Translation of Japanese Original

July 8, 2014
To All Concerned Parties
REIT Issuer:
Kenedix Residential Investment Corporation
Representative: Akira Tanaka, Executive Director(Securities Code Number: 3278)
Asset Management Comp any:
Kenedix Real Estate Fund Management, Inc.
Representative: Ryosuke Homma, President andRepresentative Director
Contact:
Akihiro Nakao, General Managerof Planning Department,
Residential REIT Division
TEL. +81-3-5623-8682(Revised) FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED JANUARY 31, 2014 (REIT)

Kenedix Residential Investment Corporation revised the following parts of the “FINANCIAL REPORTFOR THE FISCAL PERIOD ENDED JANUARY 31, 2014(REIT)” dated March 13, 2014. Details areprovided as follows.

Revision： page 24 “【Reference】Earnings Performance for the 4th Fiscal Period (August 1, 2013 toJanuary 31, 2014): 184 days ※As of January 31, 2014”
The Change is indicated by the underlined portion.
【Before Revision】
OtherAreas

Location

Regional

Property No.

R-8

Property NameKDX Shimizu
Residence

Acquisition Date

May 1, 2012

Price Information

Acquisition Price (In millions of yen)
Percentage of total portfolio
Net book value ( In millions of yen )（snip）

Appraisal value at the end of period ( In millions of yen )Total of 80
Properties

1,680

99,0301.7%

100.0%

1,711

101,591

1,880（snip）

103,878

Lease Information

Percentage of total appraisal value

1.8%

100.0%

Number of leasable residential units

148

4,858

Leasable floor area (㎡)6,255.16

193,404.68

Leased floor area (㎡)5,970.12

185,431.47

As of January 31, 2014

95.4%

95.9%

As of July 31, 2013

93.6%

96.2%

As of January 31, 2013

99.4%

95.1%

As of July 31, 2012

96.1%

94.0%

Occupancy ratio

1Operating periods
Income and Retained Earnings Information for the 4th Fiscal Period

184 days

180 days

73,841

3,596,069

64,531

3,312,812①Rental and other operating revenues ( In thousands of yen )Rental revenues
Other operating revenues

9,309

283,257

16,281

675,046

Property management fees

5,795

279,243

Taxes

4,106

59,820Utilities

754

67,7382,522

127,176

174

5,649

②Property-related expenses ( In thousands of yen )Repairs and maintenanceInsurance

2,928

135,417③NOI（＝①-②）( In thousands of yen )Trust fees and other expenses

57,5602,921,023④Depreciation ( In thousands of yen )14,174555,044⑤Rental operating income （＝③-④） ( In thousands of yen )Reference

43,3852,365,978⑥Capital expenditures ( In thousands of yen )-45,235⑦NCF （＝③-⑥） ( In thousands of yen )57,5602,875,787

Expense ratio （＝②／①）

22.0%

18.8%

Property tax for the year 2013 ( In thousands of yen )7,725

408,369

Assets pledged as collateral-2－【After Revision】
OtherAreasLocation

Regional

Property No.

R-8Property NameKDX Shimizu
Residence

Acquisition Date

May 1, 2012

Price Information

Acquisition Price (In millions of yen)

Total of 80
Properties

1,680

99,0301.7%

100.0%Net book value ( In millions of yen )

1,711

101,591

Appraisal value at the end of period ( In millions of yen )1,880

103,8781.8%

100.0%

Percentage of total portfolio

Percentage of total appraisal value
Number of leasable residential units

Lease Information

148

4,858

Leasable floor area (㎡)6,255.16

193,404.68

Leased floor area (㎡)5,970.12

185,431.47

As of January 31, 2014

95.4%

95.9%

As of July 31, 2013

93.6%

96.2%

As of January 31, 2013

99.4%

95.1%

As of July 31, 2012

96.1%

Occupancy ratio（snip）

Operating periods

184 days

Income and Retained Earnings Information for the 4th Fiscal Period①Rental and other operating revenues ( In thousands of yen )94.0%（snip）

180 days

73,841

3,596,069

Rental revenues

64,531

3,312,812

Other operating revenues

9,309

283,257

16,281

675,046

Property management fees

5,795

279,243

Taxes

4,106

59,820Utilities

75467,738

2,522

127,176

174

5,649

2,928

135,417③NOI（＝①-②）( In thousands of yen )57,5602,921,023④Depreciation ( In thousands of yen )14,174555,044⑤Rental operating income （＝③-④） ( In thousands of yen )43,3852,365,978②Property-related expenses ( In thousands of yen )Repairs and maintenanceInsurance
Trust fees and other expenses

Reference⑥Capital expenditures ( In thousands of yen )-45,235⑦NCF （＝③-⑥） ( In thousands of yen )57,5602,875,787

Expense ratio （＝②／①）

22.0%

18.8%8,213

408,858

Property tax for the year 2013 ( In thousands of yen )Assets pledged as collateral-－* Website URL of the Investment Corporation: http://www.kdr-reit.com/english/[Provisional Translation Only]
English translation of the original Japanese document is provided solely for information purposes. Should
there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

3

Translation of Japanese Original

April 28, 2014
To All Concerned Parties
REIT Issuer:
Kenedix Residential Investment Corporation
Representative: Akira Tanaka, Executive Director(Securities Code Number: 3278)
Asset Management Comp any:
Kenedix Real Estate Fund Management, Inc.
Representative: Ryosuke Homma, President andRepresentative Director
Contact:
Akihiro Nakao, General Managerof Planning Department,
Residential REIT Division
TEL. +81-3-5623-8682(Revised) FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED JANUARY 31, 2014 (REIT)

Kenedix Residential Investment Corporation revised the following parts of the “FINANCIAL REPORTFOR THE FISCAL PERIOD ENDED JANUARY 31, 2014(REIT)” dated March 13, 2014. Details areprovided as follows.

Revision: page 17 “(3. Financial Statements (8)Notes to Financial Statements, (Notes to the Related-Party
Transactions) 4. Directors, major individual unitholders and other”
The Change is indicated by the underlined portion【Before Revision】
Fourth Fiscal Period (August 1, 2013 to January 31, 2014)
Classification

Name

Principal
business /Position

Directorsand Close
Relatives

Akira
TanakaExecutiveDirector for theInvestment
Corporation andCEO andPresident ofKenedix
Residential
Partners, Inc.

Ratioofvotingrightsheld(%)－Relationship
Position
Relation
heldto the
concurrently
entityNature oftransaction

Executive Director forthe Investment
Corporation and CEO
and President ofKenedix ResidentialPartners, Inc.
(Note 1)

Payment of
asset
management
fee to Kenedix
Residential
Partners, Inc(Note 2)

1

Transaction
amount（inthousandsof yen)
(Note 3)(Note 4)

Account

Balanceat the endof period(inthousandsof yen)
(Note 4)

Accounts
payableother821,684

90,487

【After Revision】
Fourth Fiscal Period (August 1, 2013 to January 31, 2014)
Classification

Name

Principal
business /Position

Ratio ofvotingrights held(%)

Relationship
Position
Relation
heldto the
concurrently
entityNature oftransactionDirectorsand Close
Relatives

Akira
TanakaExecutive
Director for theInvestment
Corporationand CEO andPresident ofKenedix
Residential
Partners, Inc.

Possessionof Right
0.0％(Direct)

Executive Director forthe Investment
Corporation and CEOand President ofKenedix Residential
Partners, Inc.
(Note 1)

Payment of
asset
management
fee toKenedix
Residential
Partners, Inc(Note 2)

Transaction
amount（inthousandsof yen)
(Note 3)(Note 4)

Account

Balanceat the endof period(inthousandsof yen)
(Note 4)

Accounts
payableother821,684

90,487* Website URL of the Investment Corporation: http://www.kdr-reit.com/english/[Provisional Translation Only]
English translation of the original Japanese document is provided solely for information purposes. Should
there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

2