Metropolitan Area

Total for Office Buildings
Residential Properties

10.3

Total Amount Held
(Millions of Yen)
(Note 1)
38,449Total Amount Held
(Millions of Yen)
(Note 1)
36,610Tokyo Metropolitan Area

Office Buildings

Nineteenth Fiscal Period(as of October 31, 2014)

Tokyo Metropolitan Area

2,973

0.8

2,973

0.8

2,973

0.8

2,973

0.8

284,32780.1

314,184

80.9

Investment Securities (Note 3)

2,006

0.6

2,679

0.7

Bank Deposits and Other Assets

20,2775.7

19,655

5.1

Total Assets

355,167

100.0

388,169

100.0

Total for Others
Total of Trust Beneficiary Interests in Real Estate

Note 1: “Total Amount Held” is the amount allocated in the balance sheets at the end of the period (figures are on a net book value basis after deducting depreciation),and is rounded down to the nearest ¥1 million.
Note 2: “Ratio” is the ratio of the amount allocated in the balance sheets to the total assets rounded to the first decimal place.
Note 3: The preferred equity securities issued by Senri Property TMK and silent partnership interests in a silent partnership operated by G.K. KRF 43 are indicated forthe previous fiscal period, and the preferred equity securities issued by Toyonaka Property TMK and silent partnership interests in a silent partnership operatedby G.K. KRF 43 are indicated for the current fiscal period.
Eighteenth Fiscal Period(as of April 30, 2014)
Amount (Millions of Yen)

Nineteenth Fiscal Period(as of October 31, 2014)

Ratio (%)

Amount (Millions of Yen)

Ratio (%)

Total of Liabilities

185,057

52.1

207,324

53.4

Total Unitholders’ Equity

170,10947.9

180,844

46.6

Total of Assets

355,167

100.0

388,169

100.0(2) Details of Investment Assets① Major components of investment securities
Type of Assets

Name

Preferred Equity
Securities

Toyonaka Property TMK Preferred
Securities (Note 3)

Silent Partnership
Equity Interest

G.K. KRF43 Silent Partnership
Equity Interest (Note 4)

Number ofBook Value

Evaluation Value (Note 1)

Ratio (%)

Units

(Millions of Yen)

(Millions of Yen)

(Note 2)

31,664

1,592

1,592

0.4

-

1,087

1,087

0.3

Note 1: Book value is stated for the evaluation value.
Note 2: “Ratio” is the ratio of the amount allocated in the balance sheets to the total assets rounded to the first decimal place.
Note 3: Specified asset is the trust beneficiary interest in real estate of Senri Life Science Center Building. Furthermore, the Investment Corporation acquired Senri
Life Science Center Building on October 15, 2014.
Note 4: Operating asset is the trust beneficiary interest in real estate of Shinjuku Sanei Building.

-30-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)②. Properties Roster
A. The Price of the Investment Properties and the Investment Ratio(Unit: Millions of Yen)
Appraisal Value at the end of Eighteenth Fiscal Period

Type

OfficeBuildings

Area

Tokyo
Metropolitan
Area

No.

Property Name

Acquisition
Price（Note 1）

Amount on
the Balance
Sheet(Note 2)

Direct Capitalization
Method(Note 3)

Discounted Cash Flow Method

Value

Overall
Capitalization
Rate (%)

Value

Discount
Rate (%)

Terminal
Capitalization
Rate (%)

Appraiser(Note 4)

Ratio(%)
(Note 5)A-1

KDX Nihonbashi 313 Building

5,940

5,980

6,650

6,960

4.4

6,520

4.2

4.6

B

1.6

A-3

Higashi-Kayabacho Yuraku Building

4,450

4,231

4,900

4,950

4.7

4,840

4.4

4.8

A

1.2

A-4

KDX Hatchobori Building

3,680

3,384

3,040

3,130

4.7

3,000

4.5

4.9

B

0.9

A-5

KDX Nakano-Sakaue Building

2,533

2,400

2,270

2,340

4.9

2,240

4.7

5.1

B

0.6

A-6

Harajuku F.F. Building

2,450

2,410

3,070

3,110

5.1

3,030

4.9

5.3

A

0.6

A-7

FIK Minami Aoyama

2,270

2,226

2,370

2,400

4.4

2,340

4.2

4.6

A

0.6

A-8

Kanda Kihara Building

1,950

1,825

1,640

1,710

4.7

1,610

4.5

4.9

B

0.5

A-13

KDX Kojimachi Building

5,950

5,640

4,350

4,410

4.2

4,280

4.0

4.4

A

1.6

A-14

KDX Funabashi Building

2,252

2,313

1,980

1,980

6.0

1,970

5.8

6.2

A

0.6

A-15

KDX Hamacho Building

2,300

2,183

2,260

2,290

5.0

2,230

4.8

5.2

A

0.6

A-16

Toshin 24 Building

5,300

4,981

4,130

4,170

5.5

4,080

5.3

5.7

A

1.4

A-17

KDX Ebisu Building

4,640

4,503

4,380

4,410

4.5

4,340

4.2

4.7

A

1.2

A-19

KDX Hamamatsucho Building

3,460

3,142

3,180

3,280

4.3

3,130

4.1

4.5

B

0.9

A-20

KDX Kayabacho Building

2,780

2,800

2,490

2,500

4.9

2,470

4.5

5.0

A

0.7

A-21

KDX Shinbashi Building

3,728

3,802

4,170

4,240

4.2

4,100

4.0

4.4

A

1.0

A-22

KDX Shin-Yokohama Building

2,520

2,357

2,100

2,120

5.8

2,070

5.6

6.0

A

0.6

A-26

KDX Kiba Building

1,580

1,510

1,380

1,400

5.3

1,350

5.1

5.5

A

0.4

A-27

KDX Kajicho Building

2,350

2,331

2,250

2,330

4.7

2,220

4.5

4.9

B

0.6

A-28

KDX Nogizaka Building

1,065

1,101

683

686

5.3

679

5.0

5.4

A

0.2

A-29

KDX Higashi-Shinjuku Building

2,950

3,113

3,390

3,490

4.8

3,340

4.6

5.0

B

0.7

A-30

KDX Nishi-Gotanda Building

4,200

3,993

3,860

3,900

4.9

3,820

4.7

5.1

A

1.1

A-31

KDX Monzen-Nakacho Building

1,400

1,361

1,160

1,210

5.3

1,140

5.1

5.5

B

0.3

A-32

KDX Shiba-Daimon Building

6,090

6,134

4,660

4,690

4.7

4,630

4.4

4.8

A

1.6

A-33

KDX Okachimachi Building

2,000

2,084

1,900

1,950

4.7

1,880

4.6

4.9

B

0.5

A-34

KDX Hon-Atsugi Building

1,305

1,214

1,090

1,120

6.0

1,070

5.8

6.2

B

0.3

A-35

KDX Hachioji Building

1,155

1,253

990

981

5.7

994

5.5

5.9

B

0.3

A-37

KDX Ochanomizu Building

6,400

6,517

6,460

6,580

4.5

6,330

4.3

4.7

A

1.7

A-38

KDX Nishi-Shinjuku Building

1,500

1,558

1,150

1,160

4.9

1,130

4.7

5.1

A

0.4

A-39

KDX Toranomon Building

4,400

4,728

3,500

3,550

4.2

3,450

4.0

4.4

A

1.1

A-40

Toranomon Toyo Building

9,850

9,935

10,50010,600

4.4

10,300

4.1

4.6

A

2.6

A-41

KDX Shinjuku 286 Building

2,300

2,352

2,360

2,390

4.5

2,330

4.3

4.7

A

0.6

A-45

KDX Roppongi 228 Building

3,300

3,418

2,120

2,150

4.6

2,090

4.3

4.7

A

0.8

A-46

Hiei Kudan-Kita Building

7,600

7,564

7,610

7,910

4.3

7,480

4.1

4.5

B

2.0

A-47

KDX Shin-Yokohama 381 Building

5,800

5,675

4,080

4,110

5.7

4,040

5.5

5.9

A

1.5

A-48

KDX Kawasaki-Ekimae Hon-cho
Building

3,760

3,658

2,990

3,010

5.8

2,970

5.2

5.8

A

1.0

A-50

KDX Ikejiri-Oohashi Building

2,400

2,411

1,520

1,530

5.3

1,500

5.1

5.5

A

0.6

A-51

KDX Hamacho Nakanohashi Building

2,310

2,295

1,820

1,850

4.9

1,790

4.7

5.1

A

0.6

A-52

KDX Kanda Misaki-cho Building

1,380

1,360

959

980

5.0

937

4.7

5.1

A

0.3

A-55

Shin-toshin Maruzen Building

2,110

2,123

1,580

1,580

5.0

1,570

4.6

5.2

A

0.5

A-56

KDX Jimbocho Building

2,760

2,906

2,010

2,030

4.8

1,990

4.5

5.0

A

0.7

A-57

KDX Gobancho Building

1,951

1,938

1,410

1,420

4.5

1,390

4.3

4.7

A

0.5

A-59

KDX Iwamoto-cho Building

1,864

1,737

1,370

1,380

5.0

1,350

4.8

5.2

A

0.5

A-60

KDX Harumi Building

10,250

9,340

8,470

8,660

4.6

8,270

4.3

4.7

A

2.7

A-61

KDX Hamamatsucho Dai-2 Building

2,200

2,265

1,930

1,990

4.3

1,900

4.1

4.5

B

0.5

A-62

Koishikawa TG Building

3,080

3,074

3,200

3,230

4.7

3,160

4.5

4.9

A

0.8

A-63

Gotanda TG Building

2,620

2,757

2,790

2,820

4.8

2,750

4.6

5.0

A

0.7

-31-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Appraisal Value at the end of Eighteenth Fiscal Period
Type

Area

Tokyo
Metropolitan
Area

OfficeBuildings

Other Regional
Areas

No.

Property Name

Direct Capitalization
Method(Note 3)

Discounted Cash Flow Method

Value

Overall
Capitalization
Rate (%)

Value

Discount
Rate (%)

Terminal
Capitalization
Rate (%)

Appraiser(Note 4)

Ratio(%)
(Note 5)A-64

KDX Nihonbashi 216 Building

2,010

1,918

1,840

1,860

4.3

1,810

4.1

4.5

A

0.5

A-66

KDX Shinjuku Building

6,800

6,894

6,780

6,890

4.2

6,670

4.0

4.4

A

1.8

A-67

KDX Ginza 1chome Building

4,300

4,255

5,170

5,300

4.1

5,120

3.9

4.3

B

1.1

A-68

KDX Nihonbashi Honcho Building

4,000

3,978

4,420

4,540

4.5

4,370

4.3

4.7

B

1.0

A-71

KDX Iidabashi Building

4,670

4,622

5,210

5,360

4.5

5,150

4.3

4.7

B

1.2

A-72

KDX Higashi-Shinagawa Building

4,590

4,827

4,640

4,790

4.7

4,580

4.5

4.9

B

1.2

A-73

KDX Hakozaki Building

2,710

2,817

2,920

3,000

4.9

2,880

4.7

5.1

B

0.7

A-74

KDX Shin-Nihonbashi Building

2,300

2,197

2,570

2,620

4.3

2,550

4.1

4.5

B

0.6

A-75

KDX Nihonbashi Kabutocho Building

11,27011,364

11,70011,700

4.5

11,600

4.1

4.5

A

3.0

A-78

KDX Tachikawa Ekimae Building

1,267

1,311

1,420

1,430

5.6

1,400

5.4

5.8

A

0.3

A-83

KDX Fuchu Building

6,120

6,084

6,750

6,810

5.3

6,730

5.1

5.5

B

1.6

A-84

KDX Kasuga Building

2,800

2,829

3,450

3,490

4.7

3,410

4.5

4.9

A

0.7

A-85

KDX Nakameguro Building

1,880

1,896

2,290

2,390

4.9

2,250

4.7

5.1

B

0.5

A-86

KDX Omiya Building

2,020

2,232

2,440

2,440

5.5

2,440

5.3

5.7

B

0.5

A-87

Itopia Nihonbashi SA Building

2,200

2,265

2,310

2,310

4.8

2,310

4.6

5.0

B

0.5

A-88

Welship Higashi - Shinjuku

1,900

1,909

2,310

2,370

4.7

2,290

4.5

4.9

B

0.5

A-89

KDX Takanawadai Building

5,250

5,295

5,730

5,820

4.7

5,640

4.5

4.9

A

1.4

A-90

KDX Ikebukuro Building

3,900

3,867

4,290

4,350

4.4

4,260

4.2

4.6

B

1.0

A-91

KDX Mita Building

3,180

3,186

3,490

3,550

4.6

3,430

4.4

4.8

A

0.8

A-92

KDX Akihabara Building

2,600

2,604

2,840

2,880

4.5

2,790

4.3

4.7

A

0.7

A-93

Aplus Tokyo Building

4,350

4,557

4,690

4,560

4.5

4,750

4.5

4.7

B

1.1

A-94

KDX Musashi-Kosugi Building(Note 6)

12,00011,942

13,20013,3004.9

13,000

4.7

5.1

A

3.2

A-95

KDX Toyosu Grand Square

8,666

8,641

9,130

9,480

5.0

8,980

4.8

5.2

B

2.3

A-96

Grace Building Takadanobaba

3,650

3,674

3,910

4,010

4.8

3,870

4.5

5.0

B

0.9

A-99

Tosen Ikebukuro Building

1,934

1,959

1,970

2,030

4.7

1,950

4.5

4.9

B

0.5

A-101

Urban Square Yokohama

7,210

7,263

7,600

7,880

4.9

7,480

4.7

5.1

B

1.9

A-12

Portus Center Building

5,570

4,346

4,860

4,900

6.1

4,840

5.9

6.3

B

1.5

A-25

KDX Minami Semba Dai-2 Building

1,560

1,317

978

989

5.7

967

5.5

5.9

A

0.4

A-42

Karasuma Building

5,400

5,272

5,070

5,170

5.3

5,020

5.1

5.5

B

1.4

A-44

KDX Sendai Building

2,100

2,081

1,580

1,580

5.9

1,580

5.9

6.1

B

0.5

A-53

KDX Hakata-Minami Building

4,900

4,688

3,460

3,490

6.4

3,430

6.2

6.6

A

1.3

A-54

KDX Kitahama Building

2,220

2,130

1,540

1,540

5.9

1,540

5.5

6.1

A

0.6

A-58

KDX Nagoya Sakae Building

7,550

7,148

4,940

5,040

4.9

4,890

4.7

5.1

B

2.0

A-69

KDX Kobayashi-Doshomachi Building

2,870

2,491

2,680

2,720

6.4

2,640

5.1

6.6

A

0.7

A-70

KDX Sapporo Building

2,005

2,023

2,010

2,070

5.5

1,980

5.3

5.7

B

0.5

A-79

KDX Nagoya Ekimae Building

7,327

7,957

7,710

7,790

4.9

7,630

4.7

5.1

A

1.9

A-80

Nagoya Nikko Shoken Building

4,158

4,237

4,120

4,150

5.3

4,080

5.1

5.5

A

1.1

A-81

Sendai Nikko Building

950

1,042

1,030

1,030

5.7

1,030

5.5

5.9

A

0.2

A-82

KDX Higashi Umeda Building

2,770

2,713

3,480

3,560

4.8

3,440

4.6

5.0

B

0.7

A-97

Fumix STM Building

2,350

2,349

2,500

2,510

6.1

2,500

5.9

6.3

B

0.6

A-98

Hiroshima Ekimae-dori Mark Building

1,300

1,364

1,380

1,390

6.3

1,360

6.0

6.4

A

0.3

A-100

Senri Life Science Center Building

13,00013,074

13,20013,300

5.1

13,100

4.9

5.3

B

3.5

337,741

334,542

325,780

331,076-

91.2

Subtotal of Office Buildings (88 properties)
Tokyo
Metropolitan
Area
Residential
Other Regional
Areas

Acquisition Amount on
the Balance
Price
Sheet
（Note 1）
(Note 2)-321,837

-

-

B-19

Residence Charmante Tsukishima

5,353

4,756

4,900

4,960

4.8

4,840

4.6

5.0

A

1.4

B-18

Venus Hibarigaoka

1,800

1,708

1,590

1,600

6.1

1,580

5.9

6.3

A

0.4

7,153

6,465

6,490

6,560

-

1.9

Subtotal of Residential Properties (2 properties)

-32-

-

6,420

-

-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Appraisal Value at the end of Eighteenth Fiscal Period
Type

Area

No.

Central Urban
Tokyo
RetailMetropolitan
Properties
Area

OthersProperty Name

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

Direct Capitalization
Method(Note 3)

Discounted Cash Flow Method

Value

Overall
Capitalization
Rate (%)

Value

Discount
Rate (%)

Terminal
Capitalization
Rate (%)

Appraiser(Note 4)

Ratio(%)
(Note 5)

C-1

Frame Jinnan-zaka

9,900

9,564

9,920

10,100

4.1

9,740

3.9

4.3

A

2.6

C-2

KDX Yoyogi Building

2,479

2,501

2,020

2,020

5.0

2,010

4.6

5.2

A

0.6

C-4

Ginza 4chome Tower

3.9

A

2.6

-

5.9

B

0.7

9,800

9,787

11,30011,500Subtotal of Central Urban Retail Properties (3 properties)

22,17921,85323,24023,620Tokyo
Metropolitan
Area

2,880

2,973

2,960

2,990

Subtotal of Others (1 property)

2,880

2,973

2,960

2,990

-

2,950

-

-

-

0.7

Total of 94 properties

369,954

365,835

358,470

364,246-

354,057

-

-

-

100.0

D-2

Shinjuku 6-chome Building (Land)

3.7-

11,10022,850

4.2

3.5
-

2,950

4.1

4.2

Note 1: Acquisition price is the purchase price for trust beneficiary interests or properties acquired by the Investment Corporation (excluding acquisition costs,
property tax, city-planning tax, and consumption tax, etc., rounded down to the nearest million yen.).
Note 2: Figures of less than 1 million are rounded down from the amounts on the balance sheet.
Note 3: Appraisal values (end of the nineteenth fiscal period) are based on the asset valuation method and standards outlined in the Investment Corporation’s
Articles of Incorporation and regulations formulated by the Investment Trusts Association, Japan. Appraisal values are drawn from valuation reports
prepared by Japan Real Estate Institute and Daiwa Real Estate Appraisal Co., Ltd.
Note 4: As of the fiscal period under review, appraisals of the properties were entrusted to two appraisers: Japan Real Estate Institute and Daiwa Real EstateAppraisal Co., Ltd. In the table, the appraisers are referred to as “A” for Japan Real Estate Institute and “B” for Daiwa Real Estate Appraisal Co., Ltd.
Note 5: Figures are the acquisition price of each asset as a percentage of the total acquisition prices for the portfolio rounded down to the nearest first decimal place.
The figures entered in the subtotal and total columns are those obtained by dividing the subtotal (total) of acquisition prices of properties corresponding toeach subtotal and total column by the total acquisition price of the entire assets (94 properties).
Note 6: The Investment Corporation changed the property name for the following building. Same applies below.
No.

New Property Name

A-94

KDX Musashi-Kosugi Building

Old Property Name
TKS Musashi-Kosugi Building-33-

Change of Date
June 1, 2014

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

B. Property Distribution
Property TypesType

Number of

Acquisition Price

Properties(Millions of Yen)

Ratio (Note) (%)

Office Buildings

88

337,741

91.2

Residential Properties

2

7,153

1.9

Central Urban Retail Properties

3

22,179

5.9

Others

1

2,880

0.7

94

369,954

100.0

Total
Geographic Distribution
Area

Number of

Acquisition Price

Properties(Millions of Yen)

Ratio (Note) (%)

Tokyo Metropolitan Area

77

302,124

81.6

Other Regional Areas

17

67,83018.3

94369,954

100.0

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

Number of

Acquisition Price

Properties(Millions of Yen)

Less than 1,000

11,000 - 2,500
2,500 - 5,000
5,000 - 7,500

Ratio (Note) (%)

950

0.2

37

71,41819.3

32113,18930.5

1484,51022.8

7,500 - 10,000

653,36614.4

10,000 - 12,500

333,5209.0

12,500 – 15,000

1

13,0003.5

94369,954

100.0

Total

Note: “Ratio” refers to the percentage of the acquisition price by each category to the acquisition prices of the entire portfolio.
Figures are rounded down to the nearest first decimal place. Accordingly, the sum total of each item may be less than 100%.

-34-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

C. Details of Investment Real Estate and Trust Real Estate(a) Overview of Investment Real Estate Properties and Trust Real Estate
Type

OfficeBuildings

Area

Tokyo
Metropolitan
Area

No.

Property Name

Site Area（㎡）(Note 1)

A-1

KDX Nihonbashi 313 Building

1,047.72

A-3

Higashi-Kayabacho Yuraku Building

A-4

PML
(%)
(Note 6)

Total Floor Area（㎡）(Note 3)

Type of Structure(Note 4)

Offices

8,613.09

SRC
B2F9

April 1974

7.32

773.43

Offices

5,916.48

SRC
B1F9

January 1987

3.71

KDX Hatchobori Building

992.20

Offices

4,800.43

SRC・RC
B1F8June 1993

3.74

A-5

KDX Nakano-Sakaue Building

1,235.16

Offices, Retail Shops
Residential, Parking
Storage

6,399.42

SRC
B1F11

August 1992

3.72

A-6

Harajuku F.F. Building

699.67Retail Shops, Offices
Parking

3,812.44

SRC
F11

November 1985

5.88

A-7

FIK Minami Aoyama

369.47

Offices, Retail Shops
Residential

1,926.98

SRC
B1F9

November 1988

6.34

A-8

Kanda Kihara Building

410.18

Offices

2,393.94

SRC・RC・S
B1F8

May 1993

4.26

A-13

KDX Kojimachi Building

612.17

Offices, Retail Shops

5,323.81

SRC
B2F9

May 1994

2.34

A-14

KDX Funabashi Building

1,180.41

Offices, Retail Shops

5,970.12

SRC
B1F8

April 1989

4.17

A-15

KDX Hamacho Building

554.80Retail Shops, Offices
Parking

4,133.47

SRC
B2F10

September 1993

7.19

A-16

Toshin 24 Building

1,287.16

Offices, Retail Shops
Parking

8,483.17

SRC
B1F8

September 1984

6.05

A-17

KDX Ebisu Building

724.22

Offices, Retail Shops

4,394.58

SRC
B1F7

January 1992

7.35

A-19

KDX Hamamatsucho Building

504.26

Offices, Retail Shops
Parking

3,592.38

S
F9

September 1999

4.86

A-20

KDX Kayabacho Building

617.17

Offices, Parking

3,804.86

SRC
F8

October 1987

4.25

A-21

KDX Shinbashi Building (Note 7)

536.11

Offices, Retail Shops
Parking

3,960.22

SRC・S
B1F8

February 1992

4.44

A-22

KDX Shin-Yokohama Building

705.00

Offices, Retail Shops
Parking

6,180.51

S
B1F9

September 1990

6.88

A-26

KDX Kiba Building

922.77

Offices, Parking

2,820.64

RC
F5

October 1992

4.70

A-27

KDX Kajicho Building

526.43

Offices, Retail Shops

3,147.70

SRC
B1F8

March 1990

7.11

A-28

KDX Nogizaka Building

409.36

Offices, Retail Shops
Residential

1,695.07

RC
B1F5

May 1991

11.76

A-29

KDX Higashi-Shinjuku Building

1,340.97

Offices
Storage, Parking

7,885.40

SRC
B1F9

January 1990

6.03

A-30

KDX Nishi-Gotanda Building

684.41

Offices, Parking

5,192.87

SRC
B1F8

November 1992

8.29

A-31

KDX Monzen-Nakacho Building

580.99

Offices, Retail Shops

2,668.91

SRC
F8

September 1986

3.83

A-32

KDX Shiba-Daimon Building

1,188.28

Offices

7,824.03

SRC
B1F9

July 1986

4.58

A-33

KDX Okachimachi Building

239.72

Offices

1,882.00

S
F10

June 1988

4.00

A-34

KDX Hon-Atsugi Building

724.62

Offices, Retail Shops

3,603.63

SRC
F8

May 1995

6.38

A-35

KDX Hachioji Building

460.62

Offices, Parking
Retail Shops

2,821.21

SRC
F9

December 1985

7.53

A-37

KDX Ochanomizu Building

1,515.28

Offices, Storage
Retail Shops, Parking
Mechanical Room

7,720.08

SRC
B1F7

August 1982

5.93

A-38

KDX Nishi-Shinjuku Building

626.06

Offices, Parking

2,017.63

RC
F5

October 1992

10.39

A-39

KDX Toranomon Building

288.20

Offices, Retail Shops

2,277.38

SRC
B1F9

April 1988

4.33

A-40

Toranomon Toyo Building

869.01

Bank, Offices
Retail Shops, Storage

8,346.83

RC
B2F9

August 1962

5.87

A-41

KDX Shinjuku 286 Building

421.70

Offices, Parking

3,432.04

SRC・RC
B1F9

August 1989

5.92

-35-

Usage
(Note 2)Completion Date
(Note 5)

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Type

OfficeBuildings

Area

Tokyo
Metropolitan
Area

No.

Property Name

Site Area（㎡）(Note 1)

A-45

KDX Roppongi 228 Building

408.86

A-46

Hiei Kudan-Kita Building

A-47

PML
(%)
(Note 6)

Total Floor Area（㎡）(Note 3)

Type of Structure(Note 4)

Offices, Retail Shops

2,235.30

SRC
B1F9

April 1989

6.45

1,844.83

Offices, Retail Shops
Office Room
Parking, Storage

11,425.31

SRC･S
B1F11

March 1988

4.33

KDX Shin-Yokohama 381 Building(Note 8) (Note 9)

1,229.24

Offices, Retail Shops
Parking, Garbage Room

10,290.30

SRC・RC
B1F10

March 1988
(Note 8)

10.64

A-48

KDX Kawasaki-Ekimae Hon-cho Building

1,968.13

Offices

7,420.87

SRC
B1F9

February 1985

4.71

A-50

KDX Ikejiri-Oohashi Building

834.79

Offices

3,482.96

RC
B2F9

September 1988

6.75

A-51

KDX Hamacho Nakanohashi Building

462.29

Offices

3,280.41

SRC
F9September 1988

3.71

A-52

KDX Kanda Misaki-cho Building

314.54

Offices

1,536.60

SRC
B1F7

October 1992

4.89

A-55

Shin-toshin Maruzen Building

457.64

Offices, Retail Shops
Parking

3,439.37

SRC
B1F8

July 1990

5.99

A-56

KDX Jimbocho Building

465.92

Offices

3,292.13

SRC
B1F8

May 1994

5.14

A-57

KDX Gobancho Building

335.70

Offices, Parking

1,893.11

S
F8

August 2000

5.05

A-59

KDX Iwamoto-cho Building

266.86

Offices
Residential Complex

1,618.65

S
F9March 2008

5.00

A-60

KDX Harumi Building

2,230.69

Offices, Retail Shops

12,694.32

S・SRC
B1F11

February 2008

7.12

A-61

KDX Hamamatsucho Dai-2 Building

368.28

Offices

2,478.90

S・SRC
B1F8

April 1992

3.78

A-62

Koishikawa TG Building

1,250.42

Offices, Parking

5,862.02

SRC
B1F8

November 1989

6.61

A-63

Gotanda TG Building

582.90

Offices, Parking

4,440.61

SRC
B1F9

April 1988

8.30

A-64

KDX Nihonbashi 216 Building

307.77

Offices

1,871.62

SRC
F9October 2006

7.86

A-66

KDX Shinjuku Building

1,118.12

Offices, Retail Shops
Parking

10,348.02

S・RC
B4F11

May 1993

2.01

A-67

KDX Ginza 1chome Building

678.24

Offices, Bank

4,724.62

SRC
F9

November 1991

6.80

A-68

KDX Nihonbashi Honcho Building

583.40

Offices, Parking

5,110.45

SRC
B1F9

January 1984

4.48

A-71

KDX Iidabashi Building

967.38

Offices, Parking

5,422.64

SRC
B1F8

March 1990

4.49

A-72

KDX Higashi-Shinagawa Building

3,115.45

Offices

10,138.65

S・RC
B1F5

January 1993

5.13

A-73

KDX Hakozaki Building

971.83

Offices, Parking

6,332.48

SRC
B1F10

November 1993

4.42

A-74

KDX Shin-Nihonbashi Building

444.32

Offices, Retail Shops
Parking

3,712.25

S
B1F10

November 2002

3.42

A-75

KDX Nihonbashi Kabutocho Building

1,920.79

Offices, Parking

11,705.49

S・SRC
B1F8

November 1998

4.89

A-78

KDX Tachikawa Ekimae Building

464.95

Offices

2,896.48

S
B1F8

February 1990

2.19

A-83

KDX Fuchu Building

2,400.00

Offices, Parking

16,647.00

SRC・S
B1F14

March 1996

1.83

A-84

KDX Kasuga Building

1,319.24

Offices, Retail Shops
Parking

6,444.31

SRC
B1F10

June 1992

7.43

A-85

KDX Nakameguro Building

730.26

Offices

3,455.90

SRC
F7

October 1985

6.50

A-86

KDX Omiya Building

775.67

Offices, Retail Shops,
Parking, Residential

5,055.50①S・SRC B1F8
②S F3April 1993

4.40

A-87

Itopia Nihonbashi SA Building

1,193.91

Offices, Residential,
Parking

7,362.25

SRC
B1F10

July 1995

3.64

A-88

Welship Higashi-Shinjuku

1,072.03

Offices, Retail Shops,
Parking

5,907.00

SRC・RC
B2F10March 1990

6.11

A-89

KDX Takanawadai Building

2,547.15

Office9,265.03

SRC
B1F9

October 1985

6.17

A-90

KDX Ikebukuro Building

472.94

Offices, Retail Shops,
Parking

3,848.18

S・RC
B1F10

March 2009

3.78

A-91

KDX Mita Building

548.72

Offices, Retail Shops,
Parking

5,007.98

S・SRC
B3F11

March 1993

4.81

-36-

Usage
(Note 2)Completion Date
(Note 5)

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Type

Area

No.

Property Name

Site Area（㎡）(Note 1)

Usage(Note 2)

Total Floor Area（㎡）(Note 3)

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

A-92

KDX Akihabara Building

374.88Retail Shops, Office2,979.14

SRC
B1F9

December 1973

4.47

A-93

Aplus Tokyo Building

1,341.98

Offices, Parking

6,764.37

SRC
B1F8

January 1994

4.48

A-94

KDX Musashi-Kosugi Building

3,210.09

Offices, Retail Shops

16,094.14

S
B1F11

May 2013

8.11

A-95

KDX Toyosu Grand Square

20,403.07

Offices, Retail Shops

63,419.60

S
F11

April 2008

3.84

A-96

Grace Building Takadanobaba

1,511.58

Offices, Parking

6,576.07

SRC・RC
B2F7

October 1988

6.06

A-99

Tosen Ikebukuro Building

603.21

Offices, Retail Shops,
Parking

3,477.86

SRC
F10

July 1988

4.45

A-101

Urban Square Yokohama

2,499.38

Offices, Parking

15,894.75

SRC・S
B1F11

March 1994

8.44

A-12

Portus Center Building

13,936.63

Offices, Retail Shops
Storage, Parking

79,827.08

SRC・S
B2F25

September 1993

6.70

A-25

KDX Minami Semba Dai-2 Building

606.45Parking, Retail Shops
Offices, Residential

3,315.93

SRC・S
B1F9

September 1993

6.02

A-42

Karasuma Building

1,788.67

Offices

12,632.68

SRC
B1F8

October 1982

3.88

A-44

KDX Sendai Building

987.78

Offices

5,918.30

SRC
B1F10

February 1984

2.71

A-53

KDX Hakata-Minami Building

1,826.25

Offices, Retail Shops
Parking

13,238.16

SRC
B1F9

June 1973

0.93

A-54

KDX Kitahama Building

751.92

Offices, Storage
Parking

4,652.96

S
F10

July 1994

6.32

A-58

KDX Nagoya Sakae Building

1,192.22

Offices, Retail Shops

9,594.00

S
F11

April 2009

1.12

A-69

KDX Kobayashi-Doshomachi Building(Note 10)

1,561.04

Offices, Parking
Retail Shops

10,723.83

S・SRC
B1F12

July 2009

10.99

A-70

KDX Sapporo Building

819.44

Offices

5,503.90

SRC
B1F9

October 1989

0.41

A-79

KDX Nagoya Ekimae Building

1,354.10

Offices, Retail Shops

13,380.30

S・SRC
B2F15

April 1986

8.98

A-80

Nagoya Nikko Shoken Building

1,403.93

Offices, Retail Shops
Parking

14,308.76

SRC
B3F11

August 1974

8.87

A-81

Sendai Nikko Building

522.14

Offices

3,598.01

SRC・S
B1F8

March 1989

1.83

A-82

KDX Higashi Umeda Building

804.50

Offices, Retail Shops
Parking

6,805.76

S・SRC
B1F10

July 2009

6.11

A-97

Fumix STM Building

1,412.00

Offices, Retail Shops
Parking

7,742.18

S・SRC
B1F10

February 1999

0.98

A-98

Hiroshima Ekimae-dori Mark Building

706.78

Offices, Parking Tower

5,718.83

SRC
B1F10

January 1990

6.98

A-100

Senri Life Science Center Building

5,911.08

Offices, Retail Shops
Parking

49,260.78

SRC・S
B3F21

June 1992

1.34

Subtotal of Office Buildings (88 properties)
Tokyo
Metropolitan
B-19
Residence Charmante Tsukishima
Area

-

-

-

-

Avg. 22.7yrs (Note 9)-

January 2004

5.38

Tokyo
Metropolitan
Area

OfficeBuildings

Other Regional
Areas

4,252.86

Residential Complex

18,115.39

SRC
B1F10

8,595.00

Residential Complex

14,976.25①RC F6②RC F5③RC F6

March 1989

1.35

-

-

-

-

Avg. 14.4yrs-

Residential
Other Regional
Areas

B-18

Venus Hibarigaoka

Subtotal of Residential Properties (2 properties)

Central Urban
Tokyo
RetailMetropolitan
Properties
Area

Other

C-1

Frame Jinnan-zaka

1,240.51

Retail Shops

6,302.58

S・RC・SRC
B2F7March 2005

6.80

C-2

KDX Yoyogi Building

228.74Retail Shops, Offices

1,269.06

SRC
F8

August 1991

4.55

C-4

Ginza 4chome Tower

688.52Retail Shops, Offices,
Parking

6,787.33

S
B1F13

November 2008

5.23

-

-

-

-

Avg. 9.4yrs-

1,355.13

-

-

-

-

-

-

-

-

-

Avg. 21.7 yrs (Note 9)

Subtotal of Central Urban Retail Properties (3 properties)
Tokyo
Metropolitan
D-2
Shinjuku 6-chome Building (Land)
Area
Subtotal of Others (1 property)
Total of 94 properties

-37-

2.38
(Note 6)

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Note 1: Site area data is based on figures recorded in the land register (including relevant figures for leasehold land, if any). Data may not match with the actual current
status. In the case of buildings with compartmentalized ownership, the figure indicates the site area of the entire land subject to site rights.
Note 2: Usage is based on data recorded in the land register. For buildings with compartmentalized ownership, the usage type of areas covered by the relevant
ownership is shown.
Note 3: Total floor space is based on figures recorded in the land register and does not include related structures. The total floor area for the entire buildings is reported
for compartmentalized ownership.
Note 4: Type of structure data is based on data recorded in the land register. For buildings with compartmentalized ownership, the structure and the number of floors of
the entire building that includes the compartmentalized ownership is shown. The following abbreviations are used to report data relating to structure and thenumber of floors:
SRC: Steel-Reinforced Concrete; RC: Reinforced Concrete; S: Steel Frame; B: Below Ground Level; F: Above Ground Level.
For example: B2F9: Two floors below ground level and nine floors above ground level.
Note 5: Completion date is the date of construction completion recorded in the land register. Average age subtotal and total data are is calculated using theweighted-average based on acquisition prices as of October 31, 2014, and is rounded down to the nearest first decimal place.
Note 6: Probable Maximum Loss (PML) data is based on a survey provided by Sompo Japan Nipponkoa Risk Management, Inc. as of October 2014.
Note 7: For KDX Shinbashi Building, the acquired portion and additional acquisition portion are presented collectively as one property.
Note 8: KDX Shin-Yokohama 381 Building is comprised from two compartmentalized buildings within a single building. By consolidating them together, they
become a property that comprises the entire building (total ownership ratio: 100%).
Note 9: The completion date of the existing tower is shown for the completion date of KDX Shin-Yokohama 381 Building. Upon calculating the weighted-average
portfolio age, the completion date (April 2009) for the KDX Shin-Yokohama 381 Building Annex Tower and Shinjuku 6-chome Building (Land) are notconsidered.
Note 10: KDX Kobayashi Doshomachi Building includes the term leasehold interest with a special agreement to transfer building.

-38-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(b) Capital Expenditure① Planned capital expenditures
Major capital expenditure plans for renovation of properties in which the Investment Corporation holds for the twentieth fiscal period (November 1, 2014
to April 30, 2015) are as follows. Planned capital expenditure may include portions classified into expenses for accounting purposes.
Planned Amount of Capital Expenditure(Millions of Yen)
Property Name
Schedule
PurposePaid in the Fiscal Total Amount(Location)
Total
Period Under
Previously
ReviewPaid
Elevator
renewalconstruction,
November 2014 to
KDX Nagoya Ekimae Building
144
April 2015
(Nagoya, Aichi)
other
KDX Kasuga Building(Bunkyo-ku, Tokyo)

Renovate external wall, other

As above

57--

Welship Higashi-Shinjuku(Shinjuku-ku, Tokyo)

Renovate external wall, other

As above

53--

KDX Higashi-Shinagawa Building(Shinagawa-ku, Tokyo)

Renovate external wall, other

As above47--

KDX Hachioji Building(Hachioji, Tokyo)

Renovate external wall, other

As above46--

KDX Omiya Building(Saitama, Saitama)

Renovate external wall, other

As above

42--

Grace Building Takadanobaba(Toshima-ku, Tokyo)

Renovate external wall, other

As above42--

KDX Shinbashi Building(Minato-ku, Tokyo)

Renovate external wall, other

As above40--

KDX Monzen-Nakacho Building(Koto-ku, Tokyo)

Renovate external wall, other

As above

34--

Note: The amounts of planned amount of capital expenditure are truncated at less than ¥1 million yen.
② Capital Expenditures during the Fiscal Period Under Review (fiscal period ended October 31, 2014)
The Investment Corporation undertook the following major capital expenditures. In the fiscal period under review (fiscal period ended October 31, 2014), theInvestment Corporation completed works across its entire portfolio totaling ¥724 million. This total comprised of ¥724 million in capital expenditures and¥174 million for repairs, maintenance and renovation expenses.
Property Name
(Location)
Toranomon Toyo Building(Minato-ku, Tokyo)
Itopia Nihonbashi SA Building(Chuo-ku, Tokyo)
KDX Jimbocho Building(Chiyoda-ku, Tokyo)

Schedule

PurposeAir conditioning system construction, otherMay 2014
to October 2014

Amount of Capital Expenditures(Millions of Yen)140

Air conditioning system construction, other

As above

55

Renovate external wall , other

As above

46

Others308

Portfolio Total

550

Note: The amounts of the capital expenditures are truncated at less than ¥1 million yen.

-39-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)③ Reserved Amount for Long-Term Repairs, Maintenance and Renovation Plans
The Investment Corporation formulates long-term repairs, maintenance and renovation plans on an individual investment property basis and allocates a portion of
its cash flows generated during the period to a reserve for repairs, maintenance and renovation to meet large-scale renovation over the medium- to long-terms. The
following amount has been transferred to the reserve from period cash flows.
(Millions of Yen)
Fifteenth Fiscal Period
Fiscal period

Nineteenth Fiscal Period

Sixteenth Fiscal Period Seventeenth Fiscal Period Eighteenth Fiscal Period(May 1, 2012 to(November 1, 2012 to(May 1, 2013 to(November 1, 2013 to(May 1, 2014 to

October 31, 2012)

April 30, 2013)

October 31, 2013)

April 30, 2014)

October 31, 2014)

Reserve for the end of theprevious period

643

503

523

502

493

Reserve for the fiscal
period under review

224

30

12

3

12

Reversal of reserve for the
fiscal period under review

364

10

34

11

10

Reserve brought forward to
the next period

503

523

502

493

495

-40-

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

Area

No.

A-1
A-3

Total No. of Total No. of
No. ofLeasedLeasable
Total Leased Floor Area
Residential Residential Tenants(㎡) (Note 2)(Note 5)
units
units
(Note 4)(Note 3)5,889.32

5,889.32-

4,379.66

4,379.66--

Occupancy
Ratio (%）
(Note 6)

Total Rental and Other
Operating Revenues(Thousands of Yen)
(Note 7)

Leasehold andSecurity Deposits(Thousands of Yen)
(Note 8)

10

100.0

198,105

231,9138

100.0

139,657

216,406

100.0

105,345

104,245

KDX Hatchobori Building

3,323.28

3,323.28

-

-

4

A-5

KDX Nakano-Sakaue
Building

4,390.27

4,178.60

18

15

23

95.2

86,87387,500

A-6

Harajuku F.F. Building

3,071.15

3,071.15

-

-

2

100.0

101,690

141,704

A-7

FIK Minami Aoyama

1,814.56

1,814.56

-

-

7

100.0

76,397

107,055

A-8

Kanda Kihara Building

1,947.84

1,483.67

-

-

9

76.2

49,642

74,837

A-13

KDX Kojimachi Building

3,734.90

3,734.90

-

-

9

100.0

142,894

250,794

A-14

KDX Funabashi Building

3,833.19

3,697.76

-

-

21

96.5

100,521

123,788

A-15

KDX Hamacho Building

3,100.22

2,748.93

-

-

9

88.7

82,273

92,834

A-16

Toshin 24 Building

6,619.36

6,228.20

-

-

19

94.1

166,219

233,743

A-17

KDX Ebisu Building

3,074.47

3,074.47

-

-

6

100.0

143,140

229,205

A-19

KDX Hamamatsucho
Building

2,724.35

2,724.35

-

-

9

100.0

94,733

126,185

A-20

KDX Kayabacho Building

3,019.93

2,564.52

-

-

6

84.9

69,41579,549A-21

KDX Shinbashi Building

2,803.86

2,803.86

-

-

8

100.0

85,961

166,214

A-22

KDX Shin-Yokohama
Building

4,785.09

4,667.55

-

-

18

97.5

96,968159,182

A-26

KDX Kiba Building

2,455.43

2,162.48

-

-

6

88.1

44,43358,746

A-27

KDX Kajicho Building

2,565.14

2,565.14

-

-

10

100.0

66,63888,245KDX Nogizaka Building

1,251.40

1,086.47

1

-

5

86.8

27,06324,1845,930.96

5,930.96

-

-

6

100.0

131,457

137,361

3,881.60

3,881.60

-

-

5

100.0

138,616

188,820

2,008.74

2,008.74

-

-

7

100.0

49,45743,7885,997.36

5,997.36

-

-

10

100.0

139,825

190,943

1,792.54

1,792.54

-

-

2

100.0

67,282110,237

A-29
A-30
A-31
A-32
Tokyo
Metropolitan
Area

KDX Nihonbashi 313
Building
Higashi-Kayabacho Yuraku
Building

Total Leasable Floor Area(㎡) (Note 1)

A-4

A-28

OfficeBuildings

Property Name

A-33

KDX Higashi-Shinjuku
Building
KDX Nishi-Gotanda
Building
KDX Monzen-Nakacho
Building
KDX Shiba-Daimon
Building
KDX Okachimachi
Building

A-34

KDX Hon-Atsugi Building

2,746.89

2,746.89

-

-

11

100.0

51,287

71,349A-35

KDX Hachioji Building

2,178.61

1,584.18

-

-

8

72.7

45,321

39,2655,880.71

5,880.71

-

-

7

100.0

188,461

227,144

1,593.60

1,239.87

-

-

7

77.8

42,77848,600

A-37
A-38

KDX Ochanomizu
Building
KDX Nishi-Shinjuku
Building

A-39

KDX Toranomon Building

1,966.56

1,966.56

-

-

7

100.0

102,807

179,712

A-40

Toranomon Toyo Building

6,499.63

4,880.11

-

-

8

75.1

280,524

498,8642,444.89

2,444.89

-

-

8

100.0

81,563

101,953

1,919.59

1,677.26

-

-

7

87.4

45,57373,552

6,897.59

6,897.59

-

-

14

100.0

231,878

302,053

8,131.47

8,131.47

-

-

42

100.0

171,669

238,775

5,124.98

5,124.98

-

-

1

100.0

102,025

155,5712,458.64

1,562.72

-

-

7

63.6

46,66094,102

2,239.13

1,977.88

-

-

8

88.3

65,45879,3101,325.36

1,150.17

-

-

7

86.8

21,786

43,588

1,912.28

1,912.28

-

-

5

100.0

58,482

72,273

A-41
A-45
A-46
A-47
A-48
A-50
A-51
A-52
A-55

KDX Shinjuku 286
Building
KDX Roppongi 228
Building
Hiei Kudan-Kita Building
KDX Shin-Yokohama 381
Building
KDX Kawasaki-Ekimae
Hon-cho Building
KDX Ikejiri-Oohashi
Building
KDX Hamacho
Nakanohashi Building
KDX Kanda Misaki-cho
Building
Shin-toshin Maruzen
Building

A-56

KDX Jimbocho Building

2,321.80

2,321.80

-

-

3

100.0

67,18796,451A-57

KDX Gobancho Building

1,649.47

1,649.47

-

-

7

100.0

42,481

52,840A-59

KDX Iwamoto-cho
Building

1,529.91

1,529.91

3

3

10

100.0

48,46756,592

A-60

KDX Harumi Building

9,294.00

8,432.48

-

-

10

90.7

174,605

347,065

A-61

KDX Hamamatsucho Dai-2
Building

1,954.23

1,954.23

-

-

8

100.0

60,781

95,821

A-62

Koishikawa TG Building

3,945.54

3,945.54

-

-

5

100.0

130,620

157,041

A-63

Gotanda TG Building

3,161.80

3,161.80

-

-

10

100.0

93,986

123,146

A-64

KDX Nihonbashi 216
Building

1,615.20

1,615.20

-

-

8

100.0

55,49190,893A-66

KDX Shinjuku Building

5,836.68

5,358.38

-

-

19

91.8

220,580

275,735-41-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Type

Area

No.

A-67
A-68

-

-

4

100.0

147,089

169,724

3,998.39

3,998.39

-

-

8

100.0

136,881214,647

-

5

86.6

148,055

201,528

A-72

7,110.62

4,033.37

-

-

3

56.7

110,082

135,450

A-73

KDX Hakozaki Building

3,992.60

3,565.24

-

-

8

89.3

94,266

137,959

2,658.79

2,658.79

-

-

9

100.0

81,009124,455

7,562.93

7,562.93

-

-

7

100.0

283,585

330,311

1,612.13

1,612.13

-

-

5

100.0

63,66386,432KDX Shin-Nihonbashi
Building
KDX Nihonbashi
Kabutocho Building
KDX Tachikawa Ekimae
Building

A-83

KDX Fuchu Building

10,151.48

9,907.27

-

-

35

97.6

299,455

339,411A-84

KDX Kasuga Building

4,345.13

4,345.13

-

-

15

100.0

117,465

153,683

A-85

KDX Nakameguro
Building

2,689.27

2,689.27

-

-

6

100.0

68,16893,691A-86

KDX Omiya Building

3,816.33

3,816.33

1

1

18

100.0

118,098

162,598

A-87

Itopia Nihonbashi SA
Building

3,106.42

3,043.06

8

7

13

98.0

84,758

119,752

A-88

Welship Higashi-Shinjuku

4,037.44

4,037.44

-

-

7

100.0

93,47674,507

A-89

KDX Takanawadai
Building

6,951.88

6,951.88

-

-

8

100.0

169,644

256,589

A-90

KDX Ikebukuro Building

3,110.56

3,110.56

-

-

10

100.0

138,107

196,987

A-91

KDX Mita Building

3,416.31

3,265.44

-

-

10

95.6

98,762

145,734

A-92

KDX Akihabara Building

2,288.93

2,288.93

-

-

7

100.0

83,831

95,038A-93

Aplus Tokyo Building

4,487.22

4,487.22

-

-

1

100.0

167,085

325,771

A-94

KDX Musashi-Kosugi
Building

12,978.52

12,978.52

-

-

5

100.0

397,768

659,182

A-95

KDX Toyosu Grand Square

11,797.85

10,265.44

-

-

13

87.0

234,997358,589

A-96

Grace Building
Takadanobaba

4,563.58

4,563.58

-

-

10

100.0

113,490

147,156

A-99

Tosen Ikebukuro Building

2,587.84

2,587.84

-

-

5

100.0

23,13654,870A-101

Urban Square Yokohama

10,933.27

10,933.27

-

-

28

100.0

4,524

327,926

A-12

Portus Center Building

11,581.80

11,297.40

-

-

27

97.5

300,319

356,558

A-25

KDX Minami Semba Dai-2
Building

2,698.57

1,968.11

-

-

17

72.9

37,441

31,549

A-42

Karasuma Building

8,744.01

8,744.01

-

-

39

100.0

216,656

280,589

A-44

KDX Sendai Building

3,960.23

3,739.32

-

-

32

94.4

86,401

170,938

A-53

KDX Hakata-Minami
Building

9,910.57

9,761.61

-

-

52

98.5

171,603

238,521A-54

KDX Kitahama Building

3,995.50

3,708.71

-

-

11

92.8

79,02883,417

A-58

KDX Nagoya Sakae Building

6,923.12

6,874.78

-

-

15

99.3

184,772

206,779

A-69

KDX Kobayashi-Doshomachi
Building

7,072.23

6,454.50

-

-

12

91.3

180,189

248,716A-70

KDX Sapporo Building

3,788.51

3,621.06

-

-

19

95.6

91,455110,038

7,932.43

7,855.14

-

-

18

99.0

327,243

493,594

7,993.37

7,993.37

-

-

10

100.0

201,152

276,709

KDX Nagoya Ekimae
Building
Nagoya Nikko Shoken
Building

A-81

Sendai Nikko Building

2,538.40

2,226.50

-

-

5

87.7

55,46776,448A-82

KDX Higashi Umeda
Building

4,986.24

4,986.24

-

-

10

100.0

128,335

107,563

A-97

Fumix STM Building

5,337.87

5,177.36

-

-

23

97.0

102,300

147,485

A-98

Hiroshima Ekimae-doriMark Building

3,982.44

2,917.62

-

-

16

73.3

17,90480,970A-100

Senri Life Science Building

17,220.91

17,099.29

-

-

63

99.3

76,975

1,143,860

403,889.71

385,492.28

31

26

1,055

95.4

10,369,752

15,754,941

B-19

Residence Charmante
Tsukishima

7,711.14

7,711.14

140

140

1
(Note 9)100.0

149,482

50,580B-18

Venus Hibarigaoka

12,829.64

12,237.63

159

152

119

95.4

89,81824,656

20,540.78

19,948.77

299

292

120

97.1

239,300

75,236

Subtotal of Residential Properties (2 properties)
Tokyo
Metropolitan
Area3,573.59-

Subtotal of Office Buildings (88 properties)

CentralUrban Retail
Properties

3,573.59

3,835.20

A-80

Residential

Leasehold andSecurity Deposits(Thousands of Yen)
(Note 8)4,429.25

A-79

Tokyo
Metropolitan
Area
Other
Regional
Areas

Total Rental and Other
Operating Revenues(Thousands of Yen)
(Note 7)

KDX Higashi-Shinagawa
Building

A-78

Other
Regional
Areas

Occupancy
Ratio (%）
(Note 6)KDX Iidabashi Building

A-75

OfficeBuildings

KDX Ginza 1chome
Building
KDX Nihonbashi Honcho
Building

Total Leasable Floor Area(㎡) (Note 1)

A-71

A-74

Tokyo
Metropolitan
Area

Property Name

Total No. of Total No. of
Leasable
LeasedNo. ofTotal Leased Floor Area
Residential Residential Tenants(㎡) (Note 2)
units
units
(Note 5)(Note 3)(Note 4)

C-1

Frame Jinnan-zaka

4,646.39

4,347.29

-

-

12

93.6

211,057

280,099

C-2

KDX Yoyogi Building

1,177.00

1,177.00

-

-

11

100.0

69,668108,150

C-4

Ginza 4chome Tower

5,624.23

5,624.23

-

-

4

100.0

278,127

346,121

11,447.62

11,148.52

-

-

27

97.4

558,853734,371

Subtotal of Central Urban Retail Properties (3 properties)-42-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Type

Area

No.

OthersTokyo
Metropolitan
Area

D-2

Total Leasable Floor Area(㎡) (Note 1)

Property Name

Total No. of Total No. of
Leasable
LeasedNo. ofTotal Leased Floor Area
Residential Residential Tenants(㎡) (Note 2)
units
units
(Note 5)(Note 3)(Note 4)

Occupancy
Ratio (%）
(Note 6)

Total Rental and Other
Operating Revenues(Thousands of Yen)
(Note 7)

Leasehold andSecurity Deposits(Thousands of Yen)
(Note 8)

Shinjuku 6-Chome Building
1,355.13

1,355.13

-

-

1

100.0

68,00856,6701,355.13

1,355.13

-

-

1

100.0

68,00856,6701,203
318(Note 10)

95.6

11,235,914

16,621,219(Land)

Subtotal of Others (1 property)
Total of 94 properties

437,233.24

417,944.70

330

Occupancy Ratio over the Past Five Years
April30, 2010

94.4%

October 31, 2010

93.6%

April30, 2011

94.6%

October 31, 2011

94.7%

April 30, 2012

95.4%

October 31, 2012

95.5%

April 30, 2013

93.9%

October 31, 2013

95.8%

April 30, 2014

96.0%

October 31, 2014

95.6%

Note 1: Total leasable floor area refers to the leasable floor area for each Property including the building (aggregate total of the leasable floor area of each buildingin the case of more than one building), excluding land (including land for one-story parking) identified in lease agreements or construction completion
plans. However, the indicated figure of rentable area for Shinjuku 6-chome Building (Land) is rentable area stated in the land lease agreement.
Note 2: Total leased floor area refers to the area identified in lease agreements with end tenants or sub-lease agreements.
Note 3: The total number of leasable residential units and the number of leased residential units refers to the portion of the building used for residential purposes.
Note 4: The total number of leased residential units refers to the number of residential units among leasable residential units for which lease agreements with end
tenants or sub-lease agreements are signed.
Note 5: The total number of tenants refers to the actual number of end tenants for each property. However, for Residence Charmante Tsukishima, please refer toNote 9.
Note 6: The occupancy ratio is calculated by dividing leased floor area by total leasable floor area. Figures are rounded to the nearest first decimal place.
Note 7: Total rental and other operating revenues cover all income, including that from rental revenue, common charges, and parking space rental revenues,
rounded to the nearest one thousand yen. Total real estate business rental revenues refers to the total amount of revenues generated during the fiscal period
under review from real estate rental operations including leasing revenues, common charges and parking revenues rounded down to the nearest thousandyen.
(Reference) Total operating rental and other revenues for properties sold during the Eighteenth Fiscal Period
Type of Property

No.

Total Rental and Other Operating Revenues (Thousands of Yen)

Property Name

Office Building

A-24

KDX Minami Semba Dai-1 Building

21,516

Office Building

A-49

Nissou Dai-17 Building

37,975Note 8: Guarantee and security deposits refers to the total of the balances of security deposits held (including net security deposits in the case of discount) andguarantee deposits, both identified in lease agreements or sub-lease agreements, with the figure rounded down to the nearest thousand yen.
Note 9: Residence Charmante Tsukishima: Because we have concluded a rental guarantee (fixed-term lease: until January 30, 2016) fixed-term building lease
contract (term of contract: to January 30, 2029) with Sekiwa Real Estate, Ltd., a master lessor, the total number of tenants is indicated as 1.
Note 10: The number presented does not reflect the adjustment for end-tenants who are overlapping in multiple properties.

-43-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(d) Information concerning major real estate properties
There were no major real estate properties with real estate business rental revenues exceeding 10% of total real estate business rental revenues for thenineteenth fiscal period (fiscal period ended October 31, 2014).
(e) Information concerning major tenants① Tenant which holds more than 10% of the total leased area: Not applicable② Reference: Major end tenants

Property Name

Leased Floor
Area(As of October 31, 2014)
Percentage of Total Leased
Floor Area (Note 1)

1 Kenedix, Inc. (Note 2)

KDX Nihonbashi Kabutocho Building,
KDX Musashi-Kosugi Building, KDX Toyosu Grand Square

14,948.91 m2

3.6%

2 SMBC Nikko Securities, Inc.

KDX Tachikawa Ekimae Building,
KDX Nagoya Ekimae Building, Nagoya Nikko Shoken
Building, Sendai Nikko Building,

7,895.14 m2

1.9%

3 Sekiwa Real Estate, Ltd.

Residence Charmante Tsukishima

7,711.14 m2

1.8%

2

Name of End Tenant

4 N / A (Note 3)

KDX Kawasaki-Ekimae Hon-cho Building

5,124.98 m

1.2%

5 APLUS Co., Ltd.

Aplus Tokyo Building

4,487.22 m2

1.1%

2

40,167.39 m

9.6%

2

100.0%

Subtotal
Total Portfolio

417,944.70 m

Note 1: Percentage of total leased floor area refers to the floor area leased to each end tenant as a proportion of total leased floor area. Figures are rounded to thenearest first decimal place.
Note 2: Kenedix Inc. sub-leases part of properties leased from the Investment Corporation, its master lease company, to third parties. The ratio of leased floorarea for KDX Nihonbashi Kabutocho Building, KDX Musashi-Kosugi Building and KDX Toyosu Grand Square are 0.7%, 2.6% and 0.4%
respectively.
Note 3: Not disclosed due to the tenants’ request.

-44-

【Reference】

Earnings Performance for the Individual Properties for the 19th Fiscal Period (May 1, 2014 to October 31, 2014)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A001

Property NameKDX Nihonbashi
313 Building

Acquisition Date

August 1, 2005 August 1, 2005 August 1, 2005 August 1, 2005 August 1, 2005 August 1, 2005 August 1, 2005 November 1, 2005 March 1, 2006 March 16, 2006 May 1, 2006

Price Information

Acquisition price (\ Millions)
Percentage of total portfolio
Net book value (\ Millions)Appraisal value at the end of period (\ Millions)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)

A003

A004

※As of October 31, 2014

HigashiKDX Hatchobori
Kayabacho
Building
Yuraku Building

A005

A006

A007

A008

A013

A014

A015

A016

A017

A019

A020

KDX NakanoSakaue Building

Harajuku F.F.
Building

FIK Minami
AoyamaKanda Kihara
Building

KDX Kojimachi
Building

KDX Funabashi
Building

KDX Hamacho
Building

Toshin 24
Building

KDX Ebisu
Building

KDX
Hamamatsucho
Building

KDX Kayabacho
Building

May 1, 2006

May 1, 2006

May 1, 2006

5,940
1.6%
5,980
6,650
1.9%
10
5,889.32
5,889.32

4,450
1.2%
4,231
4,900
1.4%
8
4,379.66
4,379.66

3,680
1.0%
3,384
3,040
0.8%
4
3,323.28
3,323.28

2,533
0.7%
2,400
2,270
0.6%
23
4,390.27
4,178.60

2,450
0.7%
2,410
3,070
0.9%
2
3,071.15
3,071.15

2,270
0.6%
2,226
2,370
0.7%
7
1,814.56
1,814.56

1,950
0.5%
1,825
1,640
0.5%
9
1,947.84
1,483.67

5,950
1.6%
5,640
4,350
1.2%
9
3,734.90
3,734.90

2,252
0.6%
2,313
1,980
0.6%
21
3,833.19
3,697.76

2,300
0.6%
2,183
2,260
0.6%
9
3,100.22
2,748.93

5,300
1.4%
4,981
4,130
1.2%
19
6,619.36
6,228.20

4,640
1.3%
4,503
4,380
1.2%
6
3,074.47
3,074.47

3,460
0.9%
3,142
3,180
0.9%
9
2,724.35
2,724.35

2,780
0.8%
2,800
2,490
0.7%
6
3,019.93
2,564.52

100.0%
100.0%
100.0%
99.7%
100.0%
94.6%
85.2%
71.8%
100.0%
100.0%
184days
198,105
179,719
18,38656,377
15,833
20,563
16,992
1,064
214
1,708
141,728
27,587
114,141
1,596
140,132
28.5%
41,142
6,935
3.50%

100.0%
100.0%
100.0%
89.1%
89.1%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
139,657
125,836
13,82038,77012,047
8,925
11,746
4,410
143
1,498
100,886
26,96273,924
2,927
97,95927.8%
17,8504,909
3.52%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
105,345
90,825
14,51932,301
10,940
8,670
9,205
1,542
131
1,811
73,04319,01654,027
1,533
71,51030.7%
17,340
3,640
3.46%

95.2%
100.0%
100.0%
100.0%
100.0%
98.3%
84.1%
100.0%
96.5%
100.0%
184days
86,87370,465
16,40736,286
8,886
7,608
10,065
8,115
161
1,448
50,587
15,49735,0895,193
45,39341.8%
15,2162,805
3.23%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
101,690
94,138
7,551
29,473
6,423
7,974
6,121
5,991
99
2,863
72,216
9,400
62,816
4,451
67,76429.0%
15,9493,549
3.49%

100.0%
100.0%
100.0%
100.0%
88.4%
100.0%
100.0%
100.0%
100.0%
77.1%
184days
76,39768,3008,096
18,135
5,160
5,727
5,791
616
54
786
58,261
6,433
51,8281,650
56,611
23.7%
11,450
2,748
3.60%

76.2%
88.0%
76.2%
86.5%
100.0%
100.0%
100.0%
93.5%
100.0%
100.0%
184days
49,64245,617
4,025
14,132
4,894
4,053
4,523
57
605
35,5098,246
27,262
1,620
33,889
28.5%
8,104
1,737
3.50%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
91.9%
97.1%
184days
142,894
121,049
21,84443,925
9,940
16,93013,607
404
148
2,893
98,968
19,77979,188
6,089
92,87830.7%
33,853
4,935
3.45%

96.5%
100.0%
100.0%
100.0%
100.0%
100.0%
98.7%
100.0%
98.5%
100.0%
184days
100,521
87,233
13,28834,231
12,8707,328
10,358
3,040
141
493
66,29019,42646,863
3,374
62,91634.1%
14,662
3,404
3.39%

88.7%
100.0%
88.7%
100.0%
100.0%
95.0%
95.0%
100.0%
93.9%
100.0%
184days
82,273
71,137
11,13625,671
8,452
6,995
7,124
2,015
105
978
56,601
17,58839,013
2,981
53,62031.2%
13,975
2,834
3.44%

94.1%
94.4%
91.1%
100.0%
100.0%
100.0%
96.2%
84.7%
72.7%
84.1%
184days
166,219
128,953
37,26556,635
15,747
12,29821,399
5,716
220
1,251
109,583
36,17373,41019,23290,351
34.1%
24,596
5,628
3.39%

100.0%
100.0%
83.4%
100.0%
100.0%
100.0%
100.0%
100.0%
83.4%
100.0%
184days
143,140
123,181
19,95935,429
9,787
11,032
12,899
502
111
1,097
107,710
19,31888,391
1,735
105,975
24.8%
22,0645,119
3.58%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
94,73383,627
11,10527,249
7,158
8,944
7,702
985
86
2,372
67,48422,912
44,571830
66,65428.8%
17,888
3,310
3.49%

84.9%
84.9%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
69,41560,323
9,091
23,864
6,426
6,255
7,540
1,389
95
2,158
45,551
17,49428,056
1,267
44,28434.4%
12,5102,346
3.38%

214,470
17,872

107,050
8,920

158,190
13,182

141,400
11,783

160,510
13,37571,7905,982

80,4306,702

180,970
15,080160,670
13,389134,170
11,180217,670
18,139147,940
12,328135,060
11,255120,000
10,000Occupancy ratio
Lease Information

As of October 31, 2014
As of April 30, 2014
As of October 31, 2013
As of April 30, 2013
As of October 31, 2012
As of April 30, 2012
As of October 31, 2011
As of April 30, 2011
As of October 31, 2010
As of April 30, 2010

Income and Retained Earnings Information for the 19th Fiscal
PeriodOperating periods①Rental and other operating revenues (\ Thousands)
Rental revenues
Other operating revenues②Property-related expenses (\ Thousands)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③ＮＯＩ （＝①-②） (\ Thousands)④Depreciation (\ Thousands)⑤Rental operating income （＝③-④） (\ Thousands)⑥Capital expenditures (\ Thousands)⑦ＮＣＦ （＝③-⑥） (\ Thousands)
Expense ratio （＝②／①）
Ｐroperty tax for the year 2014 (\ Thousands)

Reference

Among ② of property management fee (Leasing management fees) (\ Thousands)

Reference： Percentage of rental and other operating revenues
Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yr (\ Thousands)
Reference：Amount of yearly avg.

-45-

【Reference】

Earnings Performance for the Individual Properties for the 19th Fiscal Period (May 1, 2014 to October 31, 2014)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A021

A022

A026

A027

A028

Property NameKDX Shinbashi
Building

KDX ShinYokohama
Building

KDX Kiba
Building

KDX Kajicho
Building

KDX Nogizaka
Building

KDX HigashiKDX NishiKDX MonzenKDX ShibaShinjuku Building Gotanda Building Nakacho Building Daimon Building

Acquisition Date

May 1, 2006

September 1, 2006 December 1, 2006 January 19, 2007 March 1, 2007 March 1, 2007 March 1, 2007 March 1, 2007

Price Information

Acquisition price (\ Millions)
Percentage of total portfolio
Net book value (\ Millions)Appraisal value at the end of period (\ Millions)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)May 1, 2006 June 20, 2006

A029

A030

A031

A032

※As of October 31, 2014

A033

A034

A035

A037

A038

KDX
Okachimachi
Building

KDX Hon-Atsugi
Building

KDX Hachioji
Building

KDX
Ochanomizu
Building

KDX NishiShinjuku Building

July 3, 2006

July 14, 2006

April 2, 2007

April 2, 2007

3,728
1.0%
3,802
4,170
1.2%
8
2,803.86
2,803.86

2,520
0.7%
2,357
2,100
0.6%
18
4,785.09
4,667.55

1,580
0.4%
1,510
1,380
0.4%
6
2,455.43
2,162.48

2,350
0.6%
2,331
2,250
0.6%
10
2,565.14
2,565.14

1,065
0.3%
1,101
683
0.2%
5
1,251.40
1,086.47

2,950
0.8%
3,113
3,390
0.9%
6
5,930.96
5,930.96

4,200
1.1%
3,993
3,860
1.1%
5
3,881.60
3,881.60

1,400
0.4%
1,361
1,160
0.3%
7
2,008.74
2,008.74

6,090
1.6%
6,134
4,660
1.3%
10
5,997.36
5,997.36

2,000
0.5%
2,084
1,900
0.5%
2
1,792.54
1,792.54

1,305
0.4%
1,214
1,090
0.3%
11
2,746.89
2,746.89

1,155
0.3%
1,253
990
0.3%
8
2,178.61
1,584.18

6,400
1.7%
6,517
6,460
1.8%
7
5,880.71
5,880.71

1,500
0.4%
1,558
1,150
0.3%
7
1,593.60
1,239.87

100.0%
86.8%
100.0%
100.0%
100.0%
99.5%
100.0%
100.0%
100.0%
100.0%
184days
85,961
77,502
8,458
33,258
7,509
15,455
6,642
406
110
3,133
52,703
10,34542,357845
51,85838.7%
30,914
2,829
3.29%

97.5%
94.1%
92.9%
92.9%
95.4%
97.9%
93.1%
93.1%
74.0%
86.3%
184days
96,96880,384
16,58329,99410,005
6,573
9,842
1,763
143
1,665
66,973
22,343
44,6304,929
62,04430.9%
13,148
3,345
3.45%

88.1%
88.1%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
44,43338,660
5,772
15,764
4,668
4,732
4,009
1,517
70
766
28,66812,011
16,657
1,561
27,107
35.5%
9,464
1,491
3.36%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
84.2%
75.1%
184days
66,63858,267
8,370
20,470
6,556
5,314
6,525
1,096
79
898
46,167
12,81733,3501,935
44,232
30.7%
10,628
2,302
3.45%

86.8%
100.0%
100.0%
100.0%
78.1%
100.0%
100.0%
56.2%
78.1%
78.1%
184days
27,063
22,884
4,178
10,692
3,164
3,530
3,291
502
39
163
16,3705,719
10,651
1,489
14,881
39.5%
7,061
886
3.28%

100.0%
100.0%
100.0%
100.0%
100.0%
99.7%
83.3%
100.0%
100.0%
100.0%
184days131,457
114,872
16,58445,715
12,91813,44516,003
934
200
2,212
85,741
20,02265,718
6,082
79,65934.8%
26,8884,432
3.37%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
138,616
117,135
21,48133,186
10,722
9,062
10,055
1,500
135
1,709
105,430
28,97976,4502,600
102,830
23.9%
18,1234,980
3.59%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
84.3%
100.0%
100.0%
184days
49,45738,47010,986
16,654
4,435
3,132
7,623
1,241
68
151
32,802
9,466
23,336
1,198
31,604
33.7%
6,262
1,678
3.39%

100.0%
100.0%
92.9%
79.1%
82.8%
100.0%
100.0%
100.0%
100.0%
97.3%
184days
139,825
124,611
15,21443,445
12,941
11,316
14,020
3,628
170
1,368
96,38030,37566,004875
95,50531.1%
22,6324,820
3.45%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
67,28258,613
8,669
16,022
5,396
2,917
5,494
526
48
1,638
51,2598,127
43,131
401
50,858
23.8%
5,831
2,419
3.60%

100.0%
100.0%
89.0%
95.7%
86.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
51,28743,602
7,685
16,397
6,177
3,650
5,439
39
95
995
34,88914,164
20,7252,431
32,457
32.0%
7,301
1,758
3.43%

72.7%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
96.4%
100.0%
184days
45,32137,146
8,174
16,003
4,581
4,098
5,661
688
66
907
29,317
10,58018,736
2,079
27,237
35.3%
8,196
1,523
3.36%

100.0%
100.0%
100.0%
100.0%
90.1%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
188,461
175,355
13,10545,391
11,551
14,636
15,506
1,912
198
1,587
143,069
27,132
115,936
143,069
24.1%
29,272
6,765
3.59%

77.8%
100.0%
100.0%
100.0%
100.0%
88.6%
100.0%
87.6%
87.6%
100.0%
184days
42,77837,326
5,451
14,414
4,418
4,278
4,433
301
54
928
28,363
6,848
21,515
4,721
23,642
33.7%
8,556
1,451
3.39%

133,340
11,111

152,030
12,66993,6507,804

87,5907,299

49,9504,162

149,280
12,440133,200
11,100113,920
9,493

169,180
14,09855,4304,619

147,990
12,332

100,3808,365

249,810
20,81774,5606,213

Occupancy ratio
Lease Information

As of October 31, 2014
As of April 30, 2014
As of October 31, 2013
As of April 30, 2013
As of October 31, 2012
As of April 30, 2012
As of October 31, 2011
As of April 30, 2011
As of October 31, 2010
As of April 30, 2010

Income and Retained Earnings Information for the 19th Fiscal
PeriodOperating periods①Rental and other operating revenues (\ Thousands)
Rental revenues
Other operating revenues②Property-related expenses (\ Thousands)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③ＮＯＩ （＝①-②） (\ Thousands)④Depreciation (\ Thousands)⑤Rental operating income （＝③-④） (\ Thousands)⑥Capital expenditures (\ Thousands)⑦ＮＣＦ （＝③-⑥） (\ Thousands)
Expense ratio （＝②／①）
Ｐroperty tax for the year 2014 (\ Thousands)

Reference

Among ② of property management fee (Leasing management fees) (\ Thousands)

Reference： Percentage of rental and other operating revenues
Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yr (\ Thousands)
Reference：Amount of yearly avg.

-46-

【Reference】

Earnings Performance for the Individual Properties for the 19th Fiscal Period (May 1, 2014 to October 31, 2014)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A039

A040

A041

Property NameKDX Toranomon Toranomon Toyo
Building
Building

KDX Shinjuku
286 Building

Acquisition Date

April 17, 2007 June 1, 2007

June 1, 2007

Price Information

Acquisition price (\ Millions)
Percentage of total portfolio
Net book value (\ Millions)Appraisal value at the end of period (\ Millions)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)

A045

A046

A047

A048

A050

A051

※As of October 31, 2014

A052

A055

A056

A057

A059

KDX ShinKDX KawasakiKDX Hamacho
KDX Kanda
KDX IkejiriShin-toshin
KDX Jimbocho KDX Gobancho KDX IwamotoYokohama 381 Ekimae Hon-cho
Nakanohashi
Misaki-cho
Oohashi Building
Maruzen Building
Building
Buildingcho Building
Building
Building
Building
Building
January 10, 2008 February 1, 2008 February 1, 2008 February 1, 2008 February 1, 2008 February 1, 2008 February 1, 2008 February 29, 2008 March 31, 2008 March 31, 2008 May 1, 2008
KDX Roppongi
228 Building

Hiei Kudan-Kita
Building

4,400
1.2%
4,728
3,500
1.0%
7
1,966.56
1,966.56

9,850
2.7%
9,935
10,5002.9%
86,499.63
4,880.11

2,300
0.6%
2,352
2,360
0.7%
8
2,444.89
2,444.89

3,300
0.9%
3,418
2,120
0.6%
7
1,919.59
1,677.26

7,600
2.1%
7,564
7,610
2.1%
14
6,897.59
6,897.59

5,800
1.6%
5,675
4,080
1.1%
42
8,131.47
8,131.47

3,760
1.0%
3,658
2,990
0.8%
1
5,124.98
5,124.98

2,400
0.6%
2,411
1,520
0.4%
7
2,458.64
1,562.72

2,310
0.6%
2,295
1,820
0.5%
8
2,239.13
1,977.88

1,380
0.4%
1,360
959
0.3%
7
1,325.36
1,150.17

2,110
0.6%
2,123
1,580
0.4%
5
1,912.28
1,912.28

2,760
0.7%
2,906
2,010
0.6%
3
2,321.80
2,321.80

1,951
0.5%
1,938
1,410
0.4%
7
1,649.47
1,649.47

1,864
0.5%
1,737
1,370
0.4%
10
1,529.91
1,529.91

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
102,807
96,457
6,350
22,349
6,410
9,162
4,620
383
61
1,710
80,45812,826
67,63180,45821.7%
18,325
3,740
3.64%

75.1%
96.9%
96.9%
96.9%
96.9%
95.1%
100.0%
100.0%
95.4%
93.9%
184days
280,524
254,562
25,961
68,76019,12627,377
13,692
2,506
224
5,832
211,764
14,390
197,373
140,262
71,501
24.5%
54,754
10,0463.58%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
81,56368,716
12,846
24,669
7,049
7,996
8,164
406
93
959
56,893
9,344
47,5492,300
54,59330.2%
15,992
2,825
3.46%

87.4%
73.8%
63.1%
54.4%
54.4%
65.1%
65.1%
65.1%
65.1%
65.1%
184days
45,57337,2208,353
21,090
4,679
7,134
7,922
1,033
54
267
24,483
5,376
19,107616
23,86746.3%
14,2661,429
3.14%

100.0%
100.0%
100.0%
100.0%
100.0%
91.4%
98.8%
95.9%
85.3%
91.9%
184days
231,878
202,51129,36689,50630,41924,69922,091
5,196
266
6,832
142,372
17,382
124,989360
142,01238.6%
49,3987,637
3.29%

100.0%
100.0%
99.2%
100.0%
91.7%
91.5%
93.0%
89.5%
100.0%
100.0%
184days
171,669
144,815
26,854
49,826
12,99012,842
19,929
2,419
249
1,396
121,842
48,636
73,206
121,842
29.0%
25,6765,990
3.49%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
102,025
93,1388,887
33,281
12,604
7,242
11,740758
168
766
68,744
31,33937,405
3,699
65,045
32.6%
14,488
3,485
3.42%

63.6%
91.3%
91.3%
91.3%
100.0%
100.0%
54.9%
74.4%
91.3%
100.0%
184days
46,66037,787
8,873
22,988
5,071
6,211
5,257
795
85
5,567
23,672
11,475
12,196
2,268
21,40349.3%
12,423
1,435
3.08%

88.3%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
93.0%
100.0%
184days
65,45854,254
11,203
19,447
6,765
5,498
5,293
977
89
823
46,01012,332
33,6782,856
43,15429.7%
10,996
2,274
3.48%

86.8%
60.8%
73.7%
100.0%
100.0%
100.0%
100.0%
86.9%
86.9%
100.0%
184days
21,786
19,4052,380
12,375
3,093
2,496
2,395
90
39
4,259
9,410
4,280
5,130
9,410
56.8%
4,992
636
2.92%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
81.2%
100.0%
100.0%
100.0%
184days
58,482
49,324
9,158
16,960
6,331
4,585
5,298
63
681
41,522
7,919
33,603
41,522
29.0%
9,746
2,040
3.49%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
74.8%
94.4%
85.0%
184days
67,18760,9496,238
17,769
5,036
6,779
5,130
489
72
261
49,4189,494
39,924
46,145
3,272
26.4%
13,5572,379
3.54%

100.0%
100.0%
100.0%
85.7%
100.0%
100.0%
100.0%
100.0%
85.7%
85.7%
184days
42,481
38,555
3,926
13,766
4,049
4,100
3,033
842
46
1,694
28,715
10,62618,08828,715
32.4%
8,199
1,453
3.42%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
48,46744,028
4,438
11,540
3,869
3,003
2,875
1,468
40
283
36,927
13,27423,65236,927
23.8%
6,005
1,742
3.60%

75,6806,306

286,720
23,893

143,300
11,94180,070
6,672

328,200
27,350204,910
17,075

157,210
13,100120,300
10,02598,8208,235

51,4804,290

92,5407,711

93,8607,821

61,4805,123

26,0502,170

Occupancy ratio
Lease Information

As of October 31, 2014
As of April 30, 2014
As of October 31, 2013
As of April 30, 2013
As of October 31, 2012
As of April 30, 2012
As of October 31, 2011
As of April 30, 2011
As of October 31, 2010
As of April 30, 2010

Income and Retained Earnings Information for the 19th Fiscal
PeriodOperating periods①Rental and other operating revenues (\ Thousands)
Rental revenues
Other operating revenues②Property-related expenses (\ Thousands)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③ＮＯＩ （＝①-②） (\ Thousands)④Depreciation (\ Thousands)⑤Rental operating income （＝③-④） (\ Thousands)⑥Capital expenditures (\ Thousands)⑦ＮＣＦ （＝③-⑥） (\ Thousands)
Expense ratio （＝②／①）
Ｐroperty tax for the year 2014 (\ Thousands)

Reference

Among ② of property management fee (Leasing management fees) (\ Thousands)

Reference： Percentage of rental and other operating revenues
Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yr (\ Thousands)
Reference：Amount of yearly avg.

-47-

【Reference】

Earnings Performance for the Individual Properties for the 19th Fiscal Period (May 1, 2014 to October 31, 2014)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A060

Property Name

KDX Harumi
Building

Acquisition Date

June 30, 2008

Price Information

Acquisition price (\ Millions)
Percentage of total portfolio
Net book value (\ Millions)Appraisal value at the end of period (\ Millions)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)

A061

A062

A063

A064

A066

A067

A068

KDX
Koishikawa TG
Gotanda TG
KDX Nihonbashi KDX Shinjuku
KDX Ginza
KDX Nihonbashi
Hamamatsucho
Building
Building
216 Building
Building
1chome Building Honcho Building
Dai-2 Building
September 1, 2008 November 18, 2009 November 18, 2009 December 1, 2009 February 18, 2010 November 12, 2010 November 12, 2010

※As of October 31, 2014

A071

A072

A073

A074

KDX Iidabashi
Building

KDX HigashiShinagawa
Building

KDX Hakozaki
Building

KDX ShinNihonbashi
Building

A075

A078

KDX Nihonbashi
KDX Tachikawa
Kabutocho
Ekimae Building
Building

July 22, 2011 July 22, 2011 July 22, 2011 July 22, 2011 December 26, 2011 December 26, 2011

10,250
2.8%
9,340
8,470
2.4%
10
9,294.00
8,432.48

2,200
0.6%
2,265
1,930
0.5%
8
1,954.23
1,954.23

3,080
0.8%
3,074
3,200
0.9%
5
3,945.54
3,945.54

2,620
0.7%
2,757
2,790
0.8%
10
3,161.80
3,161.80

2,010
0.5%
1,918
1,840
0.5%
8
1,615.20
1,615.20

6,800
1.8%
6,894
6,780
1.9%
19
5,836.68
5,358.38

4,300
1.2%
4,255
5,170
1.4%
4
3,573.59
3,573.59

4,000
1.1%
3,978
4,420
1.2%
8
3,998.39
3,998.39

4,670
1.3%
4,622
5,210
1.5%
5
4,429.25
3,835.20

4,590
1.2%
4,827
4,640
1.3%
3
7,110.62
4,033.37

2,710
0.7%
2,817
2,920
0.8%
8
3,992.60
3,565.24

2,300
0.6%
2,197
2,570
0.7%
9
2,658.79
2,658.79

11,2703.0%
11,364
11,7003.3%
77,562.93
7,562.93

1,267
0.3%
1,311
1,420
0.4%
5
1,612.13
1,612.13

90.7%
72.2%
71.2%
72.2%
70.3%
70.3%
88.9%
98.2%
98.2%
98.2%
184days
174,605
145,20229,40396,57829,627
17,96831,3171,226
312
16,12678,027
77,852
174
8,894
69,132
55.3%
35,9365,155
2.95%

100.0%
100.0%
87.5%
100.0%
87.6%
87.6%
100.0%
100.0%
100.0%
87.5%
184days
60,78154,718
6,063
18,600
4,579
7,968
4,905
888
60
198
42,181
5,050
37,131
170
42,011
30.6%
15,9342,101
3.46%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
130,620
107,782
22,83843,386
14,271
9,879
17,144
701
155
1,235
87,233
14,852
72,381
5,127
82,10633.2%
19,7584,445
3.40%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
80.0%
80.0%
77.1%
57.8%
184days
93,98682,556
11,43029,036
7,683
8,497
9,992
1,743
119
1,000
64,95013,27351,676
2,557
62,39230.9%
16,9863,243
3.45%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
75.0%
87.5%
184days
55,49149,331
6,160
15,511
5,051
4,488
4,134
739
53
1,044
39,98011,35728,622
1,260
38,720
28.0%
8,977
1,948
3.51%

91.8%
88.4%
88.3%
96.5%
100.0%
97.7%
100.0%
100.0%
93.7%
93.8%
184days
220,580
180,61139,96981,31921,21527,72927,505
1,255
272
3,341
139,261
17,313
121,947
13,991
125,270
36.9%
55,4597,343
3.33%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
147,089
139,489
7,599
35,495
9,702
12,421
8,723
889
125
3,633
111,594
11,64099,953
1,995
109,599
24.1%
24,8425,279
3.59%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
136,881
126,653
10,22836,387
9,441
14,682
8,682
1,972
124
1,484
100,493
9,758
90,735
100,493
26.6%
29,364
4,844
3.54%

86.6%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
148,055
131,921
16,13440,802
10,648
10,545
17,743768
146
950
107,253
15,87891,374410
106,843
27.6%
21,090
5,210
3.52%

56.7%
76.7%
100.0%
100.0%
100.0%
89.2%
100.0%
184days
110,082
94,576
15,50550,68013,043
16,11818,287
1,731
231
1,268
59,40125,782
33,61959,40146.0%
32,260
3,458
3.14%

89.3%
78.6%
100.0%
100.0%
100.0%
100.0%
83.3%
184days
94,26682,732
11,53433,596
6,986
11,908
10,620
1,147
167
2,766
60,66922,34838,321
8,024
52,64435.6%
23,8163,161
3.35%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
81,00973,8507,159
22,760
6,887
7,164
7,368
422
96
821
58,24922,13836,11058,24928.1%
14,3282,842
3.51%

100.0%
100.0%
99.8%
13.4%
100.0%
100.0%
184days
283,585
250,379
33,20688,37925,93531,29528,766
1,112
312
956
195,206
72,144
123,062463
194,743
31.2%
62,5829,771
3.45%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
63,66354,697
8,966
18,774
5,170
7,008
5,099
616
72
806
44,8893,829
41,0593,195
41,69429.5%
14,0172,215
3.48%

114,460
9,538

75,2206,268

297,050
24,754140,280
11,69075,9506,329

347,300
28,94180,6906,724

82,1806,848

117,560
9,796

256,450
21,370255,430
21,285102,390
8,532

549,760
45,813

121,540
10,128

Occupancy ratio
Lease Information

As of October 31, 2014
As of April 30, 2014
As of October 31, 2013
As of April 30, 2013
As of October 31, 2012
As of April 30, 2012
As of October 31, 2011
As of April 30, 2011
As of October 31, 2010
As of April 30, 2010

Income and Retained Earnings Information for the 19th Fiscal
PeriodOperating periods①Rental and other operating revenues (\ Thousands)
Rental revenues
Other operating revenues②Property-related expenses (\ Thousands)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③ＮＯＩ （＝①-②） (\ Thousands)④Depreciation (\ Thousands)⑤Rental operating income （＝③-④） (\ Thousands)⑥Capital expenditures (\ Thousands)⑦ＮＣＦ （＝③-⑥） (\ Thousands)
Expense ratio （＝②／①）
Ｐroperty tax for the year 2014 (\ Thousands)

Reference

Among ② of property management fee (Leasing management fees) (\ Thousands)

Reference： Percentage of rental and other operating revenues
Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yr (\ Thousands)
Reference：Amount of yearly avg.

-48-

【Reference】

Earnings Performance for the Individual Properties for the 19th Fiscal Period (May 1, 2014 to October 31, 2014)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A083

A084

A085

A086

Property NameKDX Fuchu
Building

KDX Kasuga
Building

KDX
Nakameguro
Building

KDX Omiya
Building

Acquisition Date

A087

A088

Itopia Nihonbashi Welship HigashiSA Building
Shinjuku※As of October 31, 2014

A089

A090

A091

A092

A093

A094

A095

A096

KDX
Takanawadai
Building

KDX Ikebukuro
Building

KDX Mita
Building

KDX Akihabara
Building

Aplus Tokyo
Building

KDX MusashiKosugi Building

KDX Toyosu
Grand Square

Grace Building
Takadanobaba

September 21, 2012 September 21, 2012 September 21, 2012 March 26, 2013 August 19, 2013 September 13, 2013 November 19, 2013 November 18, 2013 November 18, 2013 November 19, 2013 January 10, 2014 March 20, 2014

Price Information

Acquisition price (\ Millions)
Percentage of total portfolio
Net book value (\ Millions)Appraisal value at the end of period (\ Millions)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)May 30, 2014 May 30, 2014

6,120
1.7%
6,084
6,750
1.9%
35
10,151.48
9,907.27

2,800
0.8%
2,829
3,450
1.0%
15
4,345.13
4,345.13

1,880
0.5%
1,896
2,290
0.6%
6
2,689.27
2,689.27

2,020
0.5%
2,232
2,440
0.7%
18
3,816.33
3,816.33

2,200
0.6%
2,265
2,310
0.6%
13
3,106.42
3,043.06

1,900
0.5%
1,909
2,310
0.6%
7
4,037.44
4,037.44

5,250
1.4%
5,295
5,730
1.6%
8
6,951.88
6,951.88

3,900
1.1%
3,867
4,290
1.2%
10
3,110.56
3,110.56

3,180
0.9%
3,186
3,490
1.0%
10
3,416.31
3,265.44

2,600
0.7%
2,604
2,840
0.8%
7
2,288.93
2,288.93

4,350
1.2%
4,557
4,690
1.3%
1
4,487.22
4,487.22

12,0003.2%
11,942
13,2003.7%
512,978.52
12,978.52

8,666
2.3%
8,641
9,130
2.5%
13
11,797.85
10,265.44

3,650
1.0%
3,674
3,910
1.1%
10
4,563.58
4,563.58

97.6%
97.6%
100.0%
97.2%
98.2%
184days
299,455
263,91035,544
101,339
28,72424,70738,606
7,011
417
1,872
198,115
44,272
153,842
5,732
192,382
33.8%
49,39910,1543.39%

100.0%
100.0%
97.4%
92.4%
95.7%
184days
117,465
105,848
11,61735,307
11,184
11,212
8,939
1,324
159
2,487
82,157
18,77863,3792,303
79,85430.1%
22,4244,073
3.47%

100.0%
100.0%
100.0%
100.0%
100.0%
184days
68,16857,793
10,37524,311
6,108
5,323
5,737
2,249
92
4,799
43,857
8,795
35,061
10,09033,766
35.7%
10,6392,286
3.35%

100.0%
100.0%
95.1%
95.1%
184days
118,098
99,75818,33931,5509,875
6,727
14,45877
140
270
86,547
13,62872,919300
86,24726.7%
13,459
4,176
3.54%

98.0%
81.1%
100.0%
184days
84,75873,87910,87828,581
9,673
6,775
7,553
1,025
141
3,412
56,176
8,306
47,86955,887289
33.7%
13,5512,876
3.39%

100.0%
100.0%
100.0%
184days
93,476
77,382
16,09432,314
8,480
10,522
10,377
1,980
141
812
61,161
8,639
52,522
6,301
54,85934.6%
21,0183,155
3.38%

100.0%
95.7%
184days
169,644
150,568
19,07558,514
14,77818,26018,475
3,845
242
2,913
111,129
7,676
103,453
10,694100,435
34.5%
36,5275,730
3.38%

100.0%
100.0%
184days
138,107123,220
14,887
32,846
11,197
7,463
12,636213
99
1,236
105,261
27,097
78,163
2,356
102,904
23.8%
14,934
4,966
3.60%

95.6%
88.4%
184days
98,76280,57418,18731,567
8,558
9,870
9,628
1,527
130
1,851
67,195
10,62656,568
10,251
56,94332.0%
19,7483,386
3.43%

100.0%
100.0%
184days
83,831
76,354
7,476
18,180
5,542
3,383
8,136
438
81
598
65,65010,99454,656
4,720
60,930
21.7%
6,774
3,050
3.64%

100.0%
100.0%
184days
167,085
162,885
4,200
16,43015,352
2
582
176
316
150,655
14,230136,425498
150,157
9.8%
6,484
3.88%

100.0%
95.9%
184days
397,768
363,351
34,416
62,11734,783
525,32884430
1,484
335,650
101,747
233,903350
335,300
15.6%
51,107
14,9673.76%

87.0%
155days
234,997
196,794
38,20355,442
17,00859
29,504
1,022
325
7,523
179,554
77,846
101,707500
179,054
23.6%
2,033
0.87%

100.0%
155days
113,490
89,78323,70723,7328,415
54
12,393
2,024
117
728
89,757
14,23275,524
9,877
79,88020.9%
19,4674,147
3.65%

442,330
36,860204,470
17,039173,340
14,445

210,300
17,525337,220
28,101

214,340
17,861

551,21345,93472,362
6,030

180,220
15,018117,070
9,755

384,169
32,014140,030
11,669708,370
59,030213,71117,809

Occupancy ratio
Lease Information

As of October 31, 2014
As of April 30, 2014
As of October 31, 2013
As of April 30, 2013
As of October 31, 2012
As of April 30, 2012
As of October 31, 2011
As of April 30, 2011
As of October 31, 2010
As of April 30, 2010

Income and Retained Earnings Information for the 19th Fiscal
PeriodOperating periods①Rental and other operating revenues (\ Thousands)
Rental revenues
Other operating revenues②Property-related expenses (\ Thousands)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③ＮＯＩ （＝①-②） (\ Thousands)④Depreciation (\ Thousands)⑤Rental operating income （＝③-④） (\ Thousands)⑥Capital expenditures (\ Thousands)⑦ＮＣＦ （＝③-⑥） (\ Thousands)
Expense ratio （＝②／①）
Ｐroperty tax for the year 2014 (\ Thousands)

Reference

Among ② of property management fee (Leasing management fees) (\ Thousands)

Reference： Percentage of rental and other operating revenues
Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yr (\ Thousands)
Reference：Amount of yearly avg.

-49-

【Reference】

Earnings Performance for the Individual Properties for the 19th Fiscal Period (May 1, 2014 to October 31, 2014)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Other Regional Areas

Property No.

A099

A101

A012

A025

A042

A044

A053

A054

A058

Property Name

Tosen Ikebukuro
Building

Urban Square
Yokohama

Portus Center
Building

KDX Minami
Semba Dai-2
Building

Karasuma
Building

KDX Sendai
Building

KDX HakataMinami Building

KDX Kitahama
Building

KDX Nagoya
Sakae Building

Acquisition Date

September 3, 2014 October 29, 2014 September 21, 2005

Price Information

Acquisition price (\ Millions)
Percentage of total portfolio
Net book value (\ Millions)Appraisal value at the end of period (\ Millions)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)※As of October 31, 2014

June 1, 2007 February 1, 2008 February 1, 2008 July 1, 2009

A069

A070

A079

A080

A081

KDX KobayashiKDX Sapporo
KDX Nagoya
Nagoya Nikko
Sendai Nikko
Doshomachi
Building
Ekimae Building Shoken Building
Building
Building
December 1, 2010 March 25, 2011 December 26, 2011 December 26, 2011 December 26, 2011

May 1, 2006

June 1, 2007

1,934
0.5%
1,959
1,970
0.5%
5
2,587.84
2,587.84

7,210
1.9%
7,263
7,600
2.1%
28
10,933.27
10,933.27

5,570
1.5%
4,346
4,860
1.4%
27
11,581.80
11,297.40

1,560
0.4%
1,317
978
0.3%
17
2,698.57
1,968.11

5,400
1.5%
5,272
5,070
1.4%
39
8,744.01
8,744.01

2,100
0.6%
2,081
1,580
0.4%
32
3,960.23
3,739.32

4,900
1.3%
4,688
3,460
1.0%
52
9,910.57
9,761.61

2,220
0.6%
2,130
1,540
0.4%
11
3,995.50
3,708.71

7,550
2.0%
7,148
4,940
1.4%
15
6,923.12
6,874.78

2,870
0.8%
2,491
2,680
0.7%
12
7,072.23
6,454.50

2,005
0.5%
2,023
2,010
0.6%
19
3,788.51
3,621.06

7,327
2.0%
7,957
7,710
2.2%
18
7,932.43
7,855.14

4,158
1.1%
4,237
4,120
1.1%
10
7,993.37
7,993.37

950
0.3%
1,042
1,030
0.3%
5
2,538.40
2,226.50

100.0%
59days23,136
19,560
3,576
4,831
2,295
10
2,162
318
31
12
18,304
2,838
15,46618,30420.9%
10,106845
3.66%

100.0%
3days
4,524
3,985
539
960
533
427
3,563
5,766
△2,202
3,563
21.2%
37,723
165
3.65%

97.5%
96.5%
95.8%
98.6%
89.5%
89.5%
90.1%
95.8%
93.9%
88.5%
184days
300,319
240,959
59,360134,31777,93822,782
27,123
3,281
1,923
1,267
166,00251,564
114,437
1,279
164,723
44.7%
45,550
9,516
3.17%

72.9%
70.6%
82.2%
94.1%
100.0%
90.4%
94.3%
100.0%
100.0%
94.1%
184days
37,441
29,1398,302
18,010
4,778
5,292
5,433
1,699
91
716
19,43010,725
8,705
199
19,231
48.1%
10,5841,160
3.10%

100.0%
100.0%
94.3%
98.3%
99.2%
100.0%
99.2%
94.2%
93.2%
93.9%
184days
216,656
182,245
34,41074,212
20,234
20,837
23,203
6,520
288
3,128
142,444
29,935112,508
7,800
134,643
34.3%
41,619
7,328
3.38%

94.4%
91.9%
91.5%
96.8%
93.8%
96.7%
87.4%
99.1%
98.7%
92.8%
184days
86,401
72,223
14,17832,743
10,898
6,778
8,591
2,609
141
3,723
53,65819,58834,0694,711
48,94637.9%
13,556
2,858
3.31%

98.5%
95.8%
93.9%
94.9%
93.3%
86.0%
79.3%
75.4%
80.6%
86.2%
184days
171,603140,827
30,77664,321
14,153
10,102
23,685
11,077299
5,004
107,282
36,37470,908740
106,54237.5%
20,206
5,691
3.32%

92.8%
92.8%
92.8%
92.8%
92.8%
89.2%
84.4%
92.8%
96.4%
96.4%
184days
79,02861,675
17,35331,651
7,535
4,609
11,318
2,330
114
5,743
47,376
13,71733,659650
46,726
40.1%
9,218
2,579
3.26%

99.3%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
93.7%
90.3%
90.3%
184days
184,772
162,600
22,171
58,381
17,66920,314
18,677924
252
544
126,390
71,82554,565
126,390
31.6%
40,633
6,350
3.44%

91.3%
100.0%
100.0%
93.5%
91.3%
95.6%
95.6%
91.0%
184days
180,189
160,967
19,22190,742
15,24011,623
17,425
192
262
45,99789,44753,35436,09289,44750.4%
23,246
5,502
3.05%

95.6%
97.8%
89.8%
94.4%
100.0%
100.0%
100.0%
100.0%
184days
91,45576,584
14,87031,1189,326
8,655
10,262
1,598
147
1,127
60,336
16,73243,603
1,916
58,41934.0%
17,312
3,097
3.39%

99.0%
100.0%
100.0%
100.0%
93.8%
92.8%
184days
327,243
280,042
47,201
115,689
31,28936,131
41,292
4,424
368
2,182
211,554
36,650174,904
16,707
194,847
35.4%
72,254
10,9953.36%

100.0%
95.5%
98.0%
98.0%
98.0%
92.7%
184days
201,152
175,102
26,04981,214
26,52926,843
23,582
1,873
362
2,022
119,938
13,577
106,360
15,149104,789
40.4%
53,679
6,552
3.26%

87.7%
87.7%
87.7%
75.4%
75.4%
75.4%
184days
55,467
48,321
7,146
18,497
6,168
6,865
4,667
92
100
603
36,9706,595
30,374
3,024
33,945
33.3%
13,731
1,886
3.40%

187,542
15,628647,152
53,929527,651
43,970122,820
10,235262,560
21,880223,960
18,663

185,690
15,474

136,270
11,35595,4507,954

87,3407,278

202,790
16,899737,870
61,489413,140
34,428

181,590
15,132

Occupancy ratio
Lease Information

As of October 31, 2014
As of April 30, 2014
As of October 31, 2013
As of April 30, 2013
As of October 31, 2012
As of April 30, 2012
As of October 31, 2011
As of April 30, 2011
As of October 31, 2010
As of April 30, 2010

Income and Retained Earnings Information for the 19th Fiscal
PeriodOperating periods①Rental and other operating revenues (\ Thousands)
Rental revenues
Other operating revenues②Property-related expenses (\ Thousands)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③ＮＯＩ （＝①-②） (\ Thousands)④Depreciation (\ Thousands)⑤Rental operating income （＝③-④） (\ Thousands)⑥Capital expenditures (\ Thousands)⑦ＮＣＦ （＝③-⑥） (\ Thousands)
Expense ratio （＝②／①）
Ｐroperty tax for the year 2014 (\ Thousands)

Reference

Among ② of property management fee (Leasing management fees) (\ Thousands)

Reference： Percentage of rental and other operating revenues
Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yr (\ Thousands)
Reference：Amount of yearly avg.

-50-

A058 KDX Nagoya Sakae Building: The land portion of KDX Nagoya Sakae Building was acquired on April 25, 2008.
A069 KDX Kobayashi Doshomachi Building: The rent for land to the land owner (Kobayashi Pharmaceutical Co., Ltd.) is stipulated according to specific terms
under the land lease agreement and the annual rent to be paid is￥94.3 million until August 2019.

【Reference】

Earnings Performance for the Individual Properties for the 19th Fiscal Period (May 1, 2014 to October 31, 2014)：184days

Type

Office Buildings

Location

Other Regional Areas

Property No.

A082

A097

Property Name

KDX Higashi
Umeda Building

Fumix STM
Building

Acquisition Date
Price Information

Acquisition price (\ Millions)
Percentage of total portfolio
Net book value (\ Millions)Appraisal value at the end of period (\ Millions)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)

A098

A100

Hiroshima
Senri Life Science
Ekimae-dori Mark
Center Building
Building※As of October 31, 2014

Residential Properties

Central Urban Retail Properties

Other

Tokyo
Metropolitan
Area
B019

Tokyo
Metropolitan
Area
C001

C002

C004

Tokyo
Metropolitan
Area
D002

Frame Jinnanzaka

KDX Yoyogi
Building

Ginza 4chome
Tower

Shinjuku 6chome
Building (Land)

Residence
Charmante
Tsukishima

Other
Regional
Areas
B018
Venus
Hibarigaoka

Total of 94
Properties

March 28, 2012 May 30, 2014 September 1, 2014 October 15, 2014 May 1, 2006 December 8, 2005 August 1, 2005 September 30, 2005 August 19, 2013 April 18, 2014
2,770
2,350
1,300
13,000
5,353
1,800
9,900
2,479
9,800
2,880
0.7%
0.6%
0.4%
3.5%
1.4%
0.5%
2.7%
0.7%
2.6%
0.8%
2,713
2,349
1,364
13,074
4,756
1,708
9,564
2,501
9,787
2,973
3,480
2,500
1,380
13,200
4,900
1,590
9,920
2,020
11,300
2,960
1.0%
0.7%
0.4%
3.7%
1.4%
0.4%
2.8%
0.6%
3.2%
0.8%
10
23
16
63
1
119
12
11
4
1
4,986.24
5,337.87
3,982.44
17,220.91
7,711.14
12,829.64
4,646.39
1,177.00
5,624.23
1,355.13
4,986.24
5,177.36
2,917.62
17,099.29
7,711.14
12,237.63
4,347.29
1,177.00
5,624.23
1,355.13

369,954100.0%
365,835
358,470
100.0%
1,203
437,233.24
417,944.70

Occupancy ratio
Lease Information

As of October 31, 2014
As of April 30, 2014
As of October 31, 2013
As of April 30, 2013
As of October 31, 2012
As of April 30, 2012
As of October 31, 2011
As of April 30, 2011
As of October 31, 2010
As of April 30, 2010

Income and Retained Earnings Information for the 19th Fiscal
PeriodOperating periods①Rental and other operating revenues (\ Thousands)
Rental revenues
Other operating revenues②Property-related expenses (\ Thousands)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③ＮＯＩ （＝①-②） (\ Thousands)④Depreciation (\ Thousands)⑤Rental operating income （＝③-④） (\ Thousands)⑥Capital expenditures (\ Thousands)⑦ＮＣＦ （＝③-⑥） (\ Thousands)
Expense ratio （＝②／①）
Ｐroperty tax for the year 2014 (\ Thousands)

Reference

Among ② of property management fee (Leasing management fees) (\ Thousands)

Reference： Percentage of rental and other operating revenues

100.0%
100.0%
100.0%
100.0%
95.5%
95.5%
184days
128,335
104,158
24,17642,4799,274
12,33018,08670
194
2,523
85,85535,37450,48185,85533.1%
24,661
4,371
3.41%

97.0%
155days
102,300
86,047
16,252
28,762
12,823
10
13,614
1,223
163
927
73,537
24,791
48,746
1,150
72,38728.1%
17,201
3,588
3.51%

73.3%
61days17,904
14,063
3,841
4,872
2,696
6
1,995
39
46
88
13,032
3,659
9,372
13,03227.2%
13,330
631
3.53%

99.3%
17days76,97542,97833,997
26,791
8,109
9,234
198
9,249
50,184
18,236
31,94850,18434.8%
121,797
2,408
3.13%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
149,482
132,064
17,41736,725
14,57810,003
1,816
6,116
275
3,934
112,756
45,901
66,855
911
111,845
24.6%
20,007
4,640
3.10%

95.4%
93.7%
94.2%
96.3%
96.1%
95.0%
99.5%
96.7%
92.4%
96.3%
184days
89,81878,353
11,46536,666
8,096
7,617
2,277
10,096296
8,282
53,152
21,462
31,6895,763
47,38940.8%
15,247
2,917
3.25%

93.6%
96.3%
100.0%
100.0%
100.0%
100.0%
89.5%
100.0%
100.0%
100.0%
184days
211,057
192,072
18,98467,092
16,15015,594
20,567
2,943
148
11,688143,964
58,733
85,231
37,318106,64631.8%
31,1807,245
3.43%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
94.8%
87.2%
184days
69,66860,231
9,436
16,033
4,386
4,281
5,261
899
36
1,168
53,6349,226
44,40853,634
23.0%
8,554
2,516
3.61%

100.0%
100.0%
100.0%
184days
278,127
245,603
32,524
68,646
19,433
20,71926,440
1,094
190
768
209,480
34,804
174,676
2,313
207,167
24.7%
41,4399,951
3.58%

100.0%
100.0%
184days
68,00868,0044
215
215
67,792
67,792
67,792
0.3%
11,5960.00%

107,610
8,967

312,190
26,015

195,898
16,324

1,489,569
124,130

301,520
25,126

339,440
28,28682,3306,860

39,1603,263

161,290
13,440

-

95.6%
96.0%
95.8%
93.9%
95.5%
95.4%
94.7%
94.6%
93.6%
94.4%
172days *Total: Cost-weighted average management period (days)
11,235,914
9,751,395
1,484,519
3,502,761
1,067,186
908,041
1,096,288
167,253
15,695248,294
7,733,153
2,005,002
5,728,151
549,722
7,183,431
31.2%
2,098,564
377,027
3.36%

Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yr (\ Thousands)
Reference：Amount of yearly avg.

19,167,487
1,597,290-51-

【Reference】

Earnings Performance for the Individual Properties for the 19th Fiscal Period (May 1, 2014 to October 31, 2014)：184days

Type

Office Buildings
Tokyo
Metropolitan
Area
A049

Location
Property No.

Other
Regional
Areas
A024

Nissou Dai-17
Building

KDX Minami
Semba Dai-1
Building

Acquisition Date

February 1, 2008

May 1, 2006

2,710
62.7%
1,650
2,557
-967
-

1,610
37.3%
950
1,480
-557
-

4,320
100.0%
2,600
4,037-1,524-100.0%
81.7%
46.7%
86.4%
86.4%
86.4%
86.4%
94.9%
94.9%
111days
37,97531,031
6,943
14,290
4,287
3,937
4,426
869
78
690
23,684
10,576
13,108103
23,581
37.6%
1,258
3.31%

91.2%
90.4%
82.9%
77.7%
86.0%
94.7%
95.6%
83.1%
83.1%
92days21,516
17,035
4,481
18,228
2,761
4,309
3,151
6,389
66
1,549
3,288
6,801
△3,512
630
2,658
84.7%
506
2.35%

104days
59,491
48,066
11,42432,518
7,049
8,247
7,578
7,258
145
2,240
26,973
17,377
9,595
733
26,240
54.7%
1,764
2.97%

-

-

-

Price Information

Property Name

Acquisition price (\ Millions)
Percentage of total portfolio
Revenue from sale of in the investment property (\ Millions)
Costs of the investment property (\ Millions)
Gain / Loss on sale of real estate (\ Millions)
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)Total 2 sold of
Properties

Total of 96
Properties
374,274-

Occupancy ratio
Lease Information

As of October 31, 2014
As of April 30, 2014
As of October 31, 2013
As of April 30, 2013
As of October 31, 2012
As of April 30, 2012
As of October 31, 2011
As of April 30, 2011
As of October 31, 2010
As of April 30, 2010

Income and Retained Earnings Information for the 19th Fiscal
PeriodOperating periods①Rental and other operating revenues (\ Thousands)
Rental revenues
Other operating revenues②Property-related expenses (\ Thousands)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③ＮＯＩ （＝①-②） (\ Thousands)④Depreciation (\ Thousands)⑤Rental operating income （＝③-④） (\ Thousands)⑥Capital expenditures (\ Thousands)⑦ＮＣＦ （＝③-⑥） (\ Thousands)
Expense ratio （＝②／①）
Ｐroperty tax for the year 2014 (\ Thousands)

Reference

Among ② of property management fee (Leasing management fees) (\ Thousands)

Reference： Percentage of rental and other operating revenues

172days *Total: Cost-weighted average management period (days)
11,295,406
9,799,462
1,495,944
3,535,279
1,074,236
916,289
1,103,866
174,511
15,840250,535
7,760,126
2,022,380
5,737,746
550,455
7,209,671
31.3%
378,792
3.35%

Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yr (\ Thousands)
Reference：Amount of yearly avg.

A024
A049

-

KDX Minami Semba Dai-1Building was sold on July 31, 2014.
Nissou Dai-17 Building was sold on August 19, 2014.

※As of October 31, 2014

-52-

(Reference) Borrowings
Borrowings on a financial institution basis as of October 31, 2014 are as follows.
Classification

LenderShort-Term Payable
Current Potion of Long-Term Payable

Mitsubishi UFJ Trust and Banking Corporation
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Banking Corporation (Note 3)
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Banking Corporation
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Sub Total
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited
Mitsubishi UFJ Trust and Banking Corporation
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited
Resona Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Mizuho Trust and Banking Co., Limited
Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation
Resona Bank, Ltd.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Banking Corporation (Note 4)

Drawndown Date

October 31, 2013
January 10, 2014
May 30, 2014
July 31, 2014
October 15, 2014
October 29, 2014
October 29, 2014
October 29, 2014

Balance at the
Beginning of
Period(\Thousands)

Average
Balance at the Interest
Payment
End of Period
Rate Last Repayment Date
Method(\Thousands) (Note 1)(%)
October 31, 2014
July 10, 2014
May 29, 2015
July 31, 2015
October 15, 2015
October 29, 2015
October 29, 2015
October 29, 2015

Long-Term Payable

500,000
1,000,000
8,000,000
3,000,000
2,000,000
1,400,000
15,900,000
960,000

0.546
0.576
0.546
0.496
0.545
0.540
0.540
0.540

July 30, 2010
March 22, 2011
July 13, 2011
July 29, 2011
July 29, 2011
July 29, 2011
September 1, 2011
September 30, 2011
December 26, 2011
December 26, 2011
December 26, 2011
December 26, 2011
January 29, 2010

3,000,000
3,000,000
6,000,000
3,700,000
2,700,000
1,000,000
2,200,000
1,000,000
300,000
1,000,000
1,000,000
2,500,000
2,000,000
2,000,000
1,000,000
984,000

Mitsubishi UFJ Trust and Banking Corporation

January 31, 2012

1,500,000

1,500,000

1.190

Sumitomo Mitsui Banking Corporation (Note 5)
Development Bank of Japan Inc. (Note 5)
Sumitomo Mitsui Trust Bank, Limited (Note 5)
Aozora Bank, Ltd. (Note 5)
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Banking Corporation (Note 6)
Aozora Bank, Ltd.
Aozora Bank, Ltd. (Note 7)
Sumitomo Mitsui Trust Bank, Limited (Note 7)
Aozora Bank, Ltd. (Note 7)
Aozora Bank, Ltd. (Note 7)
Sumitomo Mitsui Banking Corporation (Note 7)
Development Bank of Japan Inc. (Note 7)
The Bank of Tokyo-Mitsubishi UFJ, Ltd. (Note 7)
Sub Total
Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation
Resona Bank, Ltd.
Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation
Resona Bank, Ltd.
Development Bank of Japan Inc.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Resona Bank, Ltd.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Banking Corporation
The Bank of Fukuoka, Ltd.
Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.
Resona Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.
Mizuho Bank, Ltd.
Aozora Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Aozora Bank, Ltd.
Resona Bank, Ltd.
Development Bank of Japan Inc.
The Bank of Fukuoka, Ltd.
Mizuho Trust and Banking Co., Limited

February 18, 2010
February 18, 2010
February 18, 2010
February 18, 2010
August 31, 2011
March 12, 2012
September 30, 2011
April 2, 2010
October 31, 2012
February 28, 2011
March 30, 2012
April 27, 2012
April 28, 2011
December 26, 2011
December 26, 2011
December 26, 2011

1,782,500
1,317,500
775,000
387,500
1,500,000
1,000,000
2,500,000
1,600,000
2,500,000
3,000,000
2,000,000
1,000,000
1,500,000
2,500,000
2,500,000
2,000,000
50,746,500
5,000,000
1,200,000
800,000
2,300,000
800,000
200,000
700,000
800,000
500,000
2,000,000
1,000,000
1,000,000
2,500,000
2,500,000
2,000,000
2,500,000
500,000
1,400,000
1,000,000
1,500,000
5,000,000
1,000,000
1,000,000
2,500,000
1,500,000
2,500,000
2,500,000
500,000
2,000,000
500,000
500,000

1,725,000
1,275,000
750,000
375,000
1,500,000
1,000,000
2,500,000
1,550,000
2,500,000
3,000,000
2,000,000
1,000,000
1,500,000
2,500,000
2,500,000
2,000,000
30,135,000
5,000,000
1,200,000
800,000
2,300,000
800,000
200,000
700,000
800,000
500,000
2,000,000
1,000,000
1,000,000
2,500,000
2,500,000
2,000,000
2,500,000
500,000
1,400,000
1,000,000
1,500,000
5,000,000
1,000,000
1,000,000
2,500,000
1,500,000
2,500,000
2,500,000
500,000
2,000,000
500,000
500,000

2.190 February 18, 2015
2.190 February 18, 2015
2.190 February 18, 2015
2.190 February 18, 2015
0.960 February 27, 2015
March 12, 2015
1.075
March 31, 2015
1.289
April 2, 2015
2.220
April 30, 2015
1.008
1.912 August 31, 2015
1.211 September 30, 2015
1.271 October 30, 2015
1.859 October 31, 2015
1.338 October 31, 2015
1.315 October 31, 2015
1.338 October 31, 2015

May 1, 2006
November 12, 2010
November 12, 2010
November 12, 2010
December 1, 2010
December 1, 2010
December 1, 2010
January 31, 2011
February 28, 2011
March 31, 2011
March 31, 2011
April 28, 2011
December 26, 2011
December 26, 2011
December 26, 2011
January 10, 2012
March 28, 2012
March 28, 2012
March 28, 2012
June 29, 2012
September 21, 2012
September 21, 2012
September 21, 2012
October 31, 2012
October 31, 2012
October 31, 2012
October 31, 2012
December 10, 2012
December 28, 2012
December 28, 2012
December 28, 2012

-53-

July 31, 2014
1.731
1.630 September 22, 2014
July 14, 2014
1.535
July 31, 2014
1.012
July 31, 2014
1.012
July 31, 2014
1.398
1.149 August 29, 2014
1.270 September 30, 2014
1.239 October 31, 2014
1.261 October 31, 2014
1.261 October 31, 2014
1.261 October 31, 20142.173 January 30, 2015

2.731
1.789
1.789
2.023
1.409
1.409
2.206
1.939
1.952
1.905
1.261
1.886
1.439
1.415
1.439
1.269
1.364
1.770
1.770
1.286
1.158
1.158
1.158
1.061
1.045
1.096
1.253
0.983
1.013
1.086
1.086

January 30, 2015

April 30, 2016
November 12, 2015
November 12, 2015
November 12, 2017
November 12, 2015
November 12, 2015
November 12, 2017
January 29, 2016
January 29, 2016
January 29, 2016
March 31, 2016
January 29, 2016
October 31, 2016
October 31, 2016
October 31, 2016
January 29, 2016
March 28, 2017
March 28, 2019
March 28, 2019
June 30, 2017
September 21, 2017
September 21, 2017
September 21, 2017
October 31, 2016
October 31, 2016
October 31, 2017
October 31, 2018
December 12, 2016
December 28, 2016
December 28, 2017
December 29, 2017

Usage

Remarks

Full on
Unsecured/(Note 2)maturity
Unguaranteed

Full onmaturity(Note 4)
Full onmaturity(Note 2)

Unsecured/
Unguaranteed(Note 5)Full onmaturity(Note 6)

Full onmaturity

Full on
Unsecured/(Note 2)maturity
UnguaranteedClassification

LenderDrawndown Date

Balance at the
Beginning of
Period(\Thousands)

Average
Balance at the Interest
End of Period
Rate(\Thousands) (Note 1)(%)
1,000,000
0.974
1,500,000
0.840
1,000,000
1.036
1,000,000
1.036
1,000,000
0.711
1,500,000
0.611
500,000
0.711
1,000,000
0.950
1,000,000
0.950
500,000
0.950
500,000
0.969
500,000
0.950
700,000
1.080
500,000
1.080
300,000
1.080
1,500,000
1.420
1,800,000
1.059
900,000
1.059
500,000
0.887
1,000,000
0.820
2,000,000
1.074
500,000
1.074
200,000
0.844
1,000,000
1.122
900,000
1.122
1,300,000
1.205
1,200,000
0.667
3,700,000
0.932
2,300,000
1.130
2,250,000
0.751
450,000
0.781
1,800,000
0.916
1,800,000
1.358
3,000,000
0.912
4,000,000
1.013
3,000,000
1.199
2,000,000
1.349
2,500,000
0.762
2,900,000
0.954
500,000
0.640
2,000,000
0.903
500,000
0.903
1,000,000
0.682
1,000,000
0.616
2,700,000
0.736
300,000
0.756
2,200,000
1.014
1,000,000
0.650
800,000
0.885
500,000
0.885
1,000,000
0.979
950,000
0.979
2,700,000
0.798
1,000,000
0.893
3,000,000
0.802
2,000,000
1.071
1,500,000
1.126
1,000,000
1.071
2,000,000
1.257
1,000,000
1.259
133,350,000
179,385,000

Last Repayment
Date

Payment
MethodUsage

Remarks

Long-Term Payable

Sumitomo Mitsui Trust Bank, Limited
January 15, 2013
January 15, 2017
1,000,000
Aozora Bank, Ltd.
February 18, 2013
February 18, 2016
1,500,000
March 26, 2018
Resona Bank, Ltd.
March 26, 2013
1,000,000
Sumitomo Mitsui Banking Corporation
March 26, 2013
March 26, 2018
1,000,000
Mitsubishi UFJ Trust and Banking Corporation
April 30, 2013
April 30, 2016
1,000,000
Mitsubishi UFJ Trust and Banking Corporation
July 31, 2013
July 29, 2016
1,500,000
July 31, 2018
Resona Bank, Ltd.
July 31, 2013
500,000
Sumitomo Mitsui Banking Corporation
August 19, 2013
August 19, 2018
1,000,000
Aozora Bank, Ltd.
August 19, 2013
August 19, 2018
1,000,000
August 19, 2018
Mizuho Trust and Banking Co., Limited
August 19, 2013
500,000
Hiroshima Bank, Ltd.
August 19, 2013
August 19, 2018
500,000
The Bank of Fukuoka, Ltd.
August 19, 2013
August 19, 2018
500,000
The Nishi-Nippon City Bank, Ltd.
August 30, 2013
August 31, 2018
700,000
August 31, 2018
The 77 Bank, Ltd.
August 30, 2013
500,000
The Higashi-Nippon Bank, Limited
August 30, 2013
August 31, 2018
300,000
Development Bank of Japan Inc.
August 30, 2013
August 31, 2020
1,500,000
Aozora Bank, Ltd.
September 30, 2013
September 30, 2019
1,800,000
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
September 30, 2013
September 30, 2019
900,000
Resona Bank, Ltd.
October 31, 2013
October 31, 2018
500,000
Sumitomo Mitsui Trust Bank, Limited
November 12, 2013
November 12, 2018
1,000,000
November 12, 2020
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
November 12, 2013
2,000,000
Aozora Bank, Ltd.
November 12, 2013
November 12, 2020
500,000
Mizuho Bank, Ltd.
November 29, 2013
November 30, 2018
200,000
November 30, 2020
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
November 29, 2013
1,000,000
Aozora Bank, Ltd.
November 29, 2013
November 30, 2020
900,000
Sumitomo Mitsui Banking Corporation
January 10, 2014
January 31, 2021
1,300,000
Mitsubishi UFJ Trust and Banking Corporation
January 31, 2014
January 31, 2017
1,200,000
January 31, 2020
Sumitomo Mitsui Trust Bank, Limited
January 31, 2014
3,700,000
Sumitomo Mitsui Banking Corporation
January 31, 2014
January 31, 2021
2,300,000
Full on
Unsecured/
Aozora Bank, Ltd.
March 12, 2014
March 12, 2018
2,250,000(Note 2)maturity
Unguaranteed
Sumitomo Mitsui Trust Bank, Limited
March 12, 2014
March 31, 2019
450,000
Sumitomo Mitsui Banking Corporation
March 12, 2014
March 12, 2020
1,800,000
Development Bank of Japan Inc.
March 12, 2014
March 12, 2023
1,800,000
March 12, 2020
Sumitomo Mitsui Banking Corporation
March 20, 2014
3,000,000
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
March 20, 2014
September 20, 2021
4,000,000
Development Bank of Japan Inc.
March 20, 2014
March 20, 2022
3,000,000
Development Bank of Japan Inc.
March 20, 2014
March 12, 2023
2,000,000
Sumitomo Mitsui Trust Bank, Limited
March 31, 2014
March 31, 20192,500,000
October 31, 2020
Sumitomo Mitsui Banking Corporation
April 22, 2014
2,900,000
Hiroshima Bank, Ltd.
July 10, 2014
July 10, 2019
July 10, 2021
Mizuho Bank, Ltd.
July 10, 2014
The Nishi-Nippon City Bank, Ltd.
July 10, 2014
July 10, 2021
Mitsubishi UFJ Trust and Banking Corporation
July 14, 2014
July 31, 2019
Sumitomo Mitsui Trust Bank, Limited
July 31, 2014
July 31, 2019
Sumitomo Mitsui Banking Corporation
July 31, 2014
July 31, 2020
October 31, 2020
Resona Bank, Ltd.
July 31, 2014
Sumitomo Mitsui Banking Corporation
July 31, 2014
July 31, 2022
July 31, 2019
Sumitomo Mitsui Trust Bank, Limited
August 29, 2014
Mizuho Trust and Banking Co., Limited
September 1, 2014
August 31, 2021
The Bank of Fukuoka, Ltd.
September 1, 2014
August 31, 2021
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
September 3, 2014
August 31, 2022
August 31, 2022
Resona Bank, Ltd.
September 3, 2014
Sumitomo Mitsui Trust Bank, Limited
September 22, 2014
September 30, 2020
Mizuho Trust and Banking Co., Limited
September 30, 2014
September 30, 2021
Mitsubishi UFJ Trust and Banking Corporation
October 31, 2014
October 31, 2021
Resona Bank, Ltd.
October 31, 2014
October 31, 2023
Development Bank of Japan Inc.
October 31, 2014
October 31, 2023
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
October 31, 2014
October 31, 2023
Sumitomo Mitsui Banking Corporation
October 31, 2014
October 31, 2024
Development Bank of Japan Inc.
October 31, 2014
October 31, 2024
Sub Total
104,700,000
Total
161,446,500
Notes:
1. The average interest rate is the weighted-average interest rate for the fiscal period. The Investment Corporation entered into interest-rate swap transactions with the aim ofminimizing the risk of future increase in interest rates. The effect of interest-rate swap transactions has been incorporated into calculations for the weighted-average interest rate.
2. Funds procured through borrowings were used to acquire real estate or trust beneficiary interests in real estate and to repay borrowings.
3. Partially prepayment was made on July 25, 2014.
4. Repayment Method: April 30, 2010 to October 31, 2014: repayment of 24,000 thousand yen every 6 months, and January 30, 2015: repayment of 960,000 thousand yen
5. Repayment Method: February 26, 2010 to August 31, 2014: repayment of 137,500 thousand yen every 6 months, and February 18, 2015: repayment of 4,125,000 thousand yen
6. Repayment Method: August 31, 2010 to February 28, 2015: repayment of 50,000 thousand yen every 6 months, and April 2, 2015: repayment of 1,500,000 thousand yen
7. Borrowings listed in the current potion of long-term payable were listed in long-term payable in the previous fiscal period.

-54-