KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Translation of Japanese Original

FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED October 31, 2017 (REIT)(May 1, 2017 to October 31, 2017)
December 14, 2017
Kenedix Office Investment Corporation is listed on the Tokyo Stock Exchange with the securities code number 8972.
Representative:

Naokatsu Uchida, Executive Director

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

Masahiko Tajima, President & CEO

Inquiries:

Jiro Takeda, Head of Planning Division, Office REIT Department
TEL +81-3-5623-8979

Planned submission of semiannual securities report: January 30, 2018

Planned start of distribution payments: January 19, 2018

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, 2017 (May 1, 2017 to October 31, 2017)(1) Business Results(Amounts are rounded down to the nearest one million yen.)(% indications are increase-decrease rate of period-over-period.)
Operating Revenues

Operating Income

Ordinary Income

Net Income

For the six months ended

Millions of Yen%

Millions of Yen%

Millions of Yen%

Millions of Yen%

October 31, 2017

13,901

(7.6)

5,657

(4.1)

4,590

(3.4)

4,588

(3.4)

April 30, 201715,039

11.5

5,901

2.0

4,751

3.2

4,750

3.2

Net Income per unit

Return on Unitholders’ Equity

Ordinary Income toOperating Revenues

Ordinary Income to Total Assets

For the six months ended

Yen

%

%

%

October 31, 201711,334

2.2

1.1

33.0

April 30, 2017

11,733

2.2

1.2

31.6

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

Total Distributions(Excluding Excess of
Earnings)

Distributions in
Excess of Earnings
per Unit

For the six months ended

Yen

Millions of Yen

Yen

Millions of Yen%%

October 31, 201712,500

5,061

0

0

110.3

2.4

April 30, 2017

11,733

4,750

0

0

100.0

2.2

Total Distributions in
Excess of Earnings

Distribution Ratio to
Unitholders’ Equity

Payout Ratio

Note: Distributions per unit for the fiscal period ended October 31, 2017 are calculated by dividing the amount of the reversal of reserve for reduction entry (471 million yen) added
unappropriated retained earnings by the number of investment units issued and outstanding. The main difference between distributions per unit and net income per unit is dueto this calculation.

(3) Financial Position(Total assets and net assets are rounded down to the nearest one million yen.)
Total Assets

Net Assets

Net Assets to Total Assets

Net Assets per Unit

For the six months ended

Millions of Yen

Millions of Yen%

Yen

October 31, 2017414,933

212,85151.3

525,708

April 30, 2017

410,166

212,98651.9

526,041(4) Cash Flow Situations(Amounts are rounded down to the nearest one million yen.)
Cash Flows fromOperating Activities

For the six months ended

Millions of Yen

October 31, 2017

11,985

April 30, 2017

26,782

Cash Flows from
Investing Activities
Millions of Yen

Cash Flows from
Financing Activities

Cash and Cash Equivalents
at Period End

Millions of Yen

Millions of Yen(6,246)

227

28,635(15,849)(8,101)

22,668This notice is an English-language translation of the original Japanese announcement on our website released on December 14, 2017. 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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KENEDIX OFFICE INVESTMENT CORPORATION (8972)

2．FORECAST OF RESULTS FOR THE FISCAL PERIOD ENDING April 30, 2018 (November 1, 2017 to April 30, 2018)(% indications are increase-decrease rate of period-over-period.)
Operating Revenues(Millions of Yen)%

For the six months ending
April 30, 2018

Operating Income(Millions of Yen)

14,792

6.4

Ordinary Income(Millions of Yen)
%

6,858

21.2

%
5,804

Distributions per
Unit (Excluding
Excess of Earnings)

Distributions in
Excess of Earnings
per Unit

%

Yen

Yen

26.5

12,9000

Net Income(Millions of Yen)

26.5

5,803

(Reference) Estimated net income per unit for the fiscal period ending April 30, 2018: 14,333 yen
Forecasted number of investment units issued and outstanding as of April 30, 2018: 404,885 units
Forecasted average number of investment units during the fiscal period ending April 30, 2018: 404,885 units
Note: Distributions per unit for the fiscal period ending April 30, 2018 are calculated by dividing the amount remaining after deducting provision of reserve for reduction entry(580 million yen) from net income by the number of investment units issued and outstanding.

*OTHER(1) Changes in Accounting Policies・Changes in Accounting Estimate・Retrospective Restatement(a) Changes concerning accounting policy accompanying amendments to accounting standards: No(b) Changes other than (a): No(c) Changes in accounting estimate: No(d) Retrospective restatement: No(2) 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, 2017: 404,885 units
As of April 30, 2017: 404,885 units(b) Number of treasury investment units at period end
As of October 31, 2017: 0 units
As of April 30, 2017: 0 units
Note: Please refer to page 28, “Notes on 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 and Exchange
Act 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 distributions per unit may differ
significantly from forecasts due to a variety of factors. Accordingly, the Investment Corporation does not guarantee payment of the forecast
distributions per unit. Please refer to page 12, “Preconditions and Assumptions for the Twenty-sixth Fiscal Period Ending April 30, 2018”
for the preconditions of forecast for the twenty-sixth fiscal period ending April 30, 2018.

This notice is an English-language translation of the original Japanese announcement on our website released on December 14, 2017. 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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KENEDIX OFFICE INVESTMENT CORPORATION (8972)

1. Basic Structure — Overview of Companies Related to the Investment Corporation
There were no major changes to the “Structure of Investment Corporation” from the most recent securities report (submitted on July 28,2017), and accordingly this information has been omitted from this document.
2. Management Policy and Operating Conditions(1) Management Policy
Kenedix Real Estate Fund Management, Inc. (“the Asset Management Company”), the asset management company for Kenedix
Office Investment Corporation (“the Investment Corporation”), has decided to change the definition of classification by use in“Office Buildings”, “Central Urban Retail Properties” and “Others” that the Investment Corporation is investing in, and exclude“Residential Properties” from investment targets and eliminate the provisions on investment in “Residential Properties” in thecompany regulations (management guidelines of Office REIT Department) on December 1, 2017. The changed definition ofclassification by use in “Office Buildings”, “Central Urban Retail Properties” and “Others” shall be as follows.
Office Buildings

Main buildings as components of properties, with floor area whose uses under the Building Standards Act
include office, or assets underlying themCentral Urban
Retail Properties

Retail properties with high tenant substitutability located in highly bustling districts (5 Central Wards ofTokyo (Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku and Shibuya-ku in Tokyo 23 wards) or central partsof government-designated cities; the same shall apply hereafter.) that do not fall under the category of Office
Buildings, or assets underlying them

OthersLand with third-party leasehold (limited proprietary right of land) or buildings that have floor area whose
uses under the Building Standards Act are not subject to investment in accordance with the Investment
Corporation’s investment policy and that do not fall under the category of Office Buildings or Central Urban
Retail Properties, or assets underlying themNote: The Investment Corporation shall not invest in residential properties, logistics and warehouse facilities, amusement parks, medical, nursing and health care-related
facilities and golf courses. However, if they are included in Office Buildings, Central Urban Retail Properties and Others that the Investment Corporation invests in or
the Investment Corporation invests in these properties pertaining to such assets, this shall not apply.

There were no major changes to the “Investment Policy,” “Investment Strategy” and “Distribution Policy” from the most recent
securities report (submitted on July 28, 2017) except the above, and accordingly this information has been omitted from this document.
(2) Operating Conditions① Operating Conditions for the Twenty-fifth Fiscal Period (fiscal period ended October 31, 2017)
A. The Investment Corporation
The Investment Corporation was established on May 6, 2005 in accordance with the Act on Investment Trusts and Investment
Corporations (Act No. 198 of the year 1951, including amendments thereafter) (“Investment Trust Act”). On July 21, 2005, theInvestment 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 seven global offerings. As a result, as of October 31, 2017, the endof the twenty-fifth fiscal period, the number of investment units issued and outstanding totaled 404,885 units.
The Investment Corporation entrusts the Asset Management Company with its asset management and strives to maximize unitholder
profits by securing stable earnings and sustainable growth of investment assets. To this end, the Investment Corporation adopts thebasic policy of conducting flexible and dynamic investment stance that seeks to respond to its environment and market trends, andendeavors 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, 2017), the Japanese economy continued to be on a mild
recovery trend backed by improved employment/income environment. The real GDP growth rate for July to September 2017 (The
Second Preliminary Estimates) showed an annual 1.4% increase, a plus figure for the seventh consecutive quarter. However, there
are some uncertainties about the future such as the trend of the interest rate hike in the U.S. and concerns over geopolitical risks, inaddition to the new U.S. administration’s policy management and heightened protectionism.
Concerning the office leasing market, demand for relocations for expanded floor area and better location choice continued to bestrong in the five central wards of Tokyo, leading to the steady decline in the average vacancy rate and rise in the rent level. The
average vacancy rate in Tokyo’s five central wards at the end of October 2017 announced by Miki Shoji Co., Ltd. was 3.02%: down
0.62 point year-on-year. Down 0.37 point compared with the end of the previous fiscal period (ended April 30, 2017), the average-3-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

vacancy rate continues to improve. In addition, the average rent in Tokyo’s five central wards (including newly-built office buildings)
has also been slightly increasing for 46 consecutive months since January 2014, reaching 19,000 yen per tsubo for the first time inseven years and 11 months since November 2009. The average vacancy rate of major cities across Japan continued to show an
improving trend.
In the office building transaction market, domestic investors such as listed J-REITs and real estate companies, overseas investors andsuch continued to show a strong appetite for property acquisitions. Due partially to ongoing competitive acquisition environment for
excellent properties, the cap rates continuously remain at low levels and transaction prices continue to remain high.
(b) Management Performance
As of the end of the previous fiscal period (fiscal period ended April 30, 2017), the Investment Corporation owned 97 properties(with a total acquisition price of 393,468 million yen) and equity interest in a Japanese silent partnership (tokumei kumiai) (“TK”)(acquisition price of 1,107 million yen). During the fiscal period under review (fiscal period ended October 31, 2017), the Investment
Corporation acquired two office buildings (Takeyama White Building: acquisition price of 1,800 million yen, Shibuya 1717
Building: acquisition price of 3,500 million yen) and sold KDX Shin-Yokohama 381 Building (initial acquisition price of 5,800
million yen).
As a result, the number of properties owned as of October 31, 2017 (excluding the TK interest, same applies below.) amounts to 98(with a total acquisition price of 392,968 million yen). Looking at the portfolio distribution by property types, 92.3% was comprisedof office buildings, 5.6% of central urban retail properties, 1.4% of residential property and 0.7% of others property on an acquisition
price basis.
The occupancy rate as of the end of the twenty-fifth fiscal period (fiscal period ended October 31, 2017) increased by 1.2 point fromthe end of the previous fiscal period (fiscal period ended April 30, 2017) to 99.1% and continuously maintained high occupancy rate.
Operation and Management of Existing Properties
The Investment Corporation entrusts property management services for its entire portfolio as of the end of the fiscal period underreview (fiscal period ended October 31, 2017) (excluding ARK Mori Building and Shinjuku 6chome Building (Land)) to Kenedix
Property Management, Inc. By doing so, the Investment Corporation has strived to unify policies, specifications, procedures, pointsof contact, etc. for the provision of swift and quality services in the operation and management of properties.
In terms of leasing, in light of the trends of the economy and real estate market, the Investment Corporation sought out potential
demand by maintaining close relationships with brokers. Moreover, in order to maintain and raise the competitiveness of officebuildings, upgrading of air conditioning systems and repair of common areas, etc. were implemented according to plan.
Consequently, as of the end of the fiscal period under review (fiscal period ended October 31, 2017), the occupancy rate of theInvestment Corporation’s owned office buildings in the Tokyo Metropolitan Area stood at 99.0%, increased by 1.3 point comparedwith the end of the previous fiscal period (fiscal period ended April 30, 2017), and for the Investment Corporation’s office buildings
overall stood at 99.0%, continuously maintained high occupancy rate that exceeds the level of the end of the previous fiscal period(fiscal period ended April 30, 2017).
The Investment Corporation proactively negotiated with the tenants that pay rents lower than market rent level among tenantsreaching rent revision period for upward rent revisions and the number of upward rent revisions surpassed the performance of theprevious fiscal period.
Stable Management through Large Number of Tenants and Tenant Diversification by Sector
The number of end-tenants for the Investment Corporation’s office buildings was 1,110 (Note 1) (Note 2) as of the end of the fiscal
period under review (fiscal period ended October 31, 2017), diversifying tenant’s stratum further. Furthermore, floor area leased tothe top 10 office end-tenants as a proportion of total leased floor area of the entire portfolio was 8.4%. In addition, tenants of officebuildings are in various sectors. As a result, we believe the impact by a certain end-tenant vacating the property or sluggish
performance in certain sectors would have a relatively limited effect and will be able to maintain 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 the entire portfolio is 1,137 as of the end of the fiscal period (fiscal period ended October 31, 2017).

C. Capital Financing(a) Status of Investment Corporation Bonds
The Investment Corporation issued the Eighth Series Unsecured Investment Corporation Bonds (totaling 1,000 million yen andmaturing in five years) and the Ninth Series Unsecured Investment Corporation Bonds (totaling 2,000 million yen and maturing inten years) on July 19, 2017, and applied the funds towards the property acquisition funds and a portion of redemption funds for the-4-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Fourth Series Unsecured Investment Corporation Bonds (totaling 1,500 million yen and maturing in five and a half years) having
reached maturity on September 8, 2017. As a result, the outstanding investment corporation bonds totaled 7,800 million yen as of theend of the fiscal period under review (fiscal period ended October 31, 2017).
(b) Status of Borrowings
The Investment Corporation will continue to strive to reduce refinancing risk by diversifying maturity dates for its interest-bearing debt.
During the fiscal period under review (fiscal period ended October 31, 2017), the Investment Corporation undertook new borrowings
equal to the repayment of 14,000 million yen that matured during the fiscal period, and newly borrowed 3,500 million yen at property
acquisitions. As a result, the balance of interest-bearing debt as of October 31, 2017 is 179,600 million yen, comprised of 171,800
million yen in borrowings (6,000 million yen in short-term borrowings (Note 1) and 165,800 million yen in long-term borrowings(Note 1)) and 7,800 million yen in investment corporation bonds, and interest-bearing debt ratio (Note 2) is 43.3%.
Furthermore, as of the end of fiscal period under review (fiscal period ended October 31, 2017), interest rates for 111,850 million yen
out of 113,850 million yen of long-term borrowings with floating interest rates, have been practically fixed by utilizing interest-rate
swap agreements, etc. in order to hedge risk of rise in the interest rate. In addition, the long-term debt ratio (Note 3) was 96.7% and thelong-term fixed interest debt ratio (Note 4) was 95.5%.
In addition, the Investment Corporation lengthened the average remaining term of its interest-bearing debt (Note 5), the weighted
average based on the balance of interest-bearing debt at the end of each fiscal period, from 4.3 years at the end of the twenty-first fiscal
period (fiscal period ended October 31, 2015) to 5.0 years at the end of the fiscal period under review (fiscal period ended October 31,2017). Furthermore, the average interest rate (Note 5) was reduced from 1.39% to 1.10% during the same period, demonstrating a
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, the borrowings whose period until repayment date have surpassed one year because the repayment date one year from thedrawdown date is not a business day and for which the repayment date has been moved to the following business day are included in
short-term borrowings. Long-term borrowings refer to borrowings with a period of more than one year from the drawdown date to therepayment date. The same classification criteria apply to other borrowings listed below.
Note 2: Interest-bearing debt ratio = Balance of Interest-bearing debt at the end of fiscal period / Total assets at the end of fiscal period ×100
Note 3: Long-term debt ratio= (Balance of long-term borrowings + Balance of investment corporation bonds) / (Total borrowings + Balance ofinvestment corporation bonds) ×100
Long-term debt ratio is rounded to the nearest first decimal place.
Note 4: Long-term fixed interest debt ratio = (Balance of long-term fixed interest rate borrowings + Balance of investment corporation bonds) /(Total borrowings + Balance of investment corporation bonds) ×100
The balance of long-term fixed interest rate borrowings includes long-term borrowings with floating interest rates effectively fixed byutilizing interest-rate swap agreements and excludes long-term borrowings hedged by interest-rate cap agreements. Long-term fixedinterest debt ratio is rounded to the nearest first decimal place.
Note 5: Average remaining terms and average interest rates are the weighted average of the period-end remaining terms and interest rates
including upfront fees based on the balance of interest-bearing debt. Average remaining terms are rounded to the nearest first decimal
place and average interest rates are rounded to the nearest second decimal place respectively.

The balances of borrowings according to financial institutions as of April 30, 2017 and October 31, 2017 are as follows:
End of Twenty-fourth
End of Twenty-fifth
Ratio as of the End
Fiscal Period
Fiscal Periodof Twenty-fifth Fiscal
Lender(as of April 30, 2017) (as of October 31, 2017)
Period(Millions of Yen)
(Millions of Yen)(%) (Note 6)
Sumitomo Mitsui Banking Corporation
44,800.044,800.0
Development Bank of Japan Inc.
29,550.0
29,550.0
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
22,800.0
22,800.0
Sumitomo Mitsui Trust Bank, Limited
19,100.0
19,100.0
Aozora Bank, Ltd.
13,100.0
13,100.0
Mizuho Bank, Ltd.
8,200.0
11,700.0
Resona Bank, Limited
10,250.0
10,250.0
Mitsubishi UFJ Trust and Banking Corporation
10,200.0
10,200.0
Mizuho Trust & Banking Co., Ltd.
2,800.02,800.0
The Bank of Fukuoka, Ltd.
2,500.02,500.0
The Nishi-Nippon City Bank, Ltd.
1,700.0
1,700.0
The Hiroshima Bank, Ltd
1,000.0
1,000.0
The 77 Bank, Ltd
1,000.0
1,000.0
The Higashi-Nippon Bank, Limited
800.0
800.0
The Mie Bank, Ltd
500.0
500.0
Total
168,300.0
171,800.0
Note 6: Percentages as of the end of the fiscal period under review are rounded to the first decimal place.

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26.1%
17.2%
13.3%
11.1%
7.6%
6.8%
6.0%
5.9%
1.6%
1.5%
1.0%
0.6%
0.6%
0.5%
0.3%
100.0%

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(c) Status of Credit Rating
The status of the credit ratings as of the end of fiscal period under review (October 31, 2017) is as follows:
Credit Rating Agency
Details of the Ratings
Japan Credit Rating Agency, Ltd. (JCR)

Long-Term Issuer Rating

AA- (Stable)

Ratings on Bonds
Preliminary Rating of Shelf Registration

AA-(d) Status of Shelf Registration
The Investment Corporation filed a shelf registration statement for investment corporation bonds (excluding short-term
investment corporation bonds) on January 30, 2017. Details are as follows.
Planned Issue Amount
100,000 million yen
Planned Issuance Period
February 7, 2017 to February 6, 2019
Acquisition funds for specified assets that are meant in Article 2-1 of Investment Trust Act,
repayment of borrowings, repayment of investment corporation bonds (including shortUse of Funds
term investment corporation bonds), refund of lease and guarantee deposits, funds to pay
for repairs and maintenance, working capital, etc.
The Eighth Series Unsecured Investment Corporation Bonds of 1,000 million yen and the Ninth Series Unsecured Investment Corporation
Bonds of 2,000 million yen were issued based on the above shelf registration statement on July 19, 2017.

D. Operating Results and Cash Distribution
As a result of the aforementioned management performance, the Investment Corporation reported operating revenues of 13,901
million yen, operating income of 5,657 million yen, ordinary income of 4,590 million yen and net income of 4,588 million yen for its
twenty-fifth fiscal period (fiscal period ended October 31, 2017).
Concerning the cash distributions for the fiscal period under review, special taxation measures for investment corporations (Article
67-15 of the Act on Special Measures Concerning Taxation (Act No. 26 of the year 1957, including amendments thereafter; “theSpecial Taxation Measures Act”)) are applied based on the cash distribution policies stipulated in the Articles of Incorporation. In
addition, the Investment Corporation has decided to use a portion of its unappropriated retained earnings booked as a reserve for
reduction entry under internal reserve (471 million yen) based on application of the “Special Provisions for Taxation in the Event ofAdvance Acquisition of Land, etc. in 2009 and 2010” (Article 66-2 of the Special Taxation Measures Act) and distribute the entire
amount adding such reserve for reduction entry to its unappropriated retained earnings. Therefore, the distributions per unit resulted
in ¥12,500.
② Outlook for next fiscal period
A. Investment Environment
Although future Japanese economy is expected to see the continuous mild recovery, careful attention should be paid to uncertainties
concerning overseas economies and politics including the rise of policy interest rate in U.S. and trends in the new U.S.
administration’s policy management and such. Even in Japan as well, it will be necessary to pay close attention to various events
such as the impact of the interest rate hike in the U.S. on domestic interest rates, the trend of the “quantitative and qualitative
monetary easing involving control over long-and short-term interest rates” policy that accompanies negative interest rates, andconcerns over geopolitical risks.
Concerning the office leasing market, the average vacancy rate in Tokyo’s five central wards at the end of October 31, 2017
announced by Miki Shoji Co., Ltd. was 3.02%, and therefore the vacancy rate shows a downward trend and the demand remains
steady. Along with the decline in the vacancy rate, the average rent in Tokyo’s five central wards (including newly-built officebuildings) has been on a rising trend.
In the office building transaction market, although some point out the overheated state, transactions are forecasted to continue
remaining active with investors such as listed J-REITs, domestic real estate companies and foreign investors bearing a strong appetite
for acquisitions, backed by the favorable financing environment owing to the Bank of Japan’s monetary easing measures.
On the other hand, the outstanding bank loans for the real estate industry have reached a record high, and therefore it should benecessary to pay careful attention to changes in banks’ policies on loans for the real estate industry. Furthermore, the J-REIT market
remains lackluster, and careful attention should also be paid to the decrease in financing and acquisition of properties through public
offerings made by J-REITs during the period from April to September 2017 compared to the same period of the previous year.

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KENEDIX OFFICE INVESTMENT CORPORATION (8972)

B. Future Management Policies and Pending Issues
The Investment Corporation adopts the basic policy of conducting flexible and dynamic investment stance that seeks to respond to its
environment and market trends, and endeavors to ensure a timely response to opportunities. Based on this policy, the Investment
Corporation creates a property investment strategy, management strategy for existing properties, and financial strategy as set forth
below and implements them in a flexible and dynamic manner.
(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 midsized office buildings” and to become the “No. 1 J-REIT for mid-sized office buildings.” The Investment Corporation will keep midsized office buildings in the Tokyo Metropolitan Area as its focus, and with regard to central urban retail properties, invest only inthose that have rare value as an alternative to office buildings, are located in busy commercial areas and offer a certain amount ofoffice 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 sound and stable growth of the portfolio, by securingcontinuous opportunities for acquiring properties and flexible acquisition methods by utilizing the Asset Management Company’s
own networks and the sponsor company’s support line through building multiple pipelines. Also, based on the premises of that theInvestment 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, the Investment Corporation seeks to diversify
acquisition methods (direct acquisition, equity investment and co-acquisition with the sponsor company, mutual transaction with aview of asset reshuffle, etc.) to secure tactful acquisition of properties such as investments in warehousing related TK etc. incooperation with the sponsor company with consideration to the timing of funding or the consistency of the investment principles.
In selling properties, the Investment Corporation will examine the sale of properties individually in considering the use of funds for
asset reshuffles through new property acquisition or fund-type investments. Moreover, The Investment Corporation will decide on
the sale individually by considering the revenue and profitability that take into account current and 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 lead to revenue” for its leasing activities with aims of ensuring a timely and flexible response as well as optimizing tenantsatisfaction. Accordingly, the Investment Corporation seeks to aim to maintain / increase cash flow by offering office environmentswith high tenant satisfaction. Based on the aforementioned in aim to become “the mid-sized office building of the choice,” the AssetManagement 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 the management level. Some specific examples of the operation and management are the installation of automated external
defibrillators (AEDs) and service delivery of public wireless LAN 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 CS surveys targeting the tenants of its officebuildings seven times in cooperation with J.D. Power Asia Pacific, Inc., an internationally recognized company that engages incustomer satisfaction evaluation (requesting those in charge of general affairs and employees of tenants to complete a questionnaireon the hard aspects such as the building and facilities as well as on the soft aspects such as management and operation, consisting ofmultiple items for evaluation and open-ended questions). The comprehensive satisfaction rating results for the Seventh CS survey
conducted in August 2017 are as follows.
The response of “Satisfied”, “Slightly Satisfied” surpasses the result of the Sixth CS Survey conducted in August 2015.
＜Comprehensive Satisfaction Rating＞ (Note 1) (Note 2)-7-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

SatisfiedSeventh CS Survey
Sixth CS Survey

28%
24%

Slightly
Satisfied
48%
51%

Neither17%
18%

Slightly
Dissatisfied
5%
6%

Dissatisfied
1%
1%

Unknown
0%1%

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, and to further enhance
profitability.
Tailor leasing management according to the market environment
The characteristics of mid-sized office buildings, which are the primary investment target of the Investment Corporation, are thattenant turnover ratios are relatively high. Therefore, in the leasing aspect, the Investment Corporation implements leasing activities ina timely and flexible manner by adopting the basic policy of endeavoring to maximize revenues for the medium- to long-term
through maintaining occupancy rate, 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 theoccupancy rate by implementing flexible and dynamic leasing activities through sharing information closely with leasing brokers,
holding of previews, marketing directly to corporations, utilizing guarantee companies and other measures while closely watchingmarket conditions and timing of changes 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 reduce building maintenance andoperating costs by taking advantage of the portfolio size through cost reductions of building maintenance, reviews of building
maintenance companies, construction bidding and procurement of facilities and equipments, etc. via bulk orders.
Ensure appropriate responses to relevant laws and regulations
The Investment Corporation will gather information on the Building Standards Act (Act No. 201 of the year 1950, including
amendments thereafter) and other relevant laws and regulations and any future revisions, in a timely manner and will respond asnecessary while considering compliance.
Develop a proactive response to environmental issues
The Investment Corporation has established the environmental policies, and promotes environment-friendly investment management
operations through proactively participating in GRESB Real Estate Assessment and using certification and assessment systems byexternal institutions such as DBJ Green Building Certification.
In addition, the Investment Corporation is designated as a specified corporation pursuant to the Act on Rationalizing Energy Use.
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 returnon investment and social benefits.
(c) Financial Strategy (Debt Financing)
The Investment Corporation continuously strives to improve the terms and conditions of existing borrowings, and aims for stablefinancial management by taking the following measures, etc.
・Reduce refinance risks by diversifying maturities of interest-bearing debts
・Have the procurement ratio of long-term fixed interest borrowings above a certain level・Control the interest-bearing debt ratio (Note) in a conservative manner (the Investment Corporation will aim to keep the interestbearing debt ratio to total assets (LTV) at less than 45% level as a rule. However, it will also remain open to the option ofincreasing LTV to the upper 40% level in the event of debt financing conducted for the purpose of acquiring competitive
properties or otherwise.)Moreover, the Investment Corporation will undertake stable fund procurement based on existing favorable relations with financial
institutions, especially major banks, aiming for more robust financial management. In addition, the Investment Corporation aspires to
pay attention to the share of each bank and consider as appropriate the introduction of transactions with new banks based oncomparison with the conditions with currently transacting banks.
-8-

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Note: Interest-bearing debt ratio = Balance of interest-bearing debt at the end of fiscal period / Total assets at the end of fiscal period×100(d) Information Disclosure
Consistent with its basic information disclosure policy, the Investment Corporation proactively engages in IR activities with the aimof promptly providing a wide range of relevant information to investors, and make revisions to the information disclosure system
when needed. In specific terms, 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 website (URL: http://www.kdoreit.com/en/ ).
(e) Measures for Conflict of Interest Transactions
The Asset Management Company provides asset management services to not only the Investment Corporation but also otherinvestment corporations and real estate funds, etc. For this reason, the Asset Management Company has adopted rules on“preferential rights to study property information” when considering acquisition of properties and established a Pipeline Meetingwith Compliance Officer as a member in order to provide the asset management services according to certain rules, for the purposeof preventing arbitrary allocation of the information about the sale of real estate, etc. and preventing conflicts of interest arising
between the investment corporations and real estate funds, etc., which consign the management business to the Asset Management
Company. As mentioned the above, the Asset Management Company is taking appropriate measures for conflict of interest
transactions.
(f) Important Subsequent Events after the Closing Date
Not applicable(Reference Information)(a) Sale of Property(i) The Investment Corporation sold the following trust beneficiary interest in real estate on December 1, 2017.

Date of Sale

Property Name

Location

Buyer

December 1,
2017

Residence Charmante
Tsukishima

Chuo-ku,Tokyo

G.K. KRF 68

Sale Price(Millions of Yen)
(Note 1)

Assumed Book
Value
(Millions of Yen)

Difference between
Sale Price andAssumed Book Value(Millions of Yen)
(Note 2)

4,900

4,478

421

Note 1: Transfer costs, adjustment of property tax and city-planning tax, consumption tax, etc. are excluded.
Note 2: Figure is referential amount and different from gain or loss on sale.

(ii) The Investment Corporation concluded the following trust beneficiary interest transaction agreement regarding the sale of thefollowing trust beneficiary interests in real estate on December 14, 2017.
Scheduled
Date of Sale

December 28,
2017(Note 3)

Sale Price(Millions of Yen)
(Note 1)

Assumed Book
Value
(Millions of Yen)

Difference between
Sale Price andAssumed Book Value(Millions of Yen)
(Note 2)

Property Name

Location

Buyer

KDX Ikejiri-Oohashi
Building

Meguro-ku,
Tokyo

Not disclosed(Note 4)

2,400

2,353

46

KDX Shin-Yokohama
214 Building

Yokohama,
Kanagawa

Not disclosed(Note 4)

2,430

2,221

208

Note 1: Transfer costs, adjustment of property tax and city-planning tax, consumption tax, etc. are excluded.
Note 2: Figures are referential amounts and different from gain or loss on sale.
Note 3: They are scheduled to be sold on December 28, 2017 or the day to be separately agreed not later than December 28, 2017.
Note 4: Not disclosed due to the buyer’s disapproval.

(b) Acquisition of Property(i) The Investment Corporation acquired the following trust beneficiary interest in real estate (Note 1) on December 7, 2017.
Date of
Acquisition

Property Name

Location

SellerDecember 7,
2017

Mitsubishijuko
Yokohama Building

Yokohama,
Kanagawa

Hulic Co., Ltd.
-9-

Acquisition Price(Millions of Yen)
(Note 2)
14,720Appraisal Value
Base Date for Appraisal(Millions of Yen)
14,900

October 31, 2017

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Note 1: Trust beneficiary interest in real estate (23% of quasi co-ownership interest).
Note 2: Acquisition costs, adjustment of property tax and city-planning tax, consumption tax, etc. are excluded.

(ii) The Investment Corporation concluded the following trust beneficiary interest transaction agreement regarding theAcquisition of the following trust beneficiary interest in real estate on December 14, 2017 (Note 1).
Scheduled
Date of
Acquisition

Property Name

Location

SellerJanuary 31,
2018

JN Building

Yokohama,
Kanagawa

Not disclosed(Note 3)Acquisition Price(Millions of Yen)
(Note 2)
9,500

Appraisal Value
Base Date for Appraisal(Millions of Yen)
9,860

December 1, 2017

Note 1: The trust beneficiary interest transaction agreement with the Seller (“the Transaction Agreement”) on the acquisition falls under the
category of forward commitment made by investment corporations as stipulated in the “Comprehensive Guidelines for Supervision of
Financial Instruments Business Operators, etc.” ruled by the Financial Services Agency of Japan. In the event of a violation of theTransaction Agreement made by the Investment Corporation or the Seller, the penalty is stipulated to be an amount equivalent to 20% of
the transaction price (1,900 million yen) in the Transaction Agreement.
Note 2: Acquisition costs, adjustment of property tax and city-planning tax, consumption tax, etc. are excluded.
Note 3: Not disclosed due to the seller’s disapproval.

(c) Debt Financing
The Investment Corporation undertook debt financing of 3,000 million yen in total (Series 146) on November 13, 2017 to apply
the fund towards the repayment of Term Loan 51-E (2,300 million yen) and Term Loan 51-F (700 million yen), and debt
financing of 2,000 million yen in total (Series 147) on November 30, 2017 to apply the fund towards the repayment (Series 133).
Furthermore, the Investment Corporation undertook debt financing of 7,000 million yen in total (Series 148) on December 7,2017 to apply the fund towards a part of acquisition funds and related costs for specified asset.
(d) Submitting Proposals on Changes to the Asset Management Fee Structure to the General Meeting of Unitholders
The Investment Corporation’s Board of Directors held a meeting on December 6, 2017 and, with regards to the asset
management fees that the Investment Corporation pays to the Asset Management Company, resolved to submit proposals onchanges to its Articles of Incorporation including provisions on the asset management fee structure, for the purpose of introducing
the new asset management fee structure to further enhance the linkage between the asset management fees and unitholder profits,
to its Ninth General Meeting of Unitholders to be held on January 23, 2018.
Under the new asset management fee structure, the rate to calculate the Asset Management Fee I linked to the Investment
Corporation’s total assets shall be reduced from 0.15% to 0.13%, and the basis to calculate the Asset Management Fee II shall bechanged from distributable amount to the amount of distribution per unit to pay attention to preventing dilution of investment
units. Furthermore, the Asset Management Fee III to be paid only when the distribution per unit increases shall be newly
established in order to provide the Asset Management Company with incentives for stable growth of distribution per unit.
Concerning these Asset Management Fees II and III, in the case where the Investment Corporation has made acquisition oftreasury investment units and others, the provisions shall be added to the effect that necessary adjustments shall be added to theformula.
Among the submitted agendas, when the change proposals are approved by the Ninth General Meeting of Unitholders to be heldon January 23, 2018, changes to the Asset Management Fee Structure shall go into effect from the fiscal period ending October
2018 (May 1, 2018 to October 31, 2018).

- 10 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(3) Risk Factors
There are no significant changes to the “Investment Risks” as described in the latest Securities Report submitted on July 28, 2017 andthe disclosures are omitted.
(4) Outlook
Forecasts for the twenty-sixth fiscal period (November 1, 2017 to April 30, 2018) are presented as follows.
Operating Revenues

14,792 million yen

Operating Income

6,858 million yen

Ordinary Income

5,804 million yen

Net Income

5,803 million yen

Distributions per Unit

12,900 yen

For preconditions and assumptions of the outlook, please see the following “Preconditions and Assumptions for the Twenty-sixth
Fiscal Period Ending April 30, 2018”.
Note: Forecast figures above are calculated based on certain assumptions. Readers are advised that actual operating revenues, net income anddistributions per unit may differ significantly from forecasts due to a variety of reasons. Accordingly, the Investment Corporation does notguarantee payment of the forecasted distributions per unit.

- 11 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Preconditions and Assumptions for the Twenty-sixth Fiscal Period Ending April 30, 2018
Preconditions and Assumptions
Calculation Period The twenty-sixth fiscal period: November 1, 2017 to April 30, 2018 (181 days)
 It is based on the premise that in addition to 98 properties owned by the Investment Corporation as of October
31, 2017, two property acquisitions (Mitsubishijuko Yokohama Building, acquired on December 7, 2017 and
JN Building to be acquired on January 31, 2018) and three property sales (Residence Charmante Tsukishima,sold on December 1, 2017 and KDX Ikejiri-Oohashi Building and KDX Shin-Yokohama 214 Building to be
Property Portfolio
sold on December 28, 2017 or the day to be separately agreed not later than December 28, 2017) are made.
 The Investment Corporation also holds the TK equity other than above. It assumes the refund of the TK equity
will not occur by the end of the twenty-sixth fiscal period.
 The actual results may fluctuate due to changes in the property portfolio.
 Rental revenues are estimated based on valid leasing agreements as of December 14, 2017 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 ofoperating days due to movements in existing investment assets.
 Dividends received of 44 million yen have been assumed with regard to the TK equity stated in the above“Property Portfolio”.
Operating Revenues
 Forecasts are based on the assumption that there will be no rent in arrears or non-payments from tenants.
 The gain on sale of real estate, etc. of 551 million yen is expected to be booked due to the sale of Residence
Charmante Tsukishima on December 1, 2017 and the planned sale of KDX Ikejiri-Oohashi Building and
KDX Shin-Yokohama 214 Building on December 28, 2017 or the day to be separately agreed not later thanDecember 28, 2017. The actual results may fluctuate due to success/failure of the transactions, sale price,
settlement date and other factors.
 Expenses related to rental business other than depreciation are based on the historic expenses, adjusted toreflect expense variables including seasonal factors.
 An amount of 1,360 million yen has been assumed for property and facility management fees (property
management and building maintenance fees, etc.).
 An amount of 1,149 million yen has been assumed for taxes and public dues (property tax and city planningtax, etc.). In addition, the property tax and city planning tax, etc. of the properties acquired and to be acquired
on and after January 1, 2017 are allocated to the seller and buyer on a pro rata basis at the time of acquisition
settlement, and the amount equivalent to the portion allocated to the buyer is included in the acquisition priceof the property. Therefore only a portion of such taxes (22 million yen) are recorded as expenses for thetwenty-sixth fiscal period. The amount when all such taxes are recorded as expenses is anticipated to amountOperating Expenses
to 106 million yen per fiscal period.
 An amount of 2,307 million yen has been assumed for depreciation expense.
 An amount of 640 million yen 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 considered essential for the period. Actual repairs, maintenanceand renovation expenses for the fiscal period may, however, differ significantly from estimated amounts due tounforeseen circumstances or emergencies.
 In general, property tax and city planning tax are allocated to the seller and purchaser on a pro rata basis at thetime of acquisition settlement. In the case of the Investment Corporation, an amount equivalent to the portion
allocated to the purchaser is included in the acquisition price of the property.
Non-Operating Expenses  Interest payable (including financing related expenses etc.) of 995 million yen is assumed.
Extraordinary Profit/Loss  Extraordinary profit/loss is not assumed.
 The balance of the borrowings and the investment corporation bonds as of December 14, 2017 is 178,800
Borrowings andmillion yen and 7,800 million yen, respectively.
Investment Corporation  Of the borrowings as of December 14, 2017, a total of 7,750 million yen is due for repayment by the end ofBonds
the twenty-sixth fiscal period. It is assumed that all the borrowings are refinanced.
 It is assumed that there are no investment corporation bonds matured during the twenty-sixth fiscal period.
 Forecasts are based on the assumption that the number of investment units issued and outstanding as of
October 31, 2017 is 404,885 units.
Investment Units Issued
 Forecasts are based on the assumption that the number of investment units issued and outstanding shall remain
and Outstanding
unchanged till the end of the twenty-sixth fiscal period.
 Distributions per unit are calculated in accordance with the Cash Distribution Policies outlined in theInvestment Corporation’s Articles of Incorporation.
 Forecasts are calculated on the assumption that the amount remaining after deducting provision of reserve forDistributions per Unit
reduction entry of 580 million yen from net income is distributed.
 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 incidence ofmajor unforeseen renovation expense.
Distributions in Excess
 The Investment Corporation does not currently anticipate distributions in excess of earnings.
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
Otherimpact forecast figures.
 Forecasts are based on the assumption that there will be no major unforeseen changes to economic trends andin real estate and other markets.
- 12 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

3. Financial Statements(1) Balance Sheets(Thousands of Yen)
Twenty-fourth Fiscal Period

Twenty-fifth Fiscal Period(As of April 30, 2017)(As of October 31, 2017)

AssetsCurrent assets
Cash and deposits

14,133,590

19,917,133

Cash and deposits in trust

9,699,090

9,808,743

Accounts receivable-trade329,429

314,766

Prepaid expenses

74,786

110,584

Consumption taxes receivable
Other
Total current assets-

90,895

10,727

15,73924,247,623

30,257,862

Noncurrent assets
Property, plant and equipment
Buildings

17,752,301

17,814,001

Accumulated depreciation(4,516,368)(4,812,998)

Buildings, net

13,235,933

13,001,003

Structures

32,61832,618

Accumulated depreciation(11,204)(12,088)

Structures, net

21,413

20,529Machinery and equipment

391,289

403,054

Accumulated depreciation(201,162)(212,345)

Machinery and equipment, net

190,127

190,709

Tools, furniture and fixtures

78,896

83,593

Accumulated depreciation(46,241)(48,941)

Tools, furniture and fixtures, net

32,65534,651

Land

29,504,025

29,504,025

Buildings in trust

118,049,614 *2

116,597,709 *2

Accumulated depreciation(24,813,898)(25,841,684)

Buildings in trust, net

93,235,716

90,756,024

373,565

373,778

Accumulated depreciation(165,322)(175,568)

Structures in trust, net

208,242

198,210

Machinery and equipment in trust

1,687,226

1,752,248

Accumulated depreciation(791,794)(843,233)

Machinery and equipment in trust, net

895,432

909,014456,418

463,275

Accumulated depreciation(247,027)(262,396)

Tools, furniture and fixtures in trust, net

209,391

200,878245,227,423

246,626,638

Structures in trust

Tools, furniture and fixtures in trust

Land in trust
Construction in progress in trust

2,183

1,142

382,762,544

381,442,828

Land leasehold

285,257

285,257

Land leasehold in trust

353,847

353,072

Total property, plant and equipment
Intangible assets

Other
Total intangible assets

4,726

4,114

643,831642,444

1,087,688

1,096,423

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

122,889

122,889

Long-term prepaid expenses

1,228,082

1,273,614

13,43339,073Other- 13 -

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

Total investments and other assets

Twenty-fourth Fiscal Period

Twenty-fifth Fiscal Period(As of April 30, 2017)(As of October 31, 2017)

2,462,093

2,542,001

385,868,469

384,627,273

Investment corporation bond issuance costs

31,01648,526

Investment unit issuance expenses

19,277-

Total noncurrent assets
Deferred assets

Total deferred assets

50,29348,526410,166,386

414,933,663

Accounts payable

1,152,792

1,231,349

Short-term loans payable

4,000,000

6,000,000

Current portion of investment corporation bonds

1,500,000

1,800,000

Current portion of long-term loans payable

Total assets

Liabilities
Current Liabilities

22,750,000

18,250,000

Accounts payable-other261,614

288,179

Accrued expenses

75,121

67,417

Income taxes payable

794

760

Accrued consumption taxes

597,899

153,268

Advances received

2,170,062

2,240,535

Deposits received

69,924

31,64732,578,209

30,063,159

4,800,000

6,000,000

141,550,000

147,550,000

2,002,452

2,026,168

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

16,249,464

16,442,929

Total noncurrent liabilities

164,601,916

172,019,097

197,180,125

202,082,256

206,199,945

206,199,945

Reserve for reduction entry

2,024,673

2,024,673

Total voluntary reserve

2,024,673

2,024,673

Unappropriated retained earnings (undisposed loss)

4,750,760

4,589,238

Total surplus

6,775,433

6,613,911

212,975,379

212,813,857

10,88237,549Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus
Voluntary reserve

Total unitholders' equity
Valuation and translation adjustments
Deferred gains or losses on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets- 14 -

10,88237,549212,986,261 *1

212,851,406 *1

410,166,386

414,933,663

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(2) Statements of Income(Thousands of Yen)
Twenty-fourth Fiscal Period
November 1, 2016 toApril 30, 2017

Twenty-fifth Fiscal Period
May 1, 2017 to
October 31, 2017

Operating revenues
Rental revenues

11,572,669 *1

11,845,464 *1

Other rental revenues

1,754,936 *1

1,995,021 *1

Gain on sales of real estate, etc.

1,662,787 *2

Dividends income-

48,64361,007

15,039,036

13,901,494

Property related expenses

6,527,688 *1

6,720,726 *1

Loss on sales of real estate, etc.

1,657,160 *2

568,160 *2

Asset management fees

766,673757,285

Total operating revenue
Operating expenses

Directors' compensation

8,400

8,400

Asset custody fees

22,39022,304

Administrative service fees

55,841

55,160

Audit fees

11,80011,800

Other operating expenses

87,163

100,257

Total operating expenses

9,137,118

8,244,096

5,901,917

5,657,398

Operating income
Non-operating income
Interest income

35

35Dividends and redemption-prescription

816

462

4

14

855

513

819,103829,913Interest on refund
Total non-operating income
Non-operating expenses
Interest expenses
Interest expenses on investment corporation bonds

66,58740,495

Borrowing related expenses

153,773

152,051

Amortization of investment corporation bond issuance costs

5,481

5,072

Amortization of investment unit issuance expenses

34,882

19,277

Other

71,175

20,973

1,151,003

1,067,785

Ordinary income

Total non-operating expenses

4,751,770

4,590,125

Income before income taxes

4,751,770

4,590,125

Income taxes-current

1,240

1,126

Income taxes-deferred

8

5

1,248

1,131

4,750,521

4,588,993

238

244

4,750,760

4,589,238

Total income taxes
Net income
Retained earnings at the beginning of a period
Unappropriated retained earnings (undisposed loss)- 15 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(3) Statements of Unitholders’ Equity
Twenty-fourth fiscal period (November 1, 2016 to April 30, 2017)(Thousands of Yen)
Valuation and translation
adjustments

Unitholders' equity
Surplus
Voluntary reserve

Unitholders'
capitalReserve for
reduction entry
Balance at the start of current
period206,199,945

2,024,673

Unappropriatedretained earnings
Total voluntary(undisposed loss)
reserve

2,024,673

Total surplus

Total valuation
Total unitholders' Deferred gains or
and translation
equitylosses on hedges
adjustments

(977)

(977)

Total net assets

4,601,756

6,626,429

212,826,375

212,825,397(4,601,518)(4,601,518)(4,601,518)(4,601,518)

4,750,521

4,750,521

4,750,521

4,750,521

Changes during the period
Distribution from surplus
Net income
Items other thanunitholders' equity, net
Total changes during theperiodBalance at the end of current
period11,85911,85911,859---149,003

149,003

149,003

11,85911,859160,863* 206,199,945

2,024,673

2,024,673

4,750,760

6,775,433

212,975,379

10,882

10,882212,986,291

Twenty-fifth fiscal period (May 1, 2017 to October 31, 2017)(Thousands of Yen)
Valuation and translation
adjustments

Unitholders' equity
Surplus
Voluntary reserve

Unitholders'
capitalReserve for
reduction entry
Balance at the start of current
period206,199,945

2,024,673

Unappropriatedretained earnings
Total voluntary(undisposed loss)
reserve

2,024,673

Total surplus

Total valuation
Total unitholders' Deferred gains or
and translation
equitylosses on hedges
adjustments

10,882

10,882

Total net assets

4,750,760

6,775,433

212,975,379

212,986,261(4,750,515)(4,750,515)(4,750,515)(4,750,515)

4,588,993

4,588,993

4,588,993

4,588,993

Changes during the period
Distribution from surplus
Net income
Items other thanunitholders' equity, net
Total changes during theperiodBalance at the end of current
period26,667

26,667

26,667---(161,521)(161,521)(161,521)

26,667

26,667(134,854)* 206,199,945

2,024,673

2,024,673

4,589,238

6,613,911

212,813,857

37,54937,549212,851,406- 16 -

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

Twenty-fourth Fiscal Period(November 1, 2016 to April 30, 2017)
Unappropriated retained earnings at theend of fiscal period under review
II. Voluntary reserve / reversal
Reversal of reserve for reduction entry
III. Total distribution amount(May 1, 2017 to October 31, 2017)

I.

4,750,760,072-

471,824,168

4,750,515,705(11,733)

5,061,062,500(12,500)

244,367
In accordance with the policy stipulated in Article 35(1) of its Articles of Incorporation, the Investment
Corporation determines that the amount of
distribution shall exceed the amount equivalent to
90% of its distributable profit as stipulated in Article
67-15 of the Act on Special Measures Concerning
Taxation, and shall be up to the amount of its profits
as the ceiling. Following this policy, the Investment
Corporation decided to distribute 4,750,515,705 yen,
the maximum integral multiple amounts ofinvestment units issued and outstanding of 404,885
units, up to unappropriated retained earnings.
In addition, the Investment Corporation decided not
to distribute cash in excess of distributable profit,
stipulated in Article 35 (2) of its Articles ofIncorporation.

In accordance with the policy stipulated in Article 35(1) of its Articles of Incorporation, the Investment
Corporation determines that the amount of
distribution shall exceed the amount equivalent to
90% of its distributable profit as stipulated in Article
67-15 of the Act on Special Measures Concerning
Taxation, and shall be up to the amount of its profits
as the ceiling. Following this policy, the Investment
Corporation decided to distribute 5,061,062,500 yen,
the maximum integral multiple amounts ofinvestment units issued and outstanding of 404,885
units, based on the amount of the reversal of reserve
for reduction entry added unappropriated retained
earnings.
In addition, the Investment Corporation decided not
to distribute cash in excess of distributable profit,
stipulated in Article 35 (2) of its Articles ofIncorporation.

(Distributions per unit)
IV. Retained earnings brought forward to
the next period
Method of calculating the distribution
amount

4,589,238,332- 17 -

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

Twenty-fourth Fiscal Period

Twenty-fifth Fiscal Period

November 1, 2016 to April 30, 2017

May 1, 2017 to October 31, 2017

Income before income taxes

4,751,770

4,590,125

Depreciation

2,289,241

2,294,401

Amortization of long-term prepaid expenses

150,023

148,301

Interest income

(35)

(35)

Interest expenses

885,690

870,409

Amortization of investment unit issuance expenses

34,882

19,277

Amortization of investment corporation bond issuance expenses

5,481

5,072

Decrease (increase) in accounts receivable-trade

1,346

14,663-(90,895)

Decrease (increase) in prepaid expenses

29,253(35,797)

Increase (decrease) in accounts payable(292,454)

243,171

Increase (decrease) in accounts payable-other

14,056

26,455

Increase (decrease) in accrued consumption taxes

254,234(444,631)

Increase (decrease) in advances received

24,26470,473

Net cash provided by (used in) operating activities

Decrease (increase) in consumption taxes refund receivable

67,027(38,276)

Changes in net property, plant and equipment from sale

8,370,591-

Changes in net property, plant and equipment held in trust from sale

11,104,404

5,398,413(25,928)(193,833)

5,267(13,536)

27,669,115

12,863,759

35

35(885,563)(877,086)

(843)

(799)

26,782,743

11,985,908(98,251)(102,119)(15,569,726)(6,225,422)

Purchase of intangible assets(293,196)-

Payments of tenant leasehold and security deposits(217,653)(112,140)

Proceeds from tenant leasehold and security deposits

63,304

114,414

Payments of tenant leasehold and security deposits in trust(731,381)(664,736)

Proceeds from tenant leasehold and security deposits in trust

1,287,454

669,818

Payments of restricted bank deposits in trust(289,809)--

73,936(15,849,258)(6,246,248)

Proceeds from short-term loans payable

4,000,000

2,000,000

Repayment of short-term loans payable(1,500,000)-

Proceeds from long-term loans payable

6,200,000

15,500,000

Repayment of long-term loans payable(9,200,000)(14,000,000)-

2,977,416

Payments of investment corporation bond redemption(3,000,000)(1,500,000)

Dividends paid

(4,601,179)(4,749,942)

Net cash provided by (used in) financing activities(8,101,179)

227,473

Net increase (decrease) in cash and cash equivalents

2,832,305

5,967,133

Cash and cash equivalents at beginning of period

19,836,034

22,668,339

Cash and cash equivalents at end of period

22,668,339

Increase (decrease) in deposits received

Decrease (increase) in long-term prepaid expenses
Other
SubtotalInterest income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Net cash provided by (used in) investment activities
Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust

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

Proceeds of investment corporation bond issuance- 18 -*

28,635,473*

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(6) Notes on 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
gain or loss of TK is added.

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

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

4. Accounting standards for revenues and expenses

Accounting method for property tax, etc.
Property-related taxes including property taxes and city planning taxes, etc. are imposed on
properties on a calendar year basis. These taxes are generally charged to rental expenses forthe said fiscal period, for the portion of such taxes corresponding to said period.
In connection with the acquisition of real estate including trust beneficiary interests in realestate during the fiscal period under review, the Investment Corporation included it’s pro rata
property portion for the 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 32,698 thousand yen and for the fiscal period under review amounted to 26,264 thousandyen.

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 ofIncorporation.
(4) Method of evaluating the effectiveness of hedging
During the period from the commencement of hedging to the point at which effectivenessis assessed, the Investment Corporation compares the cumulative total of market changes
in the targeted objects of hedging or cash flow changes with the cumulative total of market
changes in the hedging instruments or cash flow changes. The Investment Corporation
then makes a decision based on the changes and other factors of the two.
However, concerning the interest-rate swap and interest-rate cap agreements that meet thecriteria for special treatment, the evaluation of effectiveness are omitted.
- 19 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

6. The scope of cash and cash equivalents on statementsof cash flows

7. Other significant accounting policies utilized in the
preparation of financial statements

For the purpose of cash flow statements, cash and cash equivalents consist of cash on hand,deposits received that can be withdrawn on demand, and short-term investments withoriginal maturities of 3 months or less, that are readily convertible to known amounts of cash
and present insignificant risk of a change in value.
(1) Accounting method for trust beneficiary interests in real estate and other assets
The assets and liabilities as well as revenues and expenses of financial assets held in theform of trust beneficiary interests in real estate and other assets are recorded in full in theInvestment Corporation’s balance sheets and statements of income.
Important line items included in accounting for financial assets and liabilities in theInvestment Corporation’s balance sheet are as follows:
1. Cash and deposits in trust
2. Buildings in trust, structures in trust, machinery and equipment in trust, tools,
furniture and fixtures in trust, land in trust and construction in progress in trust
3. Land leasehold in trust
4. Lease and guarantee deposits in trust
5. Tenant leasehold and security deposits in trust(2) Accounting method for consumption tax
Consumption taxes are separately recorded. Non-deductible consumption taxes applicableto the acquisition 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, paragraph 4 of the Act on Investment Trusts and Investment Corporations(Thousands of Yen)
Twenty-fourth Fiscal Period(as of April 30, 2017)

Twenty-fifth Fiscal Period(as of October 31, 2017)
50,00050,000*2. The amount of advanced depreciation of property, plant and equipment acquired by government subsidy, etc.
(Thousands of Yen)
Twenty-fourth Fiscal Period(as of April 30, 2017)
Buildings in trust

Twenty-fifth Fiscal Period(as of October 31, 2017)
26,230(Notes to the Statements of Income)*1. Breakdown of real estate rental business profit and loss

26,230(Thousands of Yen)

Twenty-fourth Fiscal Period
November 1, 2016 to April 30, 2017

Twenty-fifth Fiscal Period
May 1, 2017 to October 31, 2017

A. Rental and other operating revenues
Rental revenues
Leasing income

9,701,842

9,997,791

Common area charges

1,870,827

1,847,673

Subtotal

11,572,669

11,845,464

Other rental revenues
Parking space rental revenues

499,611520,035

Utility charge reimbursement

978,129

1,176,012

Miscellaneous

277,195

298,973

Subtotal

1,754,936

1,995,021

13,327,605

13,840,486

Property management fees and facility management fees

1,315,879

1,325,156

Utilities

1,006,582

1,176,914

Taxes

1,122,460

1,141,603

Repairs and maintenance costs

436,606

451,239

Insurance

18,202

18,785

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

Trust fees

32,83233,580

Others306,493279,656

Depreciation

2,288,632

2,293,789

6,527,688

6,720,726

6,799,917

7,119,759

Total rental and other operating expenses
C. Rental operating profit (A – B)

- 21 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)*2. Gain and Loss on sale of real estate, etc.
Twenty-fourth Fiscal Period (November 1, 2016 to April 30, 2017)(Thousands of Yen)
(1) BUREX Toranomon
Revenue from sale of real estate, etc.

2,440,000

Cost of real estate, etc. sold1,734,619

Other sales expenses

24,670Gain on sale of real estate, etc.

680,709(2) KDX Nihonbashi Kabutocho Building
Revenue from sale of real estate, etc.

12,400,000

Cost of real estate, etc. sold11,104,404

Other sales expenses

313,518

Gain on sale of real estate, etc.

982,077(3) KDX Roppongi 228 Building, KDX Kanda Misaki-cho Building, KDX Gobancho Building (Note)
Revenue from sale of real estate, etc.

5,070,000

Cost of real estate, etc. sold6,635,971
91,189Other sales expenses

1,657,160

Loss on sale of real estate, etc.

Note: The property is sold to a single buyer under a single transaction agreement. The sale price for each property is not disclosed because the buyer
has not given consent.
Twenty-fifth Fiscal Period (May 1, 2017 to October 31, 2017)(Thousands of Yen)
(1) KDX Shin-Yokohama 381 Building
Revenue from sale of real estate, etc.

4,900,000

Cost of real estate, etc. sold

5,419,438

Other sales expenses

48,722

Loss on sale of real estate, etc.

568,160(Notes to the Statements of Changes in Unitholders’ Equity)* Total number of authorized investment units and total number of investment units issued and outstanding
Twenty-fourth Fiscal Period
November 1, 2016 to April 30, 2017
Total number of authorized investment units
Total number of investment units issued andoutstanding

Twenty-fifth Fiscal Period
May 1, 2017 to October 31, 2017

2,000,000 units

2,000,000 units

404,885 units

404,885 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)
Twenty-fourth Fiscal Period
November 1, 2016 to April 30, 2017

Twenty-fifth Fiscal Period
May 1, 2017 to October 31, 2017

Cash and deposits

14,133,590

19,917,133

Cash and deposits in trust

9,699,090

9,808,743

Restricted bank deposits held in trust (Note)(1,164,340)(1,090,403)

Cash and cash equivalents

22,668,339

28,635,473

Note: Restricted bank deposits held in trust are retained for repayment of tenant leasehold and security deposits held in trust.

- 22 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(Notes on the Lease Transactions)Operating lease transactions(Lessor)(Thousands of Yen)
Twenty-fourth Fiscal Period
November 1, 2016 to April 30, 2017

Twenty-fifth Fiscal Period
May 1, 2017 to October 31, 2017

Unearned lease payments
Due within one year

1,679,760

1,794,970

Due after one year

9,345,602

9,036,969

Total

11,025,363

10,831,939(Notes on 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 andthe issuance of investment corporation bonds and new investment units. The Investment Corporation makes use of derivative instruments primarily as arisk hedge against interest rate fluctuations and to lessen interest-rate payments. In addition, it is company policy to not conduct speculative derivativetransactions. Management of surplus funds is undertaken in a prudent manner that considers fully such factors as safety, liquidity, interest rate
conditions and cash flows.
(2) Financial Instruments and Respective Risks
Investment securities are TK interests, which are exposed to credit risk of the issuer and risk of fluctuation of value of real estate, etc.
Loans and investment corporation bonds are used primarily for procuring funds necessary for the acquisition of properties and have a redemption dateof a maximum of about 10 and a half years following the closing date. Although a certain portion of said liabilities are subject to interest rate fluctuation
risks, the Investment 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 rate increase. 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 by using diversified fund procurement methods. Liquidity risk is also managed by such means as regularly checking the balance of cash
reserves.
(4) Supplemental Explanation of Items with Regard to Fair Value of Financial Instruments
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 arational basis. Because the factors incorporated into the calculation of these prices are subject to change, differing assumptions are adopted which
may alter fair value. Moreover, the contract amounts, etc. of derivative transactions in “2. Items with Regard to Fair Value of Financial Instruments”
do not indicate the market risk of derivative transactions.

- 23 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

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).
Twenty-fourth Fiscal Period (as of April 30, 2017)(Thousands of Yen)
Book Value(1) Cash and deposits(2) Cash and deposits in trust
Total(1) Short-term loans payable(2) Current portion of investment corporation bonds(3) Current portion of long-term loans payable(4) Investment corporation bonds(5) Long-term loans payable
Total
Derivative transaction

14,133,590
9,699,090
23,832,680
4,000,000
1,500,000
22,750,000
4,800,000
141,550,000
174,600,000
10,882

Fair Value

Difference

14,133,590
9,699,090
23,832,680
4,000,000
1,508,940
22,791,356
4,874,082
142,700,464
175,874,843
10,882

Twenty-fifth Fiscal Period (as of October 31, 2017)

8,940
41,35674,082
1,150,464
1,274,843(Thousands of Yen)

Book Value(1) Cash and deposits(2) Cash and deposits in trust
Total(1) Short-term loans payable(2) Current portion of investment corporation bonds(3) Current portion of long-term loans payable(4) Investment corporation bonds(5) Long-term loans payable
Total
Derivative transaction

19,917,133
9,808,743
29,725,877
6,000,000
1,800,000
18,250,000
6,000,000
147,550,000
179,600,000
37,549Fair Value

Difference

19,917,133
9,808,743
29,725,877
6,000,000
1,810,728
18,283,972
6,048,100
148,148,063
180,290,864
37,54910,72833,972
48,100598,063
690,864-

Note 1: Items with regard to the calculation method of financial instrument fair value, 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 todetermine 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 todetermine fair value.
(2) Current portion of investment corporation bonds and (4) investment corporation bonds
The fair value of investment corporation bonds is based on market prices.
(3) Current portion of long-term loans payable and (5) 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 theestimated interest rate in the event that the Investment Corporation conducts new borrowings of the same type. Among long-term borrowings withfloating interest rates, the said borrowings, which are subject to special treatment of interest-rate swaps or caps, are calculated by discounting the total
amount of principal and interest, which is handled together with applicable interest-rate swaps or caps, by the rationally estimated interest rate in thecase that the same type of borrowings are undertaken.
Derivative Transactions
Please refer to the following “Notes on the Derivative Transactions”.

- 24 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Note 2: Book value of financial instruments for which it is extremely difficult to determine the fair value(Thousands of Yen)
Twenty-fifth Fiscal Period(as of October 31, 2017)

Twenty-fourth Fiscal Period(as of April 30, 2017)Classification
Investment securities*

1,087,688

1,096,423*Because no quoted market price for TK interests is available and it is extremely difficult to determine the fair value, the above TK interests are notincluded in the preceding table.
Note 3: Redemption schedule of monetary claims after the closing date
Twenty-fourth Fiscal Period (as of April 30, 2017)
Due within 1 yr.

(Thousands of Yen)
1-2 yrs.

2-3 yrs.

3-4 yrs.

4-5 yrs.

More than 5 yrs.

Cash and deposits

14,133,590

-

-

-

-

-

Cash and deposits in trust

9,699,090

-

-

-

-

-

23,832,680

-

-

-

-

-

Total

Twenty-fifth Fiscal Period (as of October 31, 2017)
Due within 1 yr.

(Thousands of Yen)
1-2 yrs.

2-3 yrs.

3-4 yrs.

4-5 yrs.

More than 5 yrs.

Cash and deposits

19,917,133

-

-

-

-

-

Cash and deposits in trust

9,808,743

-

-

-

-

-

29,725,877

-

-

-

-

-

Total

Note 4: Redemption schedule of investment corporation bonds and repayment schedule of loans after the closing date
Twenty-fourth Fiscal Period (as of April 30, 2017)
Due within 1 yr.

(Thousands of Yen)
1-2 yrs.

2-3 yrs.

3-4 yrs.

4-5 yrs.

More than 5 yrs.

Short-term loans payable

4,000,000

-

-

-

-

-

Investment corporation bonds

1,500,000

1,800,000---

3,000,000

Long-term loans payable

22,750,000

17,050,000

14,700,000

19,600,000

21,700,000

68,500,000

28,250,000

18,850,000

14,700,000

19,600,000

21,700,000

71,500,000

1-2 yrs.

2-3 yrs.

3-4 yrs.

4-5 yrs.

Total

Twenty-fifth Fiscal Period (as of October 31, 2017)
Due within 1 yr.

(Thousands of Yen)
More than 5 yrs.

Short-term loans payable

6,000,000

-

-

-

-

-

Investment corporation bonds

1,800,000---

1,000,000

5,000,000

Long-term loans payable

18,250,000

13,750,000

18,600,000

21,300,000

17,050,000

76,850,000

26,050,000

13,750,000

18,600,000

21,300,000

18,050,000

81,850,000

Total(Notes on the Marketable Securities)

Twenty-fourth Fiscal Period (as of April 30, 2017) and Twenty-fifth Fiscal Period (as of October 31, 2017): Not applicable(Notes on the Derivative Transactions)
1. Items that do not apply hedge accounting
Twenty-fourth Fiscal Period (as of April 30, 2017) and Twenty-fifth Fiscal Period (as of October 31, 2017): Not applicable
2. Items that apply hedge accounting
Twenty-fourth Fiscal Period (as of April 30, 2017)
Hedge accounting
methodPrinciple method

Type of derivative transactions

Main target ofrisk hedge

Interest-rate swap transactions
Long-term loans
Fixed rate payable･Floating rate receivable payable

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

(Thousands of Yen)
Contracted amountCalculation method for
Fair value
applicable fair value
More than 1 yr.
Based on the quoted
price obtained from3,700,000
10,8823,700,000
counterparty financial
institutions.
102,150,000

97,400,000＊-

Long-term loans
payable500,000

500,000

＊

-

Total

106,350,000

101,600,000

10,882-- 25 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Twenty-fifth Fiscal Period (as of October 31, 2017)
Hedge accounting
Type of derivative transactions
methodPrinciple method

Main target ofrisk hedge

Interest-rate swap transactions
Long-term loans
Fixed rate payable･Floating rate receivable payable

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

(Thousands of Yen)
Contracted amountCalculation method for
Fair value
applicable fair value
More than 1 yr.
Based on the quoted
price obtained from
12,200,000
12,200,000
37,549counterparty financial
institutions.
99,650,000

93,900,000＊-

Long-term loans
payable500,000

-

＊

-

Total

112,350,000

106,100,000

37,549-＊ Special treatment of interest-rate swaps or caps is reported at the fair value of applicable long-term loans payable. This is because such swaps or caps arehandled together with hedged long-term loans payable.
(Notes on the Retirement Payment)
Twenty-fourth Fiscal Period (as of April 30, 2017) and Twenty-fifth Fiscal Period (as of October 31, 2017): Not applicable(Notes on the Asset Retirement Obligations)Twenty-fourth Fiscal Period (as of April 30, 2017) and Twenty-fifth Fiscal Period (as of October 31, 2017): Not applicable(Notes on the Segment and Related Information)
1. Segment Information
Disclosure is omitted because the Investment Corporation has been engaged in the real estate leasing business as a sole business and it has no reportablesegment subject to disclosure.
2. Related Information
Twenty-fourth Fiscal Period (November 1, 2016 to April 30, 2017)(1) Information about each product and service
Disclosure is omitted because net sales to external customers for a single product/service category account for over 90% of the operating revenues on
the statement of income.
(2) Information about each geographic area
① Net sales
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating revenues on the statement of income.
② Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of the amount of property, plantand equipment on the balance sheet.
(3) Information about each major customer
Disclosure is omitted because net sales to a single external customer account for less than 10% of the operating revenues on the statement of income.
Twenty-fifth Fiscal Period (May 1, 2017 to October 31, 2017)(1) Information about each product and service
Disclosure is omitted because net sales to external customers for a single product/service category account for over 90% of the operating revenues on
the statement of income.
(2) Information about each geographic area
① Net sales
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating revenues on the statement of income.
② Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of the amount of property, plantand equipment on the balance sheet.
- 26 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(3) Information about each major customer
Disclosure is omitted because net sales to a single external customer account for less than 10% of the operating revenues on the statement of income.
(Notes on the Tax-Effect Accounting)
1. Significant components of deferred tax assets and liabilities(Thousands of Yen)
Twenty-fourth Fiscal Period(as of April 30, 2017)

Twenty-fifth Fiscal Period(as of October 31, 2017)

Deferred tax assets
Enterprise tax payable
Amortization of land leasehold in trust

25

3,154

3,383

3,185

3,409

(3,154)(3,383)30

25

Subtotal deferred tax assets
Valuation allowance

30

Total deferred tax assets

2. Significant components causing difference between statutory income tax rate and the effective tax rate after tax effect accounting(Unit: %)Twenty-fourth Fiscal Period(as of April 30, 2017)
Statutory tax rate

Twenty-fifth Fiscal Period(as of October 31, 2017)
31.74

31.74

(31.73)(35.00)(Adjustments)
Deductible cash distributions

-

3.26

Others0.02

0.02

Effective tax rate

0.03

0.02

Reversal amount of reserve for reduction entry(Notes on the Gains and Losses on Equity-method, etc.)
Twenty-fourth Fiscal Period (November 1, 2016 to April 30, 2017) and Twenty-fifth Fiscal Period (May 1, 2017 to October 31, 2017): Not applicable(Notes on the Related-party Transactions)
1. Parent Company, major corporate unitholders and other
Twenty-fourth Fiscal Period (November 1, 2016 to April 30, 2017) and Twenty-fifth Fiscal Period (May 1, 2017 to October 31, 2017): Not applicable
2. Affiliated companies and other
Twenty-fourth Fiscal Period (November 1, 2016 to April 30, 2017) and Twenty-fifth Fiscal Period (May 1, 2017 to October 31, 2017): Not applicable
3. Fellow subsidiary companies and other
Twenty-fourth Fiscal Period (November 1, 2016 to April 30, 2017) and Twenty-fifth Fiscal Period (May 1, 2017 to October 31, 2017): Not applicable
4. Directors, major individual unitholders and other
Twenty-fourth Fiscal Period (November 1, 2016 to April 30, 2017) and Twenty-fifth Fiscal Period (May 1, 2017 to October 31, 2017): Not applicable(Notes on the Real Estate for Rental Purposes)
The Investment Corporation owns real estate for rental purposes mainly in the Tokyo Metropolitan Area for the purpose of generating rental revenue.
The book value per balance sheet for the fiscal period under review, changes during the period and fair value concerning the above real estate for rental
purposes are as follows.
(Thousands of Yen)
Twenty-fourth Fiscal Period
November 1, 2016 to April 30, 2017

Twenty-fifth Fiscal Period
May 1, 2017 to October 31, 2017

Book value
Balance at the beginning of the period

389,197,020

383,401,649

Changes during the period(5,795,370)(1,320,490)

Balance at the end of the period

383,401,649

382,081,158

416,550,000

424,323,000

Fair value at the end of period
Note 1: Book value excludes accumulated depreciation from acquisition costs.
- 27 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Note 2: Fair value at the end of the fiscal period is the appraisal value determined by outside appraisers. Fair value at the end of the fiscal period underreview of Residence Charmante Tsukishima that was sold on December 1, 2017 is calculated based on the sale price (4,900 million yen) in thetransaction agreement on October 30, 2017. Those of KDX Ikejiri-Oohashi Building and KDX Shin-Yokohama 214 Building that are scheduled tobe sold on December 28, 2017 or the day to be separately agreed not later than December 28, 2017 are calculated based on the anticipated saleprice (KDX Ikejiri-Oohashi Building: 2,400 million yen; KDX Shin-Yokohama 214 Building: 2,430 million yen) in the transaction agreements on
December 14, 2017.
Note 3: Among changes in the amount of real estate for rental purposes that occurred during the previous fiscal period, principal increase/decrease factors
were the acquisition of real estate trust beneficiary interests in 3 properties totaling 14,942,506 thousand yen, the sale of real estate trust beneficiaryinterests and real estate in 5 properties totaling 19,474,995 thousand yen and depreciation amounting in 2,288,632 thousand yen. For the fiscal
period under review, principal increase/decrease factors were the acquisition of real estate trust beneficiary interests in 2 properties totaling
5,405,572 thousand yen, the sale of real estate trust beneficiary interests in 1 property totaling 5,419,438 thousand yen and depreciation amounting
in 2,293,789 thousand yen.
Income and loss for real estate for rental purposes are listed in “Notes to the Statements of Income”.
(Notes on the Information per Unit)
Twenty-fourth Fiscal Period
November 1, 2016 to April 30, 2017
Net Assets per unit

Twenty-fifth Fiscal Period
May 1, 2017 to October 31, 2017

526,041 yen

525,708 yen

Net income per unit
11,733 yen
11,334 yen
Note 1: Net income per unit is calculated by dividing net income by the weighted average (based on number of days) number of units. Net income per unit
after adjusting for diluted investment units is not included because there were no dilutive investment units.
Note 2: The basis of calculation for the net income per unit is as follow.
Twenty-fourth Fiscal Period
November 1, 2016 to April 30, 2017
Net income(Thousands of Yen)
Amount not vested in ordinary unitholders(Thousands of Yen)
Net income for ordinary investment units(Thousands of Yen)
Average number of investment units
during the period (unit)(Notes on the Important Subsequent Events)
Not applicable- 28 -

Twenty-fifth Fiscal Period
May 1, 2017 to October 31, 2017

4,750,521

4,588,993--

4,750,521

4,588,993

404,885

404,885

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(9) Changes in the number of Investment Units Issued and Outstanding
Changes in the number of investment units issued and outstanding and unitholders’ capital in the last 5 years are summarized in the following table.

Settlement Date

Particulars

Investment Units Issued andOutstanding (Units)
Increase
Balance(Decrease)

Unitholders’ Capital(Millions of Yen) (Note 7)
Increase
Balance(Decrease)

Remarks

November 13, 2013

Public offering

43,800330,350

18,198165,351(Note 1)

December 10, 2013

Third-party allotment

2,190

332,540909

166,261(Note 2)

May 27, 2014

Public offering

21,400353,940

9,876

176,138(Note 3)June 24, 2014

Third-party allotment

1,070

355,010493

176,632(Note 4)

Public offering

47,685

402,695

28,269204,901(Note 5)

November 27, 2014

December 24, 2014
Third-party allotment
2,190
404,885
1,298
206,199(Note 6)Note 1: The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring funds for theacquisition of new properties and repayment of borrowings. The offer price was 430,950 yen per unit with an issue price of 415,480 yen per unit.
Note 2: The Investment Corporation undertook an additional issue of new investment units with an issue price of 415,480 yen per unit by way of thirdparty 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 3: The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring funds for theacquisition of new properties. The offer price was 478,725 yen per unit with an issue price of 461,540 yen per unit.
Note 4: The Investment Corporation undertook an additional issue of new investment units with an issue price of 461,540 yen per unit by way of thirdparty allotment for the purpose of using as funds for the future acquisition of specified assets or a portion of funds for the repayment ofborrowings.
Note 5: The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring funds for theacquisition of new properties and a portion of funds for the repayment of borrowings. The offer price was 614,250 yen per unit with an issue
price of 592,830 yen per unit.
Note 6: The Investment Corporation undertook an additional issue of new investment units with an issue price of 592,830 yen per unit by way of thirdparty allotment for the purpose of using as funds for the future acquisition of specified assets or a portion of funds for the repayment ofborrowings.
Note 7: The amounts stated in 1 million yen unit are truncated at less than 1 million yen.

- 29 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

4. Resignation/Appointment of the Director(1) Resignation/Appointment of the Director of the Investment Corporation
Not applicable(2) Resignation/Appointment of the Director of the Asset Management Company
Not applicable- 30 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

5. Reference Information(1) Component of Assets
Twenty-fourth Fiscal Period(as of April 30, 2017)
Asset Class

Type

Area

Tokyo Metropolitan Area

Office Buildings

Real Estate

Total Amount Held
(Millions of Yen)
(Note 1)
30,510

Other Regional Areas

Total for Office Buildings
Total for Real Estate
Office Buildings

Total Amount Held
(Millions of Yen)
(Note 1)
7.4
30,382Ratio(%) (Note 2)

Ratio(%) (Note 2)
7.3

12,7593.1

12,6533.0

43,26910.5

43,036

10.4

43,26910.5

43,036

10.4

Tokyo Metropolitan Area

251,498

61.3

249,084

60.0

Other Regional Areas

59,73914.6

61,207

14.8

Total for Office Buildings

311,23875.9

310,292

74.8

Tokyo Metropolitan Area

4,539

1.1

4,496

1.1

Total for Residential Property
Central Urban RetailTokyo Metropolitan Area
Properties
Total for Central Urban Retail Properties

4,539

1.1

4,496

1.1

21,3805.2

21,282

5.1

21,3805.2

21,282

5.1

Tokyo Metropolitan Area

2,973

0.7

2,973

0.7

Residential Property
Trust BeneficiaryInterest in Real Estate

Twenty-fifth Fiscal Period(as of October 31, 2017)

OthersTotal for Others
Total of Trust Beneficiary Interests in Real Estate
Investment Securities (Note 3)

2,973

0.7

2,973

0.7

340,13282.9

339,044

81.7

1,087

0.3

1,096

0.3

Bank Deposits and Other Assets

25,677

6.3

31,756

7.7

Total Assets

410,166

100.0

414,933

100.0

Note 1: “Total Amount Held” is the amount allocated in the balance sheets at the end of the fiscal period (figures are on a net book value basis after deducting
depreciation), and is rounded down to the nearest 1 million yen.
Note 2: “Ratio” is the ratio of the amount allocated in the balance sheets to the total assets, rounded to the first decimal place.
Note 3: Interests in a silent partnership operated by G.K. KRF 43 are indicated.
Twenty-fourth Fiscal Period(as of April 30, 2017)
Amount(Millions of Yen)

Twenty-fifth Fiscal Period(as of October 31, 2017)
AmountRatio(Millions of Yen)
(%)

Ratio
(%)

Total Liabilities

197,18048.1

202,082

48.7

Total Net Assets

212,98651.9

212,851

51.3

Total Assets

410,166

100.0

414,933

100.0(2) Details of Investment Assets① Major components of investment securities
Details of investment assets held by the Investment Corporation as of October 31, 2017 are as follows.

Name

Area

Interests in a silent partnership
operated by G.K. KRF 43(Note 3)Total

Domestic
Area

Number of
Asset Class
Units
Interests
in a silent
partnershipBook Value(Millions of Yen)

Appraisal Value(Millions of Yen)
(Note 1)

Ratio (%)
(Note 2)

Appraisal
profit/loss

Unit Price

AmountUnit Price

Amount

-

-

1,096

-

1,096

0.3

-

-

-

1,096

-

1,096

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: The asset under management is the trust beneficiary interest in real estate of Shinjuku Sanei Building.

- 31 -

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 Twenty-fifth Fiscal Period

Type

OfficeBuildings

Area

Tokyo
Metropolitan
Area

No.

Property Name

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

Direct Capitalization
MethodValue

Overall
Capitalization
Rate (%)

Discounted Cash Flow Method
Value

Terminal
Discount
Capitalization
Rate (%)
Rate (%)

Appraiser(Note 4)

Ratio(%)
(Note 5)A-1

KDX Nihonbashi 313 Building

5,940

5,838

6,740

7,000

3.9

6,630

3.7

4.1

B

1.5

A-3

Higashi-Kayabacho Yuraku Building

4,450

4,078

5,050

5,110

4.3

4,980

4.0

4.4

A

1.1

A-4

KDX Hatchobori Building

3,680

3,288

3,360

3,440

4.2

3,320

4.0

4.4

B

0.9

A-5

KDX Nakano-Sakaue Building

2,533

2,344

2,470

2,530

4.4

2,450

4.2

4.6

B

0.6

A-6

Harajuku F.F. Building

2,450

2,413

3,140

3,160

4.7

3,120

4.4

4.8

A

0.6

A-7

KDX Minami Aoyama Building

2,270

2,217

2,710

2,730

4.2

2,690

3.9

4.3

A

0.5

A-8

Kanda Kihara Building

1,950

1,780

1,680

1,740

4.2

1,650

4.0

4.4

B

0.4

A-13

KDX Kojimachi Building

5,950

5,527

4,980

5,010

3.8

4,940

3.5

3.9

A

1.5

A-14

KDX Funabashi Building

2,252

2,223

2,490

2,500

5.4

2,480

5.1

5.5

A

0.5

A-16

Toshin 24 Building

5,300

4,842

4,970

5,010

4.6

4,930

4.3

4.7

A

1.3

A-17

KDX Ebisu Building

4,640

4,402

4,970

4,980

4.1

4,960

3.7

4.2

A

1.1

A-19

KDX Hamamatsucho Building

3,460

3,063

3,400

3,510

3.9

3,350

3.7

4.1

B

0.8

A-20

KDX Kayabacho Building

2,780

2,702

2,620

2,630

4.5

2,610

4.1

4.6

A

0.7

A-21

KDX Shinbashi Building

3,728

3,745

4,600

4,640

3.8

4,560

3.5

3.9

A

0.9

A-22

KDX Shin-Yokohama Building

2,520

2,276

2,370

2,380

5.0

2,360

4.7

5.1

A

0.6

A-26

KDX Kiba Building

1,580

1,450

1,210

1,210

5.0

1,200

4.6

5.0

A

0.4

A-27

KDX Kajicho Building

2,350

2,258

2,260

2,330

4.3

2,230

4.1

4.5

B

0.5

A-29

KDX Higashi-Shinjuku Building

2,950

3,015

3,780

3,860

4.4

3,740

4.2

4.6

B

0.7

A-30

KDX Nishi-Gotanda Building

4,200

3,839

3,650

3,710

4.4

3,580

4.2

4.6

A

1.0

A-31

KDX Monzen-Nakacho Building

1,400

1,310

1,100

1,150

4.8

1,080

4.6

5.0

B

0.3

A-32

KDX Shiba-Daimon Building

6,090

5,975

4,950

4,980

4.3

4,910

4.0

4.4

A

1.5

A-33

KDX Okachimachi Building

2,000

2,036

2,020

2,070

4.3

2,000

4.1

4.5

B

0.5

A-34

KDX Hon-Atsugi Building

1,305

1,143

1,290

1,350

5.5

1,270

5.3

5.7

B

0.3

A-35

KDX Hachioji Building

1,155

1,209

1,120

1,110

5.2

1,120

5.0

5.4

B

0.2

A-37

KDX Ochanomizu Building

6,400

6,375

6,850

6,910

4.1

6,790

3.8

4.2

A

1.6

A-38

KDX Nishi-Shinjuku Building

1,500

1,520

1,450

1,460

4.5

1,440

4.2

4.6

A

0.3

A-41

KDX Shinjuku 286 Building

2,300

2,308

2,620

2,630

4.1

2,600

3.8

4.2

A

0.5

A-46

Hiei Kudan-Kita Building

7,600

7,460

7,900

8,120

3.9

7,810

3.7

4.1

B

1.9

A-48

KDX Kawasaki-Ekimae Hon-cho
Building

3,760

3,546

3,100

3,110

5.0

3,090

4.5

5.1

A

0.9

A-50

KDX Ikejiri-Oohashi Building

2,400

2,357

1,740

1,750

4.9

1,730

4.6

5.0

A

0.6

A-51

KDX Hamacho Nakanohashi Building

2,310

2,241

1,960

1,970

4.5

1,940

4.2

4.6

A

0.5

A-55

Shin-toshin Maruzen Building

2,110

2,086

1,680

1,700

4.4

1,650

4.0

4.6

A

0.5

A-56

KDX Jimbocho Building

2,760

2,867

2,360

2,370

4.4

2,350

4.0

4.5

A

0.7

A-59

KDX Iwamoto-cho Building

1,864

1,662

1,510

1,520

4.6

1,500

4.3

4.7

A

0.4

A-60

KDX Harumi Building

10,250

8,881

8,470

8,520

4.3

8,410

3.9

4.3

A

2.6

A-61

KDX Hamamatsucho Dai-2 Building

2,200

2,238

2,200

2,260

3.8

2,180

3.6

4.0

B

0.5

A-62

Koishikawa TG Building

3,080

3,000

3,460

3,480

4.3

3,430

4.0

4.4

A

0.7

A-63

KDX Gotanda Building

2,620

2,711

3,120

3,140

4.5

3,100

4.2

4.6

A

0.6

A-64

KDX Nihonbashi 216 Building

2,010

1,851

2,160

2,180

4.0

2,140

3.7

4.1

A

0.5

A-66

KDX Shinjuku Building

6,800

6,867

8,560

8,600

3.8

8,520

3.5

3.9

A

1.7

A-67

KDX Ginza 1chome Building

4,300

4,192

5,710

5,860

3.6

5,640

3.4

3.8

B

1.0

A-68

KDX Nihonbashi Honcho Building

4,000

3,934

4,660

4,800

4.0

4,600

3.8

4.2

B

1.0

A-71

KDX Iidabashi Building

4,670

4,535

5,490

5,670

4.1

5,410

3.9

4.3

B

1.1

A-72

KDX Higashi-Shinagawa Building

4,590

4,741

4,460

4,570

4.2

4,410

4.0

4.4

B

1.1

A-73

KDX Hakozaki Building

2,710

2,706

3,300

3,360

4.4

3,270

4.2

4.6

B

0.6

A-74

KDX Shin-Nihonbashi Building

2,300

2,078

2,820

2,870

3.8

2,800

3.6

4.0

B

0.5

- 32 -

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

Area

Tokyo
Metropolitan
Area

OfficeBuildings

Other
Regional
Areas

No.

Property Name

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

Direct Capitalization
MethodValue

Overall
Capitalization
Rate (%)

Discounted Cash Flow Method
Value

Terminal
Discount
Capitalization
Rate (%)
Rate (%)

Appraiser(Note 4)

Ratio(%)
(Note 5)

A-78

KDX Tachikawa Ekimae Building

1,267

1,329

1,620

1,620

5.2

1,610

4.9

5.3

A

0.3

A-83

KDX Fuchu Building

6,120

5,919

7,890

7,980

4.8

7,850

4.6

5.0

B

1.5

A-84

KDX Kasuga Building

2,800

2,728

3,630

3,650

4.3

3,600

4.0

4.4

A

0.7

A-85

KDX Nakameguro Building

1,880

1,860

2,680

2,710

4.4

2,660

4.2

4.6

B

0.4

A-86

KDX Omiya Building

2,020

2,169

2,850

2,880

5.0

2,840

4.8

5.2

B

0.5

A-87

Itopia Nihonbashi SA Building

2,200

2,237

2,660

2,670

4.3

2,650

4.1

4.5

B

0.5

A-88

KDX Shinjuku 6-chome Building

1,900

1,885

2,950

3,010

4.3

2,920

4.1

4.5

B

0.4

A-89

KDX Takanawadai Building

5,250

5,453

6,170

6,220

4.3

6,110

4.0

4.4

A

1.3

A-90

KDX Ikebukuro Building

3,900

3,707

4,810

4,890

4.0

4,780

3.8

4.2

B

0.9

A-91

KDX Mita Building

3,180

3,151

3,460

3,480

4.2

3,430

3.9

4.3

A

0.8

A-92

KDX Akihabara Building

2,600

2,544

3,090

3,120

4.1

3,060

3.8

4.2

A

0.6

A-93

KDX Iidabashi Square

4,350

4,947

5,680

5,780

4.0

5,630

3.8

4.2

B

1.1

A-94

KDX Musashi-Kosugi Building

12,00011,33814,90015,0004.3

14,800

4.0

4.4

A

3.0

A-95

KDX Toyosu Grand Square

8,666

8,184

9,240

9,500

4.6

9,130

4.4

4.8

B

2.2

A-96

KDX Takadanobaba Building

3,650

3,633

4,310

4,370

4.4

4,290

4.1

4.6

B

0.9

A-99

KDX Ikebukuro West Building

1,934

2,021

2,090

2,140

4.3

2,070

4.1

4.5

B

0.4

A-101 KDX Yokohama Building

7,210

7,603

8,440

8,730

4.4

8,310

4.2

4.6

B

1.8

A-102 KDX Yokohama Nishiguchi Building

2,750

2,723

3,140

3,190

4.5

3,120

4.3

4.7

B

0.6

A-103 KDX Shin-Yokohama 214 Building

2,200

2,226

2,390

2,400

5.0

2,370

4.7

5.1

A

0.5

A-107 KDX Ginza East Building

3,600

3,606

3,740

3,760

4.2

3,720

3.9

4.3

A

0.9

A-108 Pentel Building

3,350

3,568

3,793

3,896

3.9

3,741

3.7

4.1

B

0.8

A-109 KDX Hamamatsucho Center Building

3,950

4,031

4,300

4,500

3.8

4,210

3.6

4.0

B

1.0

A-112 KDX Toranomon 1Chome Building

15,55015,572

17,00017,1003.5

16,900

3.2

3.6

A

3.9

KDX Shin-Nihonbashi Ekimae
A-113
Building

3,829

3,957

4,070

4,110

3.9

4,030

3.6

4.0

A

0.9

A-114 KDX Nihonbashi Edo-dori Building

1,350

1,375

1,440

1,460

4.3

1,420

4.0

4.4

A

0.3

A-115 ARK Mori Building

4,169

4,190

4,430

4,600

3.7

4,360

3.5

3.9

B

1.0

KDX Nishi-Shinbashi Building
A-116(Note 6)

8,400

8,445

8,880

9,190

3.5

8,740

3.3

3.7

B

2.1

A-117 BR Gotanda

2,200

2,323

2,400

2,440

4.4

2,350

4.0

4.6

A

0.5

A-119 Shibuya 1717 Building

3,500

3,579

3,710

3,880

3.6

3,630

3.2

3.8

B

0.8

A-12

Portus Center Building

5,570

4,068

5,080

5,130

5.6

5,060

5.4

5.8

B

1.4

A-42

KDX Karasuma Building

5,400

5,112

5,240

5,330

4.8

5,200

4.6

5.0

B

1.3

A-44

KDX Sendai Building

2,100

1,968

1,860

1,870

5.4

1,850

5.4

5.6

B

0.5

A-53

KDX Hakata-Minami Building

4,900

4,519

4,070

4,080

6.0

4,050

5.7

6.1

A

1.2

A-54

KDX Kitahama Building

2,220

2,068

1,610

1,610

5.4

1,610

4.9

5.5

A

0.5

A-58

KDX Nagoya Sakae Building

7,550

6,730

5,260

5,380

4.5

5,210

4.3

4.7

B

1.9

A-69

KDX Kobayashi-Doshomachi Building

2,870

2,177

2,670

2,730

6.4

2,610

4.5

6.9

A

0.7

A-70

KDX Sapporo Building

2,005

1,948

2,400

2,500

4.9

2,360

4.7

5.1

B

0.5

A-79

KDX Nagoya Ekimae Building

7,327

8,027

9,170

9,220

4.3

9,120

4.0

4.4

A

1.8

A-82

KDX Higashi Umeda Building

2,770

2,502

3,650

3,730

4.4

3,610

4.2

4.6

B

0.7

A-97

KDX Utsunomiya Building

2,350

2,291

2,500

2,490

5.7

2,500

5.5

5.9

B

0.5

A-98

KDX Hiroshima Building

1,300

1,404

1,600

1,600

5.6

1,590

5.3

5.7

A

0.3

A-100 Senri Life Science Center Building

13,00012,826

13,30013,500

4.6

13,200

4.4

4.8

B

3.3

A-104 KDX Minami-Honmachi Building

2,200

2,080

2,900

2,900

4.5

2,890

4.2

4.6

A

0.5

A-106 KDX Sakura-dori Building

5,900

6,223

8,050

8,180

4.6

7,990

4.4

4.8

B

1.5

A-110 KDX Shin-Osaka Building

4,550

4,567

5,040

5,240

4.1

4,960

3.9

4.3

B

1.1

A-111 KDX Nagoya Nichigin-mae Building

3,500

3,526

3,980

4,030

4.4

3,930

4.1

4.5

A

0.8

A-118 Takeyama White Building

1,800

1,817

1,890

1,990

4.8

1,840

4.6

5.0

B

0.4

- 33 -

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

Area

No.

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

Property Name

Subtotal of Office Buildings (93 properties)
Residential
PropertyTokyo
Metropolitan
Area

B-19

Residence Charmante Tsukishima

Subtotal of Residential Property (1 property)
CentralUrban
RetailProperties

Tokyo
Metropolitan
Area

OthersValue

Discounted Cash Flow Method

Overall
Capitalization
Rate (%)

Value

Terminal
Discount
Capitalization
Rate (%)
Rate (%)

Appraiser(Note 4)

Ratio(%)
(Note 5)362,555

353,328

388,543394,776-

384,881

-

-

-

92.2

5,353

4,496

4,900

4,930

4.4

4,860

4.1

4.5

A

1.3

5,353

4,496

4,900

4,930

-

4,860

-

-

-

1.3

C-1

Frame Jinnan-zaka

9,900

9,234

11,100

11,2003.7

10,900

3.4

3.8

A

2.5

C-2

KDX Yoyogi Building (Note 7)

2,479

2,449

2,160

2,160

4.7

2,160

4.2

4.8

A

0.6

C-4

Ginza 4chome Tower (Note 7)

9,800

9,598

13,60013,7003.3

13,400

3.0

3.4

A

2.4

22,17921,282

26,86027,060-26,460

-

-

-

5.6

2,880

2,973

3,320

3,350

3.7

3,310

3.6

3.7

B

0.7

Subtotal of Central Urban Retail Properties (3 properties)
Tokyo
Metropolitan
Area

Direct Capitalization
MethodD-2

Shinjuku 6chome Building (Land)

Subtotal of Others Property (1 property)

2,880

2,973

3,320

3,350

-

3,310

-

-

-

0.7

Total of 98 properties

392,968

382,081423,623

430,116-

419,511

-

-

-

100.0

Note 1: Acquisition prices are the purchase prices for trust beneficiary interests or properties acquired by the Investment Corporation (excluding
acquisition costs, property tax, city planning tax, consumption tax, etc., rounded down to the nearest million yen.).
Note 2: Figures of less than 1 million are rounded down from the amounts on the balance sheet.
Note 3: Appraisal values at the end of fiscal period are based on the asset valuation method and standards outlined in the Investment Corporation’s
Articles of Incorporation and regulations formulated by the Investment Trusts Association, Japan. Appraisal values are transcribed fromvaluation reports prepared by Japan Real Estate Institute and Daiwa Real Estate Appraisal Co., Ltd.
Note 4: Appraisals of the properties were entrusted to two appraisers: Japan Real Estate Institute and Daiwa Real Estate Appraisal Co., Ltd. In the table,
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 firstdecimal place. The figures entered in the subtotal and total columns are those obtained by dividing the subtotal (total) of acquisition prices ofproperties corresponding to each subtotal and total column by the total acquisition price of the entire assets (98 properties).
Note 6: The Investment Corporation changed the property names for the following buildings. Same applies below.
No.
A-116

New Property NameKDX Nishi-Shinbashi Building

Old Property Name

Change of Date

Nishi-Shinbashi TS Building

August 1, 2017

Note 7: Following the change of Management Guidelines, a type of use and property No. of the properties as stated below have been chaged since December 1,
2017.
Property NameKDX Yoyogi Building
Ginza 4chome Tower

New Type of Use

Previous Type of Use

Office Buildings(Mid-size)
Office Buildings(Other)Central Urban
Retail Properties
Central Urban
Retail Properties- 34 -New Property No

Previous Property No.

A-120

C-2

A-121

C-4

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

B. Property Distribution
Distribution by Property TypesType

Number of
Properties

Acquisition Price(Millions of Yen)

Office Buildings

93

Residential Property
Central Urban Retail Properties
Others
Total

Ratio (Note)(%)

362,555

92.2

1

5,353

1.3

3

22,179

5.6

1

2,880

0.7

98

392,968

100.0

Geographic Distribution
Area

Number of
Properties

Acquisition Price(Millions of Yen)

Ratio (Note)(%)

Tokyo Metropolitan Area80

315,656

80.3

Other Regional Areas

18

77,31219.6

98392,968

100.0

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

Number of
Properties

Acquisition Price(Millions of Yen)

Less than 1,000-

1,000 - 2,500
2,500 - 5,000

Ratio (Note)
(%)
-

-

36

71,11218.0

38

134,52934.2

5,000 - 7,500

1484,61021.5

7,500 - 10,000

651,91613.2

10,000 - 12,500

222,2505.6

12,500 - 15,000

1

13,0003.3

15,000 - 17,500

1

15,5503.9

98392,968

100.0

Total

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

- 35 -

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(m2) (Note 1)

Usage(Note 2)

Total Floor Area(m2) (Note 3)

A-1

KDX Nihonbashi 313 Building

1,047.72

Offices

8,613.09

A-3

Higashi-Kayabacho Yuraku Building

773.43

Offices

5,916.48

A-4

KDX Hatchobori Building

992.20

Offices

4,800.43

A-5

KDX Nakano-Sakaue Building

1,235.16

A-6

Harajuku F.F. Building

699.67

A-7

KDX Minami Aoyama Building

369.47

A-8

Kanda Kihara Building

410.18

Offices

2,393.94

A-13

KDX Kojimachi Building

612.17

Offices, Retail Shops

5,323.81

A-14

KDX Funabashi Building

1,180.41

Offices, Retail Shops

5,970.12
8,483.17

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

6,399.42
3,812.44
1,926.98

A-16

Toshin 24 Building

1,287.16

Offices, Retail Shops
Parking

A-17

KDX Ebisu Building

724.22

Offices, Retail Shops

4,394.58
3,592.38
3,804.86

A-19

KDX Hamamatsucho Building

504.26

Offices, Retail Shops
Parking

A-20

KDX Kayabacho Building

617.17

Offices, Parking

A-21

KDX Shinbashi Building

536.11A-22

KDX Shin-Yokohama Building

705.00A-26

KDX Kiba Building

922.77

Offices, Parking

2,820.64

A-27

KDX Kajicho Building

526.43

Offices, Retail Shops

3,147.70
7,885.40

Offices, Retail Shops
Parking
Offices, Retail Shops
Parking

3,960.22
6,180.51

A-29

KDX Higashi-Shinjuku Building

1,340.97

Offices
Storage, Parking

A-30

KDX Nishi-Gotanda Building

684.41

Offices, Parking

5,192.87

A-31

KDX Monzen-Nakacho Building

580.99

Offices, Retail Shops

2,668.91

A-32

KDX Shiba-Daimon Building

1,188.28

Offices

7,824.03

A-33

KDX Okachimachi Building

239.72

Offices

1,882.00

A-34

KDX Hon-Atsugi Building

724.62

Offices, Retail Shops

3,603.63

A-35

KDX Hachioji Building

460.62A-37

KDX Ochanomizu Building

1,515.28

A-38

KDX Nishi-Shinjuku Building

626.06A-41

KDX Shinjuku 286 Building

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

2,821.21
7,720.08

Offices, Parking

2,017.63

421.70

Offices, Parking

3,432.04
11,425.31

A-46

Hiei Kudan-Kita Building

1,844.83

Offices, Retail Shops
Office Room
Parking, Storage

A-48

KDX Kawasaki-Ekimae Hon-cho Building

1,968.13

Offices

7,420.87

A-50

KDX Ikejiri-Oohashi Building

834.79

Offices

3,482.96

A-51

KDX Hamacho Nakanohashi Building

462.29

Offices

3,280.41
3,439.37

A-55

Shin-toshin Maruzen Building

457.64

Offices, Retail Shops
Parking

A-56

KDX Jimbocho Building

465.92

Offices

3,292.13
1,618.65

A-59

KDX Iwamoto-cho Building

266.86

Offices
Residential Complex

A-60

KDX Harumi Building

2,230.69

Offices, Retail Shops

12,694.32

A-61

KDX Hamamatsucho Dai-2 Building

368.28

Offices

2,478.90

A-62

Koishikawa TG Building

1,250.42 Offices, Clinic, Parking

5,862.02

A-63

KDX Gotanda Building

582.90

Offices, Garage

4,440.61

A-64

KDX Nihonbashi 216 Building

307.77

Offices

1,871.62
10,348.02

A-66

KDX Shinjuku Building

1,118.12

Offices, Retail Shops
Parking

A-67

KDX Ginza 1chome Building

678.24

Offices, Bank

4,724.62

A-68

KDX Nihonbashi Honcho Building

583.40

Offices, Parking

5,110.45- 36 -

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

SRC
B2F9
SRC
B1F9
SRC・RC
B1F8April 1974

7.32

January 1987

3.71

June 1993

3.74

SRC
B1F11

August 1992

3.72

November 1985

5.88

November 1988

6.34

May 1993

4.26

May 1994

2.34

April 1989

4.17

September 1984

6.05

January 1992

7.35

September 1999

4.86

October 1987

4.25

February 1992

4.44

September 1990

6.88

October 1992

4.70

March 1990

7.11

January 1990

6.03

November 1992

8.29

September 1986

3.83

July 1986

4.58

June 1988

4.00

May 1995

6.38

December 1985

7.53

August 1982

5.93

October 1992

10.39

August 1989

5.92

March 1988

4.33

February 1985

4.71

September 1988

6.75

September 1988

3.71

July 1990

5.99

May 1994

5.14

March 2008

5.00

February 2008

7.12

April 1992

3.78

November 1989

6.61

April 1988

8.30

October 2006

7.86

May 1993

2.01

November 1991

6.80

January 1984

4.48

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

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Type

Area

Tokyo
Metropolitan
Area

OfficeBuildings

Other
Regional
Areas

No.

Property Name

Site Area(m2) (Note 1)

Usage(Note 2)

Total Floor Area(m2) (Note 3)

A-71

KDX Iidabashi Building

967.38

Offices, Parking

5,422.64

A-72

KDX Higashi-Shinagawa Building

3,115.45

Offices

10,138.65

A-73

KDX Hakozaki Building

971.83

Offices, Parking

6,332.48
3,712.25

A-74

KDX Shin-Nihonbashi Building

444.32

Offices, Retail Shops
Parking

A-78

KDX Tachikawa Ekimae Building

464.95

Offices

2,896.48

A-83

KDX Fuchu Building

2,400.00

Offices, Parking

16,647.00

Offices, Retail Shops
Parking

6,444.31

Offices

3,455.90

A-84

KDX Kasuga Building

1,319.24

A-85

KDX Nakameguro Building

730.26

Offices, Retail Shops
Parking, Residence
Offices, Residence
Parking
Offices, Retail Shops,
Parking

A-86

KDX Omiya Building

775.67A-87

Itopia Nihonbashi SA Building

1,193.91

A-88

KDX Shinjuku 6-chome Building

1,072.03

A-89

KDX Takanawadai Building

2,547.15

A-90

KDX Ikebukuro Building

472.94

A-91

KDX Mita Building

548.72

A-92

KDX Akihabara Building

374.88Retail Shops, Office2,979.14

A-93

KDX Iidabashi Square

1,341.98

Offices, Parking

6,764.37

A-94

KDX Musashi-Kosugi Building

3,210.09

Offices, Retail Shops

16,094.14

A-95

KDX Toyosu Grand Square

20,403.07

Offices, Retail Shops

63,419.60

A-96

KDX Takadanobaba Building

1,511.58

Offices, Parking

6,576.07
3,477.86

OfficeOffices, Retail Shops
Parking
Offices, Retail Shops
Garage5,055.50
7,362.25
5,907.00
9,265.03
3,848.18
5,007.98

A-99

KDX Ikebukuro West Building

603.21

Offices, Retail Shops,
Parking

A-101

KDX Yokohama Building

2,499.38

Offices, Parking

15,894.75

A-102

KDX Yokohama Nishiguchi Building

1,029.45

Offices

6,556.59
6,478.89

A-103

KDX Shin-Yokohama 214 Building

998.00

Offices, Retail Shops,
GarageA-107

KDX Ginza East Building

1,216.99

Offices, Parking

6,413.60

Offices, Bank,
Residence

18,880.89

A-108

Pentel Building

2,502.63

A-109

KDX Hamamatsucho Center Building

835.83

Offices, Garage

3,981.69
11,212.05

A-112

KDX Toranomon 1Chome Building

1,564.12

Offices, Retail Shops
Parking

A-113

KDX Shin-Nihonbashi Ekimae Building

531.64

Offices, Parking

4,254.07

A-114

KDX Nihonbashi Edo-dori Building

252.89

Offices, Retail Shops

1,722.17

A-115

ARK Mori Building

39,602.42

Offices

177,486.95

A-116

KDX Nishi-Shinbashi Building

1,406.56

Offices, Garage

8,851.60

A-117

BR Gotanda

914.80

Offices, Parking

7,395.72

A-119

Shibuya 1717 Building

1,276.02

Offices

2,832.58

A-12

Portus Center Building

13,936.63

Offices, Retail Shops
Storage, Parking

79,827.08

A-42

KDX Karasuma Building

1,788.67

Offices

12,632.68

A-44

KDX Sendai Building

987.78

Offices

5,918.30

Offices, Retail Shops
Parking
Offices, Storage
Parking

A-53

KDX Hakata-Minami Building

1,826.25

A-54

KDX Kitahama Building

751.92

A-58

KDX Nagoya Sakae Building

1,192.22

Offices, Retail Shops

9,594.00

A-69

KDX Kobayashi-Doshomachi Building(Note 7)

1,561.04

Offices, Garage
Retail Shops

10,723.83

A-70

KDX Sapporo Building

819.44

Offices

5,503.90

A-79

KDX Nagoya Ekimae Building

1,354.10

Offices, Retail Shops

13,380.30

A-82

KDX Higashi Umeda Building

804.50A-97

KDX Utsunomiya Building

1,412.00

A-98

KDX Hiroshima Building

706.78 Offices, Parking Tower- 37 -

Offices, Retail Shops
Parking
Offices, Retail Shops
Parking

13,238.16
4,652.96

6,805.76
7,742.18
5,718.83

Type of Structure(Note 4)
SRC
B1F8
S・RC
B1F5
SRC
B1F10
S
B1F10
S
B1F8
SRC・S
B1F14
SRC
B1F10
SRC
F7
①S・SRC B1F8
②S F3
SRC
B1F10
SRC・RC
B2F10
SRC
B1F9
S・RC
B1F10
S・SRC
B3F11
SRC
B1F9
SRC
B1F8
S
B1F11
S
F11
SRC・RC
B2F7
SRC
F10
SRC・S
B1F11
SRC
B1F9
SRC
B1F8
SRC
B1F9
S・SRC
B3F14
SRC
F7
S・SRC
B1F11
SRC
B1F10
SRC
F8
RC・SRC・S
B4F37
SRC
B1F11
SRC・S
B2F11
S
F4
SRC・S
B2F25
SRC
B1F8
SRC
B1F10
SRC
B1F9
S
F10
S
F11
S・SRC
B1F12
SRC
B1F9
S・SRC
B2F15
S・SRC
B1F10
S・SRC
B1F10
SRC
B1F10

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

March 1990

4.49

January 1993

5.13

November 1993

4.42

November 2002

3.42

February 1990

2.19

March 1996

1.83

June 1992

7.43

October 1985

6.50

April 1993

4.40

July 1995

3.64

March 1990

6.11

October 1985

6.17

March 2009

3.78

March 1993

4.81

December 1973

4.47

January 1994

4.48

May 2013

8.11

April 2008

3.84

October 1988

6.06

July 1988

4.45

March 1994

8.44

October 1988

7.59

November 1989

4.72

August 1991

5.95

November 1990

6.22

December 1985

4.21

October 2013

7.93

May 1992

7.05

March 1985

4.55

March 1986

0.78

August 1992

5.99

September 1991

6.13

December 2003

7.64

September 1993

6.70

October 1982

3.88

February 1984

2.71

June 1973

0.93

July 1994

6.32

April 2009

1.12

July 2009

10.99

October 1989

0.41

April 1986

8.98

July 2009

6.11

February 1999

0.98

January 1990

6.98

KENEDIX OFFICE INVESTMENT CORPORATION (8972)
Type

Area

OfficeBuildings

Residential
Property

CentralUrban
RetailProperties

Other

Other
Regional
Areas

No.

Property Name

Usage
(Note 2)

Total Floor Area(m2) (Note 3)

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

A-100

Senri Life Science Center Building

5,911.08

A-104

KDX Minami-Honmachi Building

882.96A-106

KDX Sakura-dori Building

2,420.43

A-110

KDX Shin-Osaka Building

1,016.54

A-111

KDX Nagoya Nichigin-mae Building

732.14

Offices

5,862.22

A-118

Takeyama White Building

782.69

Offices

4,639.44---

Subtotal of Office Buildings (93 properties)
Tokyo
Metropolitan
B-19
Residence Charmante Tsukishima
Area
Subtotal of Residential Property (1 property)
Tokyo
Metropolitan
Area

Site Area(m2) (Note 1)

49,260.78
7,694.03
19,680.16
7,987.35

4,252.86

Residential Complex

18,115.39

-

-

-

1.34

December 2009

5.31

August 1992

10.49

May 1992

10.28

September 2006

9.67

September 1992

0.39

Avg. 23.7yrs-

January 2004

5.38

Avg. 13.8yrs-

March 2005

6.80

August 1991

4.55

November 2008

5.23

Avg. 12.4yrs

-

-

-

-

-

-

-

-

Avg. 22.9yrs

2.36

Retail Shops, Offices

6,302.58

C-2

KDX Yoyogi Building

228.74Retail Shops, Offices

1,269.06-

Retail Shops, Offices
Parking-

1,355.13-

688.52SRC
B1F10June 1992-

1,240.51

Ginza 4chome Tower

SRC・S
B3F21
S・RC
B1F12
S
B1F18
SRC
B1F11
S
B1F10
SRC・RC
B1F9
-

PML
(%)
(Note 6)-

Frame Jinnan-zaka

C-4Completion Date
(Note 5)

S・RC・SRC
B2F7
SRC
F8
S
B1F13
-

C-1

Subtotal of Central Urban Retail Properties (3 properties)
Tokyo
Metropolitan
D-2
Shinjuku 6chome Building (Land)
Area
Subtotal of Others Property (1 property)
Total of 98 properties

Type of Structure(Note 4)

6,787.33

Note 1: Site area data is based on figures recorded in the land register (including relevant figures for land leasehold, if any). Data may not match with theactual current status. In the case of buildings with compartmentalized ownership, the figure indicates the site area of the entire land subject to site
rights.
Note 2: Usage is based on data recorded in the land register. For buildings with compartmentalized ownership, the usage type of exclusively-owned area isshown.
Note 3: Total floor area is based on figures recorded in the land register and does not include related structures. The total floor area for the entire building isreported for compartmentalized ownership.
Note 4: Type of structure data is based on data recorded in the land register. For buildings with compartmentalized ownership, the structure and the number offloors of the entire building that includes the compartmentalized ownership is shown. The following abbreviations are used to report data relating tostructure and the number of floors:
SRC: Steel-Reinforced Concrete; RC: Reinforced Concrete; S: Steel Frame; B: Below Ground Level; F: Above Ground Level.
For example: B2F9: Two floors below ground level and nine floors above ground level.
Note 5: Completion date is the date of construction completion recorded in the land register. Average age subtotal and total data are calculated using theweighted-average based on acquisition prices as of October 31, 2017, and are rounded down to the first decimal place.
Note 6: Probable Maximum Loss (PML) data is based on a survey provided by Sompo Risk Management & Health Care Inc. as of November 2017.
Note 7: KDX Kobayashi Doshomachi Building includes the fixed term land leasehold 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 twenty-sixth fiscal period (November
1, 2017 to April 30, 2018) are as follows. Planned capital expenditure may include portions classified into expenses for accounting purposes as aresult.

Property Name
(Location)

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

PurposeSchedule

KDX Takanawadai Building(Minato-ku, Tokyo)

Renewal of air conditioning
system, etc.

November 2017
to April 2018

155

-

-

KDX Shinjuku 286 Building(Shinjuku-ku, Tokyo)

Upgrade of common area, etc.

As above91--

KDX Funabashi Building(Funabashi, Chiba)

Upgrade of common area, etc.

As above89--

KDX Omiya Building(Saitama, Saitama)

Upgrade of common area, etc.

As above83--

KDX Shinjuku Building(Shinjuku-ku, Tokyo)

Upgrade of common area, etc.

As above

68--

Renewal of electrical substationequipment, etc.

As above

57--

Renewal of central monitoring
system, etc.

As above

56--

Renewal of air conditioning
system, etc.

As above50--

KDX Hachioji Building(Hachioji, Tokyo)

Upgrade of common area, etc.

As above45--

KDX Ginza East Building(Chuo-ku, Tokyo)

Upgrade of common area, etc.

As above

42--

Itopia Nihonbashi SA Building(Chuo-ku, Tokyo)

Renovation of external wall,etc.

As above31--

KDX Kitahama Building(Osaka, Osaka)Renewal of air conditioning
system, etc.

As above

29--

Shin-toshin Maruzen Building(Shinjuku-ku, Tokyo)

Upgrade of common area, etc.

As above28--

KDX Shinjuku 6-chome Building(Shinjuku-ku, Tokyo)

Upgrade of common area, etc.

As above

19--

KDX Nagoya Ekimae Building(Nagoya, Aichi)
KDX Sakura-dori Building(Nagoya, Aichi)
Senri Life Science Center Building(Toyonaka, Osaka)

Note: The planned amounts 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, 2017)
The Investment Corporation undertook the following major capital expenditures. In the fiscal period under review (fiscal period ended October 31,2017), the Investment Corporation completed works across its entire portfolio totaling 953 million yen. The total construction cost amounted to
1,404 million yen including 451 million yen for repairs, maintenance and renovation expenses in the fiscal period under review.
Property Name
(Location)
KDX Takanawadai Building(Minato-ku, Tokyo)
KDX Yokohama Building(Yokohama, Kanagawa)
KDX Shin-Nihonbashi Ekimae Building(Chuo-ku, Tokyo)
KDX Nagoya Ekimae Building(Nagoya, Aichi)
Toshin 24 Building(Yokohama, Kanagawa)
BR Gotanda(Shinagawa-ku, Tokyo)

Amount of Capital Expenditures(Millions of Yen)

PurposeTerm

Renewal of air conditioning system, etc.

May 2017
to October 2017

122

Renovation of external wall, etc.

As above

112

Renewal of air conditioning system, etc.

As above

100

Renovation of external wall, etc.

As above

89

Renovation of external wall, etc.

As above

57

Renewal of air conditioning system, etc.

As above

34

Others435

Portfolio Total

953

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 andallocates a portion of its cash flow 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 flow.
(Millions of Yen)

Fiscal period

Twenty-first
Fiscal Period(May 1, 2015 to
October 31, 2015)

Twenty-second
Fiscal Period(November 1, 2015 toApril 30, 2016)

Twenty-third
Fiscal Period(May 1, 2016 to
October 31, 2016)

Twenty-fourthFiscal Period(November 1, 2016 toApril 30, 2017)

Twenty-fifth
Fiscal Period(May 1, 2017 to
October 31, 2017)

Balance at the beginningof the period

465

-

-

-

-

Reserve for the period

-

-

-

-

-

Reversal of reserve forthe period

465

-

-

-

-

Balance brought forward
to the next period

-

-

-

-

-

Note: The Investment Corporation has decided not to reserve amount for repairs, maintenance and renovation expenses since the twenty-first fiscal period
because they are covered within the scope of the cash flow in each period.

- 40 -

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

OfficeBuildings

Area

Tokyo
Metropolitan
Area

No.

Property Name

Total Leasable
Floor Area(m2)
(Note 1)

Total Leased
Floor Area(m2)
(Note 2)

No. ofNo. ofOccupancy Rental and Other
Tenant Leasehold andLeasable
LeasedNo. ofRate
Operating Revenues
Security Deposits
Residential Residential Tenants(%)(Thousands of Yen)
(Thousands of Yen)
Units
Units
(Note 5)(Note 6)(Note 7)(Note 8)(Note 3)(Note 4)A-1

KDX Nihonbashi 313 Building

5,777.19

5,777.19

-

-

15

100.0

156,383

262,728

A-3

Higashi-Kayabacho Yuraku Building

4,379.66

4,379.66

-

-

7

100.0

140,643

217,047

A-4

KDX Hatchobori Building

3,323.14

3,323.14

-

-

4

100.0

108,594

109,783

A-5

KDX Nakano-Sakaue Building

4,386.18

4,233.60

18

16

23

96.5

88,88596,742

A-6

Harajuku F.F. Building

3,071.15

3,071.15

-

-

2

100.0

103,203

141,704

A-7

KDX Minami Aoyama Building

1,815.19

1,815.19

-

-

8

100.0

80,661

93,426

A-8

Kanda Kihara Building

1,947.80

1,947.80

-

-

11

100.0

52,883

97,689A-13

KDX Kojimachi Building

3,719.18

3,719.18

-

-

9

100.0

144,615

204,348

A-14

KDX Funabashi Building

3,852.23

3,510.22

-

-

19

91.1

103,256

123,034

A-16

Toshin 24 Building

6,621.19

6,233.34

-

-

20

94.1

175,672

243,053

A-17

KDX Ebisu Building

3,072.34

3,072.34

-

-

6

100.0

149,293251,269

A-19

KDX Hamamatsucho Building

2,724.35

2,724.35

-

-

9

100.0

99,951

132,636

A-20

KDX Kayabacho Building

3,019.93

3,019.93

-

-

7

100.0

88,499104,501

A-21

KDX Shinbashi Building

2,803.79

2,803.79

-

-

8

100.0

131,225

175,050

A-22

KDX Shin-Yokohama Building

4,776.90

4,776.90

-

-

22

100.0

91,281

126,708

A-26

KDX Kiba Building

2,455.49

2,455.49

-

-

6

100.0

46,31653,853

A-27

KDX Kajicho Building

2,564.79

2,564.79

-

-

10

100.0

74,445

88,135A-29

KDX Higashi-Shinjuku Building

5,859.92

5,859.92

-

-

6

100.0

140,726

123,027

A-30

KDX Nishi-Gotanda Building

3,883.04

3,883.04

-

-

12

100.0

106,260

140,550

A-31

KDX Monzen-Nakacho Building

2,008.74

2,008.74

-

-

7

100.0

44,77547,451A-32

KDX Shiba-Daimon Building

5,997.36

5,997.36

-

-

9

100.0

161,604

220,651

A-33

KDX Okachimachi Building

1,792.54

1,792.54

-

-

2

100.0

68,197110,237

A-34

KDX Hon-Atsugi Building

2,747.66

2,140.34

-

-

12

77.9

41,49862,196A-35

KDX Hachioji Building

2,165.20

2,165.20

-

-

10

100.0

46,85456,738A-37

KDX Ochanomizu Building

5,891.49

5,891.49

-

-

8

100.0

185,391

267,211

A-38

KDX Nishi-Shinjuku Building

1,593.59

1,593.59

-

-

9

100.0

46,251

70,618A-41

KDX Shinjuku 286 Building

2,446.12

2,446.12

-

-

7

100.0

81,103

100,498

A-46

Hiei Kudan-Kita Building

6,908.84

6,908.84

-

-

14

100.0

259,308

333,316

A-48

KDX Kawasaki-Ekimae Hon-cho
Building

5,126.69

5,126.69

-

-

1

100.0

104,884

155,622A-50

KDX Ikejiri-Oohashi Building

2,460.56

2,460.56

-

-

7

100.0

69,04095,393A-51

KDX Hamacho Nakanohashi
Building

2,238.01

2,238.01

-

-

9

100.0

67,872

93,611

A-55

Shin-toshin Maruzen Building

1,912.27

1,589.09

-

-

5

83.1

40,53964,300A-56

KDX Jimbocho Building

2,323.44

2,323.44

-

-

6

100.0

34,55399,304A-59

KDX Iwamoto-cho Building

1,529.79

1,529.79

3

3

9

100.0

44,92161,543

A-60

KDX Harumi Building

9,294.00

9,294.00

-

-

11

100.0

217,998

335,418

A-61

KDX Hamamatsucho Dai-2 Building

1,954.23

1,954.23

-

-

8

100.0

64,383100,001

A-62

Koishikawa TG Building

3,937.42

3,937.42

-

-

4

100.0

129,623

156,671

A-63

KDX Gotanda Building

3,157.04

3,157.04

-

-

10

100.0

98,068133,355

A-64

KDX Nihonbashi 216 Building

1,615.20

1,615.20

-

-

8

100.0

57,005

108,857

A-66

KDX Shinjuku Building

5,836.68

5,627.86

-

-

20

96.4

243,709

325,552

A-67

KDX Ginza 1chome Building

3,573.59

3,573.59

-

-

4

100.0

148,987

189,816

A-68

KDX Nihonbashi Honcho Building

3,998.39

3,998.39

-

-

8

100.0

137,231212,913A-71

KDX Iidabashi Building

4,429.25

4,429.25

-

-

5

100.0

161,353242,500

A-72

KDX Higashi-Shinagawa Building

7,117.97

7,117.97

-

-

5

100.0

147,625

221,718

A-73

KDX Hakozaki Building

3,992.60

3,992.60

-

-

8

100.0

115,135

157,061

A-74

KDX Shin-Nihonbashi Building

2,658.79

2,658.79

-

-

8

100.0

87,701

127,848

A-78

KDX Tachikawa Ekimae Building

1,612.13

1,612.13

-

-

5

100.0

66,297

90,913A-83

KDX Fuchu Building

10,151.48

10,057.90

-

-

39

99.1

287,320

371,130

A-84

KDX Kasuga Building

4,345.13

4,345.13

-

-

14

100.0

127,803150,693

A-85

KDX Nakameguro Building

2,726.69

2,726.69

-

-

5

100.0

90,977

128,702- 41 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Type

Area

Tokyo
Metropolitan
Area

OfficeBuildings

Other
Regional
Areas

No.

Property Name

Residential
PropertyTokyo
Metropolitan
Area

No. ofNo. ofOccupancy Rental and Other
Tenant Leasehold andLeasable
LeasedNo. ofRate
Operating Revenues
Security Deposits
Residential Residential Tenants(%)(Thousands of Yen)
(Thousands of Yen)
Units
Units
(Note 5)(Note 6)(Note 7)(Note 8)(Note 3)(Note 4)KDX Omiya Building

3,814.00

3,814.00

1

1

18

100.0

118,460

185,555

A-87

Itopia Nihonbashi SA Building

3,106.42

3,106.42

8

8

14

100.0

88,665

121,549

A-88

KDX Shinjuku 6-chome Building

4,037.44

4,037.44

-

-

7

100.0

105,074

87,374A-89

KDX Takanawadai Building

6,951.88

6,537.12

-

-

7

94.0

207,094

246,270

A-90

KDX Ikebukuro Building

3,110.71

3,110.71

-

-

10

100.0

136,070

208,888

A-91

KDX Mita Building

3,331.61

3,331.61

-

-

12

100.0

114,145

154,350

A-92

KDX Akihabara Building

2,289.27

2,289.27

-

-

7

100.0

84,971

97,151A-93

KDX Iidabashi Square

4,571.92

4,571.92

-

-

7

100.0

185,715

288,959

A-94

KDX Musashi-Kosugi Building

12,978.52

12,978.52

-

-

9

100.0

442,594661,244

A-95

KDX Toyosu Grand Square

11,797.85

11,557.40

-

-

13

98.0

314,432

462,936

A-96

KDX Takadanobaba Building

4,585.47

4,218.22

-

-

10

92.0

142,021

166,457

A-99

KDX Ikebukuro West Building

2,553.96

2,553.96

-

-

7

100.0

70,36659,258A-101 KDX Yokohama Building

10,932.12

10,932.12

-

-

27

100.0

284,507351,027

A-102 KDX Yokohama Nishiguchi Building

4,981.07

4,981.07

-

-

14

100.0

124,015

163,501

A-103 KDX Shin-Yokohama 214 Building

4,613.45

4,613.45

-

-

17

100.0

87,891

130,539

A-107 KDX Ginza East Building

4,400.92

4,400.92

-

-

12

100.0

87,391

146,750

A-108 Pentel Building

4,346.66

4,346.66

5

5

10

100.0

138,375

184,352

A-109 KDX Hamamatsucho Center Building

3,052.73

3,052.73

-

-

8

100.0

101,157

129,997

A-112 KDX Toranomon 1Chome Building

8,179.00

8,179.00

-

-

4

100.0

414,788664,950

KDX Shin-Nihonbashi Ekimae
A-113
Building

3,284.79

3,284.79

-

-

11

100.0

98,367

146,496

A-114 KDX Nihonbashi Edo-dori Building

1,505.28

1,505.28

-

-

8

100.0

19,85847,124100.0

N / A (Note 10)

N / A (Note 10)

A-115 ARK Mori Building

2,442.60

2,442.60-

1(Note 9)A-116 KDX Nishi-Shinbashi Building

5,734.79

5,734.79

-

-

9

100.0

221,103

290,006

A-117 BR Gotanda

3,469.21

3,469.21

-

-

5

100.0

113,986

136,387

A-119 Shibuya 1717 Building

2,205.16

2,205.16

-

-

1

100.0

40,362

68,607

A-12

Portus Center Building

11,582.42

11,582.42

-

-

30

100.0

304,602366,234

A-42

KDX Karasuma Building

8,743.97

8,451.19

-

-

37

96.7

210,647

289,449

A-44

KDX Sendai Building

3,962.23

3,962.23

-

-

32

100.0

93,672

177,799

A-53

KDX Hakata-Minami Building

9,813.85

9,766.20

-

-

51

99.5

188,009

254,804

A-54

KDX Kitahama Building

4,001.87

3,568.10

-

-

12

89.2

65,91385,919A-58

KDX Nagoya Sakae Building

6,923.12

6,923.12

-

-

16

100.0

188,264

223,746

A-69

KDX Kobayashi-Doshomachi
Building

7,072.23

7,072.23

-

-

12

100.0

193,986

255,039A-70

KDX Sapporo Building

3,788.51

3,788.51

-

-

21

100.0

84,848112,498

A-79

KDX Nagoya Ekimae Building

7,903.84

7,903.84

-

-

18

100.0

333,161

515,796

A-82

KDX Higashi Umeda Building

4,986.24

4,762.89

-

-

6

95.5

142,633

102,932

A-97

KDX Utsunomiya Building

5,306.77

5,306.77

-

-

24

100.0

129,008

148,945

A-98

KDX Hiroshima Building

3,994.52

3,994.52

-

-

22

100.0

76,552

105,478

A-100 Senri Life Science Center Building

17,204.09

17,161.81

-

-

61

99.8

679,374

896,052

A-104 KDX Minami-Honmachi Building

5,285.95

5,285.95

-

-

22

100.0

107,500

157,281

A-106 KDX Sakura-dori Building

12,318.09

12,318.09

-

-

34

100.0

335,659

462,639

A-110 KDX Shin-Osaka Building

5,977.39

5,977.39

-

-

17

100.0

148,941

149,144

A-111 KDX Nagoya Nichigin-mae Building

4,361.33

4,361.33

-

-

15

100.0

100,930

153,164

A-118 Takeyama White Building

3,319.16

3,319.16

-

-

12

100.0

41,561

72,811

436,418.76

432,241.13

35

33

1,171

99.0

12,835,230

17,622,062

7,711.14

7,711.14

140

140

1
(Note 11)100.0

146,982

45,721

7,711.14

7,711.14

140

140

1

100.0

146,982

45,721

292,247

289,324

B-19

Residence Charmante Tsukishima

Subtotal of Residential Property (1 property)
CentralUrban Retail
Properties

Total Leased
Floor Area(m2)
(Note 2)

A-86

Subtotal of Office Buildings (93 properties)
Tokyo
Metropolitan
Area

Total Leasable
Floor Area(m2)
(Note 1)

C-1

Frame Jinnan-zaka

4,646.65

4,484.80

-

-

12

96.5

C-2

KDX Yoyogi Building

1,176.25

1,176.25

-

-

11

100.0

69,416

106,020

C-4

Ginza 4chome Tower

5,624.23

5,624.23

-

-

4

100.0

262,376

349,198

11,447.13

11,285.28

-

-

27

98.6

624,041

744,543

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

KENEDIX OFFICE INVESTMENT CORPORATION (8972)

Type

Area

No.

Property Name

OthersTokyo
Metropolitan
Area

D-2

Shinjuku 6Chome Building (Land)

Subtotal of Others Property (1 property)
Total of 98 properties

Total Leasable
Floor Area(m2)
(Note 1)

Total Leased
Floor Area(m2)
(Note 2)

No. ofNo. ofOccupancy Rental and Other
Tenant Leasehold andLeasable
LeasedNo. ofRate
Operating Revenues
Security Deposits
Residential Residential Tenants(%)(Thousands of Yen)
(Thousands of Yen)
Units
Units
(Note 5)(Note 6)(Note 7)(Note 8)(Note 3)(Note 4)

1,355.13

1,355.13

-

-

1

100.0

68,12856,7701,355.13

1,355.13

-

-

1

100.0

68,12856,7701,200173(Note 12)99.1

13,674,383

18,469,097

456,932.16

452,592.68

175

Occupancy Rate over the Past Five Years
April 30, 2013

93.9%

October 31, 2013

95.8%

April 30, 2014

96.0%

October 31, 2014

95.6%

April 30, 2015

96.5%

October 31, 2015

94.9%

April 30, 2016

96.9%

October 31, 2016

96.9%

April 30, 2017

97.9%

October 31, 2017

99.1%

Note 1: Total leasable floor area refers to the leasable floor area for a building (aggregate total of the leasable floor area of each building in the case of
more than one building), excluding land (including land for one-story parking) identified in lease agreements or construction completion plans,
etc. However, the indicated figure of rentable area for Pentel Building includes rentable area for land stated in the lease agreement. The indicatedfigure of rentable area for Shinjuku 6chome 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 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 number of leased residential units refers to the number of residential units among leasable residential units for which lease agreements withend tenants or sub-lease agreements are signed.
Note 5: The number of tenants refers to the actual number of end tenants for each property.
Note 6: Occupancy rate is calculated by dividing leased floor area by total leasable floor area. Figures are rounded to the nearest first decimal place.
Note 7: Rental and other operating 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 thousand yen.
(Reference)
The Current Rental and Other Operating Revenues of the Properties Sold During the Fiscal Period Under Review
Rental and Other Operating Revenues
Type
No.
Property Name
(Thousands of Yen)
Office Buildings
A-47
KDX Shin-Yokohama 381 Building
166,103
Note 8: Tenant leasehold and security deposits refer to the total of the balances of security deposits held (including net security deposits in the case of
discount) and guarantee deposits, both identified in lease agreements or sub-lease agreements, with the figure rounded down to the nearest
thousand yen.
Note 9: ARK Mori Building: Because we have concluded a rental guarantee (fixed-rent period: until December 1, 2018) building lease agreement and aproperty management agreement (term of contract: to December 28, 2026) with Mori Building Co., Ltd., a master lessee, the total number oftenants is indicated as 1.
Note 10: Figures are not disclosed because the company that is a master lessee and a property manager has not given consent.
Note 11: Residence Charmante Tsukishima: Because we have concluded a rental guarantee (fixed-rent period: until January 31, 2019) fixed-termbuilding lease agreement (term of contract: to January 30, 2029) with Sekiwa Real Estate, Ltd., a master lessee, the total number of tenants isindicated as 1.
Note 12: The number presented does not reflect the adjustment for end-tenants who are overlapping in multiple properties.
(d) Information concerning major real estate properties
There were no major real estate properties with rental and other operating revenues exceeding 10% of total rental and other operating revenues for thetwenty-fifth fiscal period (fiscal period ended October 31, 2017).

- 43 -

KENEDIX OFFICE INVESTMENT CORPORATION (8972)(e) Information concerning major tenants① Tenant which holds more than 10% of the total leased area: Not applicable② Reference: Major end tenants

Name of End Tenant

Property Name(As of October 31, 2017)
Leased Floor Percentage of Total Leased
Area (m2)
Floor Area (Note 1)
7,711.14
1.7%

1 Sekiwa Real Estate, Ltd.

Residence Charmante Tsukishima

2 N / A (Note 2)

KDX Kawasaki-Ekimae Hon-cho Building

5,126.69

1.1%

3 N / A (Note 2)

KDX Musashi-Kosugi Building, KDX Hiroshima Building

4,856.75

1.1%

4 ADK Arts Inc.

KDX Toranomon 1Chome Building

4,719.91

1.0%

5 JASTEC Co., Ltd.

KDX Takanawadai Building

4,312.83

1.0%

Subtotal

26,727.32

5.9%

Total Portfolio

452,592.68

100.0%

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 arerounded to the nearest first decimal place.
Note 2: Not disclosed because the tenants have not given consents.

- 44 -

【Reference】

Earnings Performance for the Individual Properties for the 25th Fiscal Period (May 1, 2017 to October 31, 2017)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A001

Property NameKDX Nihonbashi
313 Building

Acquisition Date
Price Information

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

A003

A004

A005

HigashiKDX Hatchobori KDX NakanoKayabacho
Building
Sakaue Building
Yuraku Building※As of October 31, 2017

A006

A007

A008

A013

A014

A016

A017

A019

A020

A021

Harajuku F.F.
Building

KDX Minami
Aoyama Building

Kanda Kihara
Building

KDX Kojimachi
Building

KDX Funabashi
Building

Toshin 24
Building

KDX Ebisu
Building

KDX
Hamamatsucho
Building

KDX Kayabacho
Building

KDX Shinbashi
Building

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 May 1, 2006 May 1, 2006 May 1, 2006 May 1, 2006 May 1, 2006
5,940
4,450
3,680
2,533
2,450
2,270
1,950
5,950
2,252
5,300
4,640
3,460
2,780
3,728
1.5%
1.1%
0.9%
0.6%
0.6%
0.6%
0.5%
1.5%
0.6%
1.3%
1.2%
0.9%
0.7%
0.9%
5,838
4,078
3,288
2,344
2,413
2,217
1,780
5,527
2,223
4,842
4,402
3,063
2,702
3,745
6,740
5,050
3,360
2,470
3,140
2,710
1,680
4,980
2,490
4,970
4,970
3,400
2,620
4,600
1.6%
1.2%
0.8%
0.6%
0.7%
0.6%
0.4%
1.2%
0.6%
1.2%
1.2%
0.8%
0.6%
1.1%
15
7
4
23
2
8
11
9
19
20
6
9
7
8
5,777.19
4,379.66
3,323.14
4,386.18
3,071.15
1,815.19
1,947.80
3,719.18
3,852.23
6,621.19
3,072.34
2,724.35
3,019.93
2,803.79
5,777.19
4,379.66
3,323.14
4,233.60
3,071.15
1,815.19
1,947.80
3,719.18
3,510.22
6,233.34
3,072.34
2,724.35
3,019.93
2,803.79

Occupancy rate
Lease Information

As of October 31, 2017
As of April 30, 2017
As of October 31, 2016
As of April 30, 2016
As of October 31, 2015
As of April 30, 2015
As of October 31, 2014
As of April 30, 2014
As of October 31, 2013
As of April 30, 2013
Operating periods

Profit and Loss Information for the 25th Fiscal Period①Rental and other operating revenues (thousands of yen)

Rental revenues
Other operating revenues②Property-related expenses (thousands of yen)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③NOI （＝①-②） (thousands of yen)
④Depreciation (thousands of yen)
⑤Rental operating income （＝③-④） (thousands of yen)

⑥Capital expenditures (thousands of yen)
⑦NCF （＝③-⑥） (thousands of yen)
Expense ratio （＝②／①）
Property tax for the year 2017 (thousands of yen)

Reference

Property management fee (Leasing management fees) of ② (thousands of yen)

Reference： Percentage of rental and other operating revenues

100.0%
82.5%
94.6%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
99.7%
184days
156,383
138,268
18,11455,072
14,042
20,79013,183
3,431
224
3,401
101,31128,32972,981
7,318
93,99235.2%
41,5725,259
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
89.1%
184days
140,643
122,958
17,68541,681
12,508
9,017
10,401
8,293
153
1,306
98,961
26,84072,121
4,756
94,205
29.6%
18,0354,889
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
93.1%
100.0%
100.0%
100.0%
100.0%
184days
108,594
93,427
15,166
36,666
10,899
8,659
7,319
8,379
135
1,273
71,92819,46552,462
5,145
66,78333.8%
17,318
3,684
3.4%

96.5%
98.3%
94.8%
91.7%
94.8%
96.5%
95.2%
100.0%
100.0%
100.0%
184days
88,885
74,112
14,77334,339
9,187
7,617
7,936
5,447
169
3,982
54,545
16,19838,347
8,624
45,921
38.6%
15,2342,927
3.3%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
103,203
96,0807,123
23,323
6,623
8,078
4,894
1,596
103
2,027
79,88010,977
68,902
1,365
78,515
22.6%
16,1563,736
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
80,66173,542
7,118
30,973
5,083
5,745
5,353
10,37356
4,360
49,688
7,048
42,6408,706
40,982
38.4%
11,4912,660
3.3%

100.0%
100.0%
100.0%
100.0%
100.0%
88.2%
76.2%
88.0%
76.2%
86.5%
184days
52,88347,988
4,894
15,722
5,044
4,057
4,147
937
59
1,475
37,1608,365
28,794920
36,240
29.7%
8,115
1,837
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
144,615
125,544
19,07042,606
9,694
17,142
10,791
4,118
154
705
102,008
19,81882,190102,008
29.5%
34,283
5,033
3.5%

91.1%
100.0%
100.0%
100.0%
95.6%
99.8%
96.5%
100.0%
100.0%
100.0%
184days
103,256
90,214
13,042
33,484
12,925
7,300
8,933
4,007
170
148
69,772
19,59550,177
15,26954,50332.4%
14,604
3,531
3.4%

94.1%
97.1%
100.0%
100.0%
100.0%
97.4%
94.1%
94.4%
91.1%
100.0%
184days
175,672
145,981
29,69056,64914,054
12,336
16,794
12,278259
926
119,02236,92482,09857,82861,19332.2%
24,6726,014
3.4%

100.0%
100.0%
100.0%
83.4%
100.0%
100.0%
100.0%
100.0%
83.4%
100.0%
184days
149,293
132,927
16,36534,897
10,061
11,102
9,251
2,188
136
2,157
114,395
19,804
94,590
1,732
112,663
23.4%
22,2045,381
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
99,951
90,925
9,026
25,114
7,428
9,024
5,787
764
102
2,006
74,837
10,38264,455
470
74,36725.1%
18,0493,567
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
84.9%
84.9%
84.9%
100.0%
100.0%
184days
88,49979,4299,069
25,882
7,285
6,375
6,783
4,352
106
980
62,616
17,40345,212
1,407
61,20929.2%
12,7503,083
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
86.8%
100.0%
100.0%
184days131,225
121,993
9,232
32,9259,379
15,886
6,296
662
113
588
98,30010,502
87,79798,30025.1%
31,7724,684
3.6%

318,440
26,536

159,300
13,275

141,890
11,824

164,530
13,710204,340
17,02897,6708,139

79,020
6,585

161,000
13,416180,238
15,019309,328
25,777232,159
19,346

163,222
13,601

198,294
16,524

133,340
11,111Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yrs (thousands of yen)

Reference：Amount of yearly avg.

Properties are shown in order of property number with respect to each type and location.

- 45 -

【Reference】

Earnings Performance for the Individual Properties for the 25th Fiscal Period (May 1, 2017 to October 31, 2017)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A022

A026

A027

Property NameKDX ShinYokohama
Building

KDX Kiba
Building

KDX Kajicho
Building

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

July 3, 2006

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

Acquisition Date

May 1, 2006 June 20, 2006

Price Information

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

A029

A030

A031

A032

※As of October 31, 2017

A033

A034

A035

A037

A038

A041

A046

KDX
Okachimachi
Building

KDX Hon-Atsugi
Building

KDX Hachioji
Building

KDX
Ochanomizu
Building

KDX NishiShinjuku Building

KDX Shinjuku
286 Building

Hiei Kudan-Kita
Building

April 2, 2007 April 2, 2007

June 1, 2007 February 1, 2008

2,520
0.6%
2,276
2,370
0.6%
22
4,776.90
4,776.90

1,580
0.4%
1,450
1,210
0.3%
6
2,455.49
2,455.49

2,350
0.6%
2,258
2,260
0.5%
10
2,564.79
2,564.79

2,950
0.8%
3,015
3,780
0.9%
6
5,859.92
5,859.92

4,200
1.1%
3,839
3,650
0.9%
12
3,883.04
3,883.04

1,400
0.4%
1,310
1,100
0.3%
7
2,008.74
2,008.74

6,090
1.5%
5,975
4,950
1.2%
9
5,997.36
5,997.36

2,000
0.5%
2,036
2,020
0.5%
2
1,792.54
1,792.54

1,305
0.3%
1,143
1,290
0.3%
12
2,747.66
2,140.34

1,155
0.3%
1,209
1,120
0.3%
10
2,165.20
2,165.20

6,400
1.6%
6,375
6,850
1.6%
8
5,891.49
5,891.49

1,500
0.4%
1,520
1,450
0.3%
9
1,593.59
1,593.59

2,300
0.6%
2,308
2,620
0.6%
7
2,446.12
2,446.12

7,600
1.9%
7,460
7,900
1.9%
14
6,908.84
6,908.84

100.0%
99.6%
89.1%
78.7%
83.3%
87.2%
97.5%
94.1%
92.9%
92.9%
184days
91,281
78,37812,90332,231
8,352
6,433
8,537
7,800
165
943
59,05023,18335,866
8,269
50,78035.3%
12,842
3,067
3.4%

100.0%
100.0%
88.1%
88.1%
76.1%
76.1%
88.1%
88.1%
100.0%
100.0%
184days
46,316
39,682
6,633
18,535
4,834
4,719
4,162
4,238
76
505
27,78011,965
15,814
1,417
26,362
40.0%
9,438
1,512
3.3%

100.0%
100.0%
100.0%
100.0%
93.5%
97.5%
100.0%
100.0%
100.0%
100.0%
184days
74,44565,4808,965
23,631
6,667
5,351
5,885
5,100
85
540
50,813
12,60038,213850
49,96331.7%
10,7032,556
3.4%

100.0%
100.0%
100.0%
100.0%
87.3%
87.3%
100.0%
100.0%
100.0%
100.0%
184days
140,726
122,874
17,85150,443
13,12813,653
14,180
7,871
223
1,387
90,282
20,621
69,66090,28235.8%
27,3054,714
3.4%

100.0%
100.0%
74.8%
47.4%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
106,260
85,622
20,63732,201
8,804
9,040
11,060
2,777
144
373
74,05829,227
44,8301,931
72,12730.3%
18,0783,679
3.5%

100.0%
100.0%
100.0%
100.0%
84.3%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
44,77536,023
8,752
13,518
4,190
3,109
5,543
369
69
235
31,257
9,555
21,701
2,499
28,758
30.2%
6,215
1,551
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
92.9%
79.1%
184days
161,604
145,728
15,87549,787
13,862
11,483
13,819
6,128
182
4,310
111,816
31,27880,537
111,81630.8%
22,9655,580
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
68,19758,6139,584
15,458
5,699
2,871
4,880
353
51
1,602
52,7388,153
44,58452,738
22.7%
5,742
2,468
3.6%

77.9%
100.0%
96.7%
96.7%
96.7%
94.3%
100.0%
100.0%
89.0%
95.7%
184days
41,49834,6406,858
18,777
5,741
3,617
4,467
2,593
101
2,255
22,72013,087
9,632
6,772
15,948
45.2%
7,235
1,310
3.2%

100.0%
90.1%
85.5%
85.5%
72.7%
72.7%
72.7%
100.0%
100.0%
100.0%
184days
46,85438,286
8,567
16,383
4,746
4,048
4,422
1,755
72
1,338
30,471
10,97819,492
8,988
21,482
35.0%
8,097
1,578
3.4%

100.0%
90.2%
100.0%
96.4%
96.4%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
185,391
169,340
16,05154,525
11,41915,012
12,90910,617
205
4,362
130,865
28,069102,796
5,676
125,189
29.4%
30,0246,454
3.5%

100.0%
87.8%
100.0%
100.0%
100.0%
100.0%
77.8%
100.0%
100.0%
100.0%
184days
46,25140,3695,882
16,300
4,466
4,311
3,730
2,542
57
1,190
29,951
7,005
22,946998
28,953
35.2%
8,623
1,555
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
81,103
68,94912,15425,156
7,035
8,225
7,016
2,206
105
565
55,947
9,605
46,341
3,255
52,69231.0%
16,451
2,796
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days259,308
233,764
25,544
89,914
31,531
25,34819,291
5,063
262
8,417
169,394
17,407
151,986
169,39434.7%
50,696
8,749
3.4%

111,671
9,305

127,183
10,598

133,761
11,146

93,342
7,778

129,945
10,828136,390
11,365

323,620
26,96890,133
7,511

65,934
5,494

85,771
7,147

355,880
29,65645,5303,794

94,622
7,885

368,772
30,731

Occupancy rate
Lease Information

As of October 31, 2017
As of April 30, 2017
As of October 31, 2016
As of April 30, 2016
As of October 31, 2015
As of April 30, 2015
As of October 31, 2014
As of April 30, 2014
As of October 31, 2013
As of April 30, 2013
Operating periods

Profit and Loss Information for the 25th Fiscal Period①Rental and other operating revenues (thousands of yen)

Rental revenues
Other operating revenues②Property-related expenses (thousands of yen)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③NOI （＝①-②） (thousands of yen)
④Depreciation (thousands of yen)
⑤Rental operating income （＝③-④） (thousands of yen)

⑥Capital expenditures (thousands of yen)
⑦NCF （＝③-⑥） (thousands of yen)
Expense ratio （＝②／①）
Property tax for the year 2017 (thousands of yen)

Reference

Property management fee (Leasing management fees) of ② (thousands of yen)

Reference： Percentage of rental and other operating revenues

Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yrs (thousands of yen)

Reference：Amount of yearly avg.

- 46 -

【Reference】

Earnings Performance for the Individual Properties for the 25th Fiscal Period (May 1, 2017 to October 31, 2017)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A048

A050

A051

A055

A056

A059

KDX KawasakiKDX Hamacho
KDX IkejiriShin-toshin
KDX Jimbocho KDX IwamotoEkimae Hon-cho
Nakanohashi
Oohashi Building
Maruzen Building
Buildingcho Building
Building
Building
February 1, 2008 February 1, 2008 February 1, 2008 February 29, 2008 March 31, 2008 May 1, 2008

Property Name
Acquisition Date
Price Information

Acquisition price (millions of yen)
Percentage of total portfolio
Net book value (millions of yen)Appraisal value at the end of period (millions of yen)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)※As of October 31, 2017

A060

A061

A062

A063

A064

A066

KDX Harumi
Building

KDX
Hamamatsucho
Dai-2 Building

Koishikawa TG
Building

KDX Gotanda
Building

KDX Nihonbashi
216 Building

KDX Shinjuku
Building

A067

A068

KDX Ginza
KDX Nihonbashi
1chome Building Honcho Building

June 30, 2008 September 1, 2008 November 18, 2009 November 18, 2009 December 1, 2009 February 18, 2010 November 12, 2010 November 12, 2010

3,760
1.0%
3,546
3,100
0.7%
1
5,126.69
5,126.69

2,400
0.6%
2,357
1,740
0.4%
7
2,460.56
2,460.56

2,310
0.6%
2,241
1,960
0.5%
9
2,238.01
2,238.01

2,110
0.5%
2,086
1,680
0.4%
5
1,912.27
1,589.09

2,760
0.7%
2,867
2,360
0.6%
6
2,323.44
2,323.44

1,864
0.5%
1,662
1,510
0.4%
9
1,529.79
1,529.79

10,250
2.6%
8,881
8,470
2.0%
11
9,294.00
9,294.00

2,200
0.6%
2,238
2,200
0.5%
8
1,954.23
1,954.23

3,080
0.8%
3,000
3,460
0.8%
4
3,937.42
3,937.42

2,620
0.7%
2,711
3,120
0.7%
10
3,157.04
3,157.04

2,010
0.5%
1,851
2,160
0.5%
8
1,615.20
1,615.20

6,800
1.7%
6,867
8,560
2.0%
20
5,836.68
5,627.86

4,300
1.1%
4,192
5,710
1.3%
4
3,573.59
3,573.59

4,000
1.0%
3,934
4,660
1.1%
8
3,998.39
3,998.39

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
104,884
93,37911,50534,44013,218
7,264
9,894
2,889
167
1,005
70,44433,94436,5007,217
63,22732.8%
14,5273,578
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
63.6%
91.3%
91.3%
91.3%
184days
69,04055,644
13,39522,538
6,139
6,266
5,000
4,449
86
596
46,501
11,68234,818
10,24236,25932.6%
12,5272,358
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
88.3%
88.3%
100.0%
100.0%
100.0%
184days
67,87255,827
12,044
20,627
7,034
5,475
4,945
2,106
89
977
47,244
12,62934,614
7,150
40,09430.4%
10,949
2,349
3.5%

83.1%
64.2%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
40,53935,183
5,356
15,537
5,628
4,639
3,162
540
63
1,503
25,002
8,119
16,882
3,973
21,028
38.3%
9,276
1,337
3.3%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
34,55330,961
3,591
27,197
3,497
6,823
3,239
5,365
71
8,199
7,355
10,104△2,748
10,429△3,07378.7%
13,643855
2.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
44,921
41,9193,001
10,648
3,594
3,002
2,337
1,416
40
258
34,272
13,164
21,10834,272
23.7%
5,985
1,616
3.6%

100.0%
94.0%
93.2%
93.2%
100.0%
100.0%
90.7%
72.2%
71.2%
72.2%
184days
217,998
179,860
38,138100,681
32,477
17,93034,217
9,683
314
6,058
117,316
78,171
39,145
117,31646.2%
35,861
6,843
3.1%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
87.5%
100.0%
184days
64,38356,4097,974
17,786
4,861
7,994
4,007
639
59
224
46,596
5,182
41,414
46,59627.6%
15,9882,264
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
129,623
107,742
21,881
41,686
14,106
9,969
13,799
2,793
158
858
87,936
15,23372,703
5,208
82,72832.2%
19,9394,440
3.4%

100.0%
100.0%
100.0%
100.0%
88.5%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
98,06887,662
10,40529,927
8,331
8,631
7,911
3,838
121
1,093
68,14014,296
53,844
11,60256,53830.5%
17,2633,392
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
57,00551,6705,334
17,867
5,152
4,520
3,303
2,352
55
2,482
39,137
11,421
27,715
39,137
31.3%
9,040
1,962
3.4%

96.4%
95.5%
100.0%
98.3%
100.0%
88.3%
91.8%
88.4%
88.3%
96.5%
184days
243,709207,373
36,33583,66622,25327,62820,590
8,953
281
3,960
160,043
19,568140,474
21,878138,165
34.3%
55,2338,239
3.4%

100.0%
100.0%
98.2%
98.2%
65.4%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
148,987
140,984
8,002
34,068
9,715
12,682
7,364
638
132
3,535
114,918
11,946
102,971
114,91822.9%
25,3655,385
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
137,231
127,079
10,152
33,638
9,705
14,557
7,300
635
130
1,309
103,593
10,476
93,117
6,892
96,701
24.5%
29,114
4,914
3.6%

109,804
9,150

120,300
10,025

132,997
11,08353,352
4,446

51,1294,260

26,0502,170

114,460
9,538

75,2206,268

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

347,300
28,941

103,230
8,602

172,940
14,411

Occupancy rate
Lease Information

As of October 31, 2017
As of April 30, 2017
As of October 31, 2016
As of April 30, 2016
As of October 31, 2015
As of April 30, 2015
As of October 31, 2014
As of April 30, 2014
As of October 31, 2013
As of April 30, 2013
Operating periods

Profit and Loss Information for the 25th Fiscal Period①Rental and other operating revenues (thousands of yen)

Rental revenues
Other operating revenues②Property-related expenses (thousands of yen)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③NOI （＝①-②） (thousands of yen)
④Depreciation (thousands of yen)
⑤Rental operating income （＝③-④） (thousands of yen)

⑥Capital expenditures (thousands of yen)
⑦NCF （＝③-⑥） (thousands of yen)
Expense ratio （＝②／①）
Property tax for the year 2017 (thousands of yen)

Reference

Property management fee (Leasing management fees) of ② (thousands of yen)

Reference： Percentage of rental and other operating revenues

Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yrs (thousands of yen)

Reference：Amount of yearly avg.

- 47 -

【Reference】

Earnings Performance for the Individual Properties for the 25th Fiscal Period (May 1, 2017 to October 31, 2017)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A071

A072

A073

A074

A078

A083

A084

A085

A086

Property NameKDX Iidabashi
Building

KDX HigashiShinagawa
Building

KDX Hakozaki
Building

KDX ShinNihonbashi
Building

KDX Tachikawa
Ekimae Building

KDX Fuchu
Building

KDX Kasuga
Building

KDX
Nakameguro
Building

KDX Omiya
Building

Acquisition Date

July 22, 2011 July 22, 2011 July 22, 2011 July 22, 2011

Price Information

Acquisition price (millions of yen)
Percentage of total portfolio
Net book value (millions of yen)Appraisal value at the end of period (millions of yen)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)December 26, 2011 September 21, 2012 September 21, 2012 September 21, 2012

※As of October 31, 2017

A087

A088

Itopia Nihonbashi KDX Shinjuku
SA Building
6-chome Building

A089

A090

A091

KDX
Takanawadai
Building

KDX Ikebukuro
Building

KDX Mita
Building

March 26, 2013 August 19, 2013 September 13, 2013 November 19, 2013 November 18, 2013 November 18, 2013
2,020
2,200
1,900
5,250
3,900
3,180
0.5%
0.6%
0.5%
1.3%
1.0%
0.8%
2,169
2,237
1,885
5,453
3,707
3,151
2,850
2,660
2,950
6,170
4,810
3,460
0.7%
0.6%
0.7%
1.5%
1.1%
0.8%
18
14
7
7
10
12
3,814.00
3,106.42
4,037.44
6,951.88
3,110.71
3,331.61
3,814.00
3,106.42
4,037.44
6,537.12
3,110.71
3,331.61

4,670
1.2%
4,535
5,490
1.3%
5
4,429.25
4,429.25

4,590
1.2%
4,741
4,460
1.1%
5
7,117.97
7,117.97

2,710
0.7%
2,706
3,300
0.8%
8
3,992.60
3,992.60

2,300
0.6%
2,078
2,820
0.7%
8
2,658.79
2,658.79

1,267
0.3%
1,329
1,620
0.4%
5
1,612.13
1,612.13

6,120
1.6%
5,919
7,890
1.9%
39
10,151.48
10,057.90

2,800
0.7%
2,728
3,630
0.9%
14
4,345.13
4,345.13

1,880
0.5%
1,860
2,680
0.6%
5
2,726.69
2,726.69

100.0%
100.0%
100.0%
100.0%
100.0%
86.6%
86.6%
100.0%
100.0%
100.0%
184days
161,353
143,271
18,082
41,306
11,14010,591
17,376
1,083
152
963
120,047
16,299103,747
120,047
25.6%
21,1475,742
3.6%

100.0%
100.0%
100.0%
88.4%
51.0%
73.5%
56.7%
76.7%
100.0%
100.0%
184days147,625
125,289
22,33652,488
14,583
16,122
16,252
4,031
236
1,261
95,13627,12968,0072,415
92,721
35.6%
32,2454,954
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
89.3%
78.6%
100.0%
100.0%
184days
115,135
103,867
11,26832,226
7,958
12,122
10,266
454
174
1,249
82,90923,281
59,627
9,162
73,74728.0%
24,2454,041
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
87,701
79,234
8,466
24,783
7,064
7,163
6,669
2,195
100
1,590
62,917
22,46040,45762,91728.3%
14,3273,073
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
66,29755,916
10,38021,925
5,243
7,215
4,471
3,246
74
1,673
44,372
4,943
39,4281,207
43,16433.1%
14,431
2,258
3.4%

99.1%
88.6%
85.2%
98.6%
99.1%
99.1%
97.6%
97.6%
100.0%
97.2%
184days
287,320
251,352
35,96898,44428,31624,82629,659
8,026
465
7,150
188,876
43,406
145,469
11,997
176,878
34.3%
49,652
9,718
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
97.4%
92.4%
184days
127,803
113,806
13,99634,309
11,573
11,414
8,707
1,697
182
733
93,493
19,382
74,111
1,627
91,86626.8%
22,8284,516
3.5%

100.0%
100.0%
100.0%
85.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
90,97780,89910,07720,047
7,139
5,595
4,321
1,484
108
1,397
70,9299,532
61,397
6,720
64,20922.0%
11,191
3,304
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
93.8%
100.0%
100.0%
95.1%
95.1%
184days
118,460
103,085
15,37429,3869,969
6,764
10,936
1,164
139
412
89,073
14,04075,033
6,825
82,24724.8%
13,5214,235
3.6%

100.0%
81.9%
97.0%
100.0%
100.0%
100.0%
98.0%
81.1%
100.0%
184days
88,66580,4898,176
33,518
9,731
6,886
6,026
5,031
126
5,714
55,147
10,60044,5472,261
52,88537.8%
13,731
2,934
3.3%

100.0%
100.0%
100.0%
100.0%
90.2%
100.0%
100.0%
100.0%
100.0%
184days
105,074
87,55917,514
32,124
8,794
10,509
9,244
2,526
157
892
72,9509,814
63,135
8,190
64,76030.6%
21,018
3,633
3.5%

94.0%
94.0%
94.0%
94.0%
100.0%
100.0%
100.0%
95.7%
184days
207,094
185,150
21,94378,37015,21818,476
16,29526,889254
1,236
128,723
12,864
115,859
122,6116,112
37.8%
36,9526,853
3.3%

100.0%
100.0%
90.3%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
136,070
120,70915,361
31,45810,065
7,484
10,330
2,072
99
1,406
104,61227,211
77,4001,207
103,404
23.1%
14,9684,911
3.6%

100.0%
100.0%
100.0%
90.6%
87.5%
95.6%
95.6%
88.4%
184days
114,145
93,383
20,761
33,7609,217
9,772
10,514
3,375
140
741
80,38512,00068,384
2,835
77,55029.6%
19,544
3,970
3.5%

204,780
17,065

216,520
18,043

169,820
14,151

151,090
12,59099,6108,300

415,708
34,642

246,516
20,543

177,359
14,779226,566
18,880337,220
28,101

214,340
17,861

551,21345,93472,362
6,030

180,220
15,018

Occupancy rate
Lease Information

As of October 31, 2017
As of April 30, 2017
As of October 31, 2016
As of April 30, 2016
As of October 31, 2015
As of April 30, 2015
As of October 31, 2014
As of April 30, 2014
As of October 31, 2013
As of April 30, 2013
Operating periods

Profit and Loss Information for the 25th Fiscal Period①Rental and other operating revenues (thousands of yen)

Rental revenues
Other operating revenues②Property-related expenses (thousands of yen)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③NOI （＝①-②） (thousands of yen)
④Depreciation (thousands of yen)
⑤Rental operating income （＝③-④） (thousands of yen)

⑥Capital expenditures (thousands of yen)
⑦NCF （＝③-⑥） (thousands of yen)
Expense ratio （＝②／①）
Property tax for the year 2017 (thousands of yen)

Reference

Property management fee (Leasing management fees) of ② (thousands of yen)

Reference： Percentage of rental and other operating revenues

Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yrs (thousands of yen)

Reference：Amount of yearly avg.

- 48 -

【Reference】

Earnings Performance for the Individual Properties for the 25th Fiscal Period (May 1, 2017 to October 31, 2017)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A092

A093

A094

A095

A096

Property NameKDX Akihabara
Building

KDX Iidabashi
SquareKDX MusashiKosugi Building

KDX Toyosu
Grand Square

KDX
Takadanobaba
Building

Acquisition Date

November 19, 2013 January 10, 2014 March 20, 2014

Price Information

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

A099

A101

A102

A103

※As of October 31, 2017

A107

A108

A109

A112

A113

KDX Yokohama
KDX ShinKDX
KDX
KDX
KDX
Pentel Building Hamamatsucho
Nishiguchi
Yokohama 214
Ginza East
Toranomon
Shin-Nihonbashi
Building
Building
Building
Center Building
1ChomeEkimae Building
September 3, 2014 October 29, 2014 December 2, 2014 December 2, 2014 March 13, 2015 March 26, 2015 September 1, 2015 March 30, 2016 August 2, 2016
KDX Ikebukuro KDX YokohamaWest Building
Building

2,600
0.7%
2,544
3,090
0.7%
7
2,289.27
2,289.27

4,350
1.1%
4,947
5,680
1.3%
7
4,571.92
4,571.92

12,0003.1%
11,33814,9003.5%
912,978.52
12,978.52

8,666
2.2%
8,184
9,240
2.2%
13
11,797.85
11,557.40

3,650
0.9%
3,633
4,310
1.0%
10
4,585.47
4,218.22

1,934
0.5%
2,021
2,090
0.5%
7
2,553.96
2,553.96

7,210
1.8%
7,603
8,440
2.0%
27
10,932.12
10,932.12

2,750
0.7%
2,723
3,140
0.7%
14
4,981.07
4,981.07

2,200
0.6%
2,226
2,390
0.6%
17
4,613.45
4,613.45

3,600
0.9%
3,606
3,740
0.9%
12
4,400.92
4,400.92

3,350
0.9%
3,568
3,793
0.9%
10
4,346.66
4,346.66

3,950
1.0%
4,031
4,300
1.0%
8
3,052.73
3,052.73

15,5504.0%
15,572
17,0004.0%
48,179.00
8,179.00

3,829
1.0%
3,957
4,070
1.0%
11
3,284.79
3,284.79

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
84,971
79,133
5,837
17,411
5,500
3,457
5,608
2,194
84
565
67,560
11,22556,3351,680
65,880
20.5%
6,896
3,112
3.7%

100.0%
100.0%
93.6%
47.7%
0.0%
100.0%
100.0%
100.0%
184days
185,715
171,264
14,451
40,242
13,99613,991
11,163648
185
258
145,472
26,756
118,716
145,472
21.7%
27,9796,758
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
95.9%
184days
442,594
399,442
43,151
93,25636,34527,247
27,711
218
464
1,269
349,337
101,872
247,465
5,406
343,93121.1%
54,50016,161
3.7%

98.0%
95.9%
98.0%
100.0%
80.8%
87.0%
87.0%
184days
314,432
260,285
54,146
89,10821,086
21,401
32,393
4,105
415
9,705
225,324
78,245147,079
4,895
220,42928.3%
42,655
3,211
1.0%

92.0%
100.0%
93.1%
93.1%
100.0%
100.0%
100.0%
184days
142,021112,315
29,70538,917
9,974
9,737
12,606
3,346
149
3,103
103,103
15,53387,56920,886
82,21627.4%
19,4745,002
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
81.2%
100.0%
184days
70,36657,515
12,851
22,293
6,092
5,118
5,380
5,436
102
162
48,073
11,44736,625
15,392
32,68031.7%
10,1132,417
3.4%

100.0%
97.5%
95.0%
98.5%
98.2%
100.0%
100.0%
184days
284,507244,255
40,25187,90028,221
19,03024,217
12,277432
3,721
196,606
47,790148,815
112,172
84,43330.9%
38,0499,818
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
124,015
105,731
18,28340,315
11,872
10,324
13,418
1,771
189
2,738
83,69915,065
68,634
6,914
76,78532.5%
20,6074,239
3.4%

100.0%
96.3%
95.6%
95.6%
83.0%
96.3%
184days
87,89173,70014,191
24,365
8,067
6,001
7,312
1,228
186
1,569
63,526
13,43850,08863,526
27.7%
11,9773,090
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
96.4%
184days
87,391
68,895
18,49532,306
7,739
10,437
9,965
3,318
188
657
55,084
13,756
41,3285,420
49,66437.0%
20,8742,907
3.3%

100.0%
100.0%
100.0%
94.9%
88.9%
100.0%
184days
138,375
126,608
11,76643,39024,932
13,250
2,049
222
2,935
94,985
13,745
81,2395,975
89,01031.4%
26,5004,762
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
184days
101,157
90,86910,28826,568
8,956
7,697
5,579
2,612
120
1,602
74,5899,382
65,2062,580
72,00926.3%
15,3953,586
3.5%

100.0%
100.0%
100.0%
100.0%
184days
414,788
390,122
24,666102,637
32,37445,622
19,828
3,592
341
878
312,150
47,361
264,789
312,150
24.7%
91,243
14,8353.6%

100.0%
100.0%
67.2%
184days
98,36785,001
13,36644,035
7,522
12,737
9,017
14,246106405
54,331
8,640
45,691
100,934△46,60244.8%
25,4743,116
3.2%

117,070
9,755

384,169
32,014140,030
11,669708,370
59,030213,71117,809187,542
15,628647,152
53,929213,177
17,764

170,738
14,228242,059
20,171

288,245
24,020169,148
14,095

118,382
9,865

231,210
19,267

Occupancy rate
Lease Information

As of October 31, 2017
As of April 30, 2017
As of October 31, 2016
As of April 30, 2016
As of October 31, 2015
As of April 30, 2015
As of October 31, 2014
As of April 30, 2014
As of October 31, 2013
As of April 30, 2013
Operating periods

Profit and Loss Information for the 25th Fiscal Period①Rental and other operating revenues (thousands of yen)

Rental revenues
Other operating revenues②Property-related expenses (thousands of yen)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③NOI （＝①-②） (thousands of yen)
④Depreciation (thousands of yen)
⑤Rental operating income （＝③-④） (thousands of yen)

⑥Capital expenditures (thousands of yen)
⑦NCF （＝③-⑥） (thousands of yen)
Expense ratio （＝②／①）
Property tax for the year 2017 (thousands of yen)

Reference

Property management fee (Leasing management fees) of ② (thousands of yen)

Reference： Percentage of rental and other operating revenues

Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yrs (thousands of yen)

Reference：Amount of yearly avg.

- 49 -

【Reference】

Earnings Performance for the Individual Properties for the 25th Fiscal Period (May 1, 2017 to October 31, 2017)：184days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A114

A115

Property Name

KDX
Nihonbashi
Edo-dori Building

ARK Mori
Building

Other Regional Areas
A116

KDX
Nishi-Shinbashi
Building
August 2, 2016 December 1, 2016 February 1, 2017

Acquisition Date
Price Information

Acquisition price (millions of yen)
Percentage of total portfolio
Net book value (millions of yen)Appraisal value at the end of period (millions of yen)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)※As of October 31, 2017

A117

A119

A012

A042

A044

A053

A054

A058

BR Gotanda

Shibuya 1717
Building

Portus Center
Building

KDX Karasuma
Building

KDX Sendai
Building

KDX HakataMinami Building

KDX Kitahama
Building

KDX Nagoya
Sakae Building

April 5, 2017 August 10, 2017 September 21, 2005 June 1, 2007

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

A069

A070

A079

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

1,350
0.3%
1,375
1,440
0.3%
8
1,505.28
1,505.28

4,169
1.1%
4,190
4,430
1.0%
1
2,442.60
2,442.60

8,400
2.1%
8,445
8,880
2.1%
9
5,734.79
5,734.79

2,200
0.6%
2,323
2,400
0.6%
5
3,469.21
3,469.21

3,500
0.9%
3,579
3,710
0.9%
1
2,205.16
2,205.16

5,570
1.4%
4,068
5,080
1.2%
30
11,582.42
11,582.42

5,400
1.4%
5,112
5,240
1.2%
37
8,743.97
8,451.19

2,100
0.5%
1,968
1,860
0.4%
32
3,962.23
3,962.23

4,900
1.2%
4,519
4,070
1.0%
51
9,813.85
9,766.20

2,220
0.6%
2,068
1,610
0.4%
12
4,001.87
3,568.10

7,550
1.9%
6,730
5,260
1.2%
16
6,923.12
6,923.12

2,870
0.7%
2,177
2,670
0.6%
12
7,072.23
7,072.23

2,005
0.5%
1,948
2,400
0.6%
21
3,788.51
3,788.51

7,327
1.9%
8,027
9,170
2.2%
18
7,903.84
7,903.84

100.0%
65.8%
73.7%
184days
19,85818,176
1,682
15,068
2,073
3,313
2,074
3,561
40
4,004
4,789
3,076
1,713
11,799△7,009
75.9%
6,620
503
2.5%

100.0%
100.0%
184days100.0%
100.0%
184days
221,103
192,768
28,33536,234
17,96922
13,744
3,499
240
757
184,869
13,061
171,808
5,099
179,770
16.4%
34,2228,285
3.7%

100.0%
100.0%
184days
113,986
81,89832,08840,786
19,360
0
5,923
7,693
140
7,668
73,1999,042
64,157
34,97538,22435.8%
18,8563,820
3.4%

100.0%
83days40,36232,896
7,466
9,100
3,419
24
4,666
432
32
525
31,261
3,843
27,41831,261
22.5%
16,482
1,461
3.6%

100.0%
100.0%
96.7%
97.3%
95.9%
94.9%
97.5%
96.5%
95.8%
98.6%
184days
304,602249,073
55,529125,138
69,727
21,92523,988
6,856
1,102
1,539
179,464
52,442
127,022
179,464
41.1%
43,852
9,878
3.2%

96.7%
97.8%
100.0%
99.3%
99.2%
100.0%
100.0%
100.0%
94.3%
98.3%
184days
210,647
179,492
31,155
67,235
20,151
21,55820,595
1,414
332
3,182
143,41230,985
112,427
190
143,22231.9%
43,1177,225
3.4%

100.0%
100.0%
100.0%
100.0%
100.0%
96.4%
94.4%
91.9%
91.5%
96.8%
184days
93,67279,855
13,816
39,58011,071
6,710
9,684
10,692157
1,264
54,092
19,691
34,40154,092
42.3%
13,420
3,015
3.2%

99.5%
95.2%
97.6%
97.5%
88.7%
94.7%
98.5%
95.8%
93.9%
94.9%
184days
188,009
159,982
28,02656,946
14,985
10,09823,351
3,165
299
5,046
131,062
37,62593,437
5,239
125,82230.3%
20,198
6,511
3.5%

89.2%
89.2%
89.3%
89.3%
92.8%
92.8%
92.8%
92.8%
92.8%
92.8%
184days
65,91353,474
12,43830,175
6,989
4,433
8,172
3,376
114
7,089
35,737
13,68922,04735,737
45.8%
8,866
2,074
3.1%

100.0%
100.0%
96.6%
100.0%
100.0%
100.0%
99.3%
100.0%
100.0%
100.0%
184days
188,264
164,851
23,412
57,992
18,054
19,70017,129
2,634
246
228
130,271
72,04358,227
6,248
124,02330.8%
39,4016,500
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
91.3%
100.0%
100.0%
93.5%
184days
193,986
172,692
21,29493,01915,935
11,406
16,395901
273
48,107
100,966
53,59147,374
100,966
48.0%
22,8136,019
3.1%

100.0%
92.9%
100.0%
100.0%
100.0%
100.0%
95.6%
97.8%
89.8%
94.4%
184days
84,84870,567
14,28038,253
8,956
8,803
10,622
6,972
154
2,744
46,595
17,361
29,233
15,53831,05745.1%
17,6112,682
3.2%

100.0%
100.0%
100.0%
100.0%
100.0%
99.0%
99.0%
100.0%
100.0%
100.0%
184days
333,161
285,334
47,826
124,450
31,347
38,24032,90520,086375
1,494
208,710
43,571
165,139
89,057
119,65337.4%
76,482
11,0583.3%

305,494
25,457

180,148
15,01257,2094,767

856,430
71,369375,354
31,279128,121
10,676

291,937
24,328

131,582
10,965

202,897
16,908

170,520
14,210202,570
16,880527,61043,967

Occupancy rate
Lease Information

As of October 31, 2017
As of April 30, 2017
As of October 31, 2016
As of April 30, 2016
As of October 31, 2015
As of April 30, 2015
As of October 31, 2014
As of April 30, 2014
As of October 31, 2013
As of April 30, 2013
Operating periods

Profit and Loss Information for the 25th Fiscal Period①Rental and other operating revenues (thousands of yen)

Rental revenues
Other operating revenues②Property-related expenses (thousands of yen)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③NOI （＝①-②） (thousands of yen)
④Depreciation (thousands of yen)
⑤Rental operating income （＝③-④） (thousands of yen)

⑥Capital expenditures (thousands of yen)
⑦NCF （＝③-⑥） (thousands of yen)
Expense ratio （＝②／①）
Property tax for the year 2017 (thousands of yen)

Reference

Property management fee (Leasing management fees) of ② (thousands of yen)

Reference： Percentage of rental and other operating revenues（Note）（Note）

77,6904,254
73,436416
77,274（Note）

16,301（Note）

Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yrs (thousands of yen)

Reference：Amount of yearly avg.

92,9607,746

137,750
11,479A058 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 yen until the end of August 2019.
(Note) Figures are not disclosed because the company that is the master lessee and the property manager has not given consent.
- 50 -

【Reference】

Earnings Performance for the Individual Properties for the 25th Fiscal Period (May 1, 2017 to October 31, 2017)：184days

Type

Office Buildings

Location

Other Regional Areas

Property No.

A082

A097

A098

A100

A104

A106

A110

A111

A118

Senri LifeKDX MinamiKDXKDXKDX Nagoya
Takeyama White
Science Center
Honmachi
Sakura-doriShin-Osaka
Nichigin-mae
Building
Building
Building
Building
Building
Building
September 1, 2014 October 15, 2014 December 2, 2014 January 9, 2015 September 1, 2015 March 15, 2016 July 20, 2017

KDX Higashi KDX Utsunomiya KDX Hiroshima
Umeda Building
Building
Building

Property Name
Acquisition Date
Price Information

Acquisition price (millions of yen)
Percentage of total portfolio
Net book value (millions of yen)Appraisal value at the end of period (millions of yen)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)March 28, 2012 May 30, 2014
2,770
2,350
0.7%
0.6%
2,502
2,291
3,650
2,500
0.9%
0.6%
6
24
4,986.24
5,306.77
4,762.89
5,306.77※As of October 31, 2017

Residential
PropertyTokyo
Metropolitan
Area
B019
Residence
Charmante
Tsukishima

Central Urban Retail Properties
Tokyo Metropolitan Area
C001

C002

C004

Frame
Jinnan-zaka

KDX Yoyogi
Building

Ginza 4chome
Tower

May 1, 2006 August 1, 2005 September 30, 2005 August 19, 2013

1,300
0.3%
1,404
1,600
0.4%
22
3,994.52
3,994.52

13,0003.3%
12,826
13,3003.1%
61
17,204.09
17,161.81

2,200
0.6%
2,080
2,900
0.7%
22
5,285.95
5,285.95

5,900
1.5%
6,223
8,050
1.9%
34
12,318.09
12,318.09

4,550
1.2%
4,567
5,040
1.2%
17
5,977.39
5,977.39

3,500
0.9%
3,526
3,980
0.9%
15
4,361.33
4,361.33

1,800
0.5%
1,817
1,890
0.4%
12
3,319.16
3,319.16

5,353
1.4%
4,496
4,900
1.2%
1
7,711.14
7,711.14

9,900
2.5%
9,234
11,1002.6%
124,646.65
4,484.80

2,479
0.6%
2,449
2,160
0.5%
11
1,176.25
1,176.25

9,800
2.5%
9,598
13,6003.2%
45,624.23
5,624.23

Occupancy rate
Lease Information

As of October 31, 2017
As of April 30, 2017
As of October 31, 2016
As of April 30, 2016
As of October 31, 2015
As of April 30, 2015
As of October 31, 2014
As of April 30, 2014
As of October 31, 2013
As of April 30, 2013
Operating periods

Profit and Loss Information for the 25th Fiscal Period①Rental and other operating revenues (thousands of yen)

Rental revenues
Other operating revenues②Property-related expenses (thousands of yen)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③NOI （＝①-②） (thousands of yen)
④Depreciation (thousands of yen)
⑤Rental operating income （＝③-④） (thousands of yen)

⑥Capital expenditures (thousands of yen)
⑦NCF （＝③-⑥） (thousands of yen)
Expense ratio （＝②／①）
Property tax for the year 2017 (thousands of yen)

Reference

Property management fee (Leasing management fees) of ② (thousands of yen)

Reference： Percentage of rental and other operating revenues

95.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
142,633
110,752
31,881
42,372
9,834
11,937
17,789
1,536
195
1,079
100,261
35,40164,859263
99,99829.7%
23,8634,957
3.5%

100.0%
100.0%
100.0%
100.0%
100.0%
98.5%
97.0%
184days
129,008
112,324
16,684
38,634
15,493
8,617
11,395
2,246
206
676
90,37428,03062,343
4,179
86,19529.9%
17,2274,477
3.5%

100.0%
100.0%
90.5%
90.5%
82.3%
74.0%
73.3%
184days
76,55262,49814,05325,702
8,565
6,766
6,925
3,073
147
225
50,84913,55137,2986,111
44,73833.6%
13,533
2,600
3.4%

99.8%
99.8%
83.3%
95.7%
97.3%
99.0%
99.3%
184days
679,374
414,592
264,782
343,243
83,39460,663
109,646
19,095
1,304
69,138336,131
121,959
214,171
49,112
287,018
50.5%
121,326
19,3612.8%

100.0%
93.5%
92.5%
100.0%
100.0%
98.8%
184days
107,500
85,821
21,67940,735
10,564
12,394
14,832
982
199
1,762
66,76423,94442,820900
65,86437.9%
24,7933,556
3.3%

100.0%
98.3%
99.1%
98.2%
94.6%
89.9%
184days
335,659
277,648
58,011
131,786
49,01736,18430,205
11,151
542
4,683
203,873
38,519165,353
10,892
192,98039.3%
72,377
11,0103.3%

100.0%
100.0%
100.0%
100.0%
96.6%
184days
148,941
131,079
17,862
41,735
13,05912,237
12,297
2,852
220
1,068
107,205
20,99886,207
107,205
28.0%
24,4745,227
3.5%

100.0%
94.6%
92.2%
89.5%
184days
100,930
86,22914,701
28,974
8,652
8,773
7,235
3,433
146
734
71,95526,50845,447
7,166
64,78828.7%
17,5463,528
3.5%

100.0%
104days
41,56133,354
8,206
10,617
5,201
1
4,735
219
73
385
30,944
4,952
25,99130,944
25.5%
12,7441,479
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
146,982
132,064
14,91744,662
16,11010,127
1,132
12,700271
4,319
102,319
46,371
55,948
3,043
99,27630.4%
20,245
4,478
3.0%

96.5%
96.5%
100.0%
95.5%
95.2%
98.0%
93.6%
96.3%
100.0%
100.0%
184days
292,247
241,32250,924
63,185
19,52015,443
19,359
7,535
154
1,172
229,062
58,232
170,829
1,582
227,479
21.6%
30,805
10,6383.6%

100.0%
100.0%
100.0%
100.0%
100.0%
91.7%
100.0%
100.0%
100.0%
100.0%
184days
69,41660,067
9,349
15,509
4,092
4,260
4,539
1,782
37
798
53,907
9,296
44,610350
53,557
22.3%
8,521
2,516
3.6%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
262,376
228,01434,361
63,897
18,574
20,41821,675
2,306
200
722
198,479
35,380163,098
2,900
195,579
24.4%
40,837
9,405
3.6%

219,680
18,306

312,190
26,015

195,898
16,324

1,489,569
124,130

111,951
9,329

580,570
48,380274,671
22,889132,296
11,024

120,720
10,060334,719
27,893

141,540
11,79547,5203,960

161,290
13,440Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yrs (thousands of yen)

Reference：Amount of yearly avg.

- 51 -

【Reference】

Earnings Performance for the Individual Properties for the 25th Fiscal Period (May 1, 2017 to October 31, 2017)：184days

Type

Other
Tokyo
Metropolitan
Area
D002

Location
Property No.

Total of 98
Properties

Property Name

Shinjuku 6chome
Building (Land)

Acquisition Date

April 18, 2014

Price Information

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

2,880
0.7%
2,973
3,320
0.8%
1
1,355.13
1,355.13

392,968
100.0%
382,081423,623100.0%
1,200
456,932.16
452,592.68

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
184days
68,12868,124
4
6,116
5,916
200
62,01162,01162,011
9.0%
11,833
0.0%

99.1%
97.9%
96.9%
96.9%
94.9%
96.5%
95.6%
96.0%
95.8%
93.9%
183days *Total: Cost-weighted average management period (days)
13,674,383
11,704,685
1,969,698
4,364,607
1,312,745
1,126,881
1,161,157
433,073
18,498312,251
9,309,775
2,245,003
7,064,772
953,179
8,356,596
31.9%
2,335,329
453,328
3.3%

Occupancy rate
Lease Information

As of October 31, 2017
As of April 30, 2017
As of October 31, 2016
As of April 30, 2016
As of October 31, 2015
As of April 30, 2015
As of October 31, 2014
As of April 30, 2014
As of October 31, 2013
As of April 30, 2013
Operating periods

Profit and Loss Information for the 25th Fiscal Period①Rental and other operating revenues (thousands of yen)

Rental revenues
Other operating revenues②Property-related expenses (thousands of yen)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③NOI （＝①-②） (thousands of yen)
④Depreciation (thousands of yen)
⑤Rental operating income （＝③-④） (thousands of yen)

⑥Capital expenditures (thousands of yen)
⑦NCF （＝③-⑥） (thousands of yen)
Expense ratio （＝②／①）
Property tax for the year 2017 (thousands of yen)

Reference

Property management fee (Leasing management fees) of ② (thousands of yen)

Reference： Percentage of rental and other operating revenues

Long-term repairs, maintenance and renovation
Estimated amount of 1st yr to 12th yrs (thousands of yen)

Reference：Amount of yearly avg.

-

21,402,910
1,783,575- 52 -※As of October 31, 2017

【Reference】

a0451
1
Earnings Performance for the Individual Properties for the 25th Fiscal Period (May 1, 2017 to October 31, 2017)：184days

Type

Office Buildings

Tokyo
Metropolitan
Area
A047

Location
Property No.

Total 1
Property
Sold

Property NameKDX ShinYokohama 381
Building

Acquisition Date

February 1, 2008

Total of 99
Properties

Price Information

5,800
100.0%

5,800
100.0%

398,768
-

4,900
5,419
△568

-

-

Leasable floor area (㎡)

-

-

-

Leased floor area （㎡)

-

-

-

100.0%
100.0%
96.0%
96.3%
100.0%
100.0%
100.0%
99.2%
100.0%
183days
166,103
140,779
25,32362,32912,41014,722
15,757
18,166286

183days
166,103
140,779
25,32362,32912,41014,722
15,757
18,166286

183days *Total: Cost-weighted average management period (days)
13,840,486
11,845,464
1,995,021
4,426,937
1,325,156
1,141,603
1,176,914
451,239
18,785

985
103,773
48,78554,987103,773
37.5%
5,507
3.3%

985
103,773
48,78554,987103,773
37.5%
5,507
3.3%

313,237
9,413,549
2,293,789
7,119,759
953,1798,460,369
32.0%
458,836
3.3%

-

-

-

Acquisition price (millions of yen)
Percentage of total portfolio
Revenue from sale of the investment property (millions of yen)

Costs of the investment property (millions of yen)
Gain / Loss on sale of real estate (millions of yen)
Number of tenants

Occupancy rate
Lease Information

As of October 31, 2017
As of April 30, 2017
As of October 31, 2016
As of April 30, 2016
As of October 31, 2015
As of April 30, 2015
As of October 31, 2014
As of April 30, 2014
As of October 31, 2013
As of April 30, 2013
Operating periods

Profit and Loss Information for the 25th Fiscal Period①Rental and other operating revenues (thousands of yen)
Rental revenues
Other operating revenues②Property-related expenses (thousands of yen)
Property management fees
Taxes
Utilities
Repairs and maintenance costs
Insurance
Trust fees and other expenses③NOI （＝①-②） (thousands of yen)
④Depreciation (thousands of yen)
⑤Rental operating income （＝③-④） (thousands of yen)
⑥Capital expenditures (thousands of yen)
⑦NCF （＝③-⑥） (thousands of yen)
Expense ratio （＝②／①）
Property tax for the year 2017 (thousands of yen)

Reference

Property management fee (Leasing management fees ) of ② (thousands of yen)

Reference： Percentage of rental and other operating revenues

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

KDX Shin Yokohama 381Building (A047) was sold on October 31, 2017.

- 53 -※As of October 31, 2017

(Reference) Status of Borrowings
Borrowings as of October 31, 2017 are as follows.
Classification
Short-Term Loans
PayableCurrent Portion of Long-Term Loans Payable
Long-Term Loans Payable

Drawndown Date

Balance at the
Beginning of
Period(Thousands of
Yen)

Balance at theEnd of Period(Thousands of
Yen)

Sumitomo Mitsui Banking Corporation
November 30, 2016
Development Bank of Japan Inc.
December 28, 2016
Mitsubishi UFJ Trust and Banking Corporation
January 31, 2017
Sumitomo Mitsui Banking Corporation
March 31, 2017
Sumitomo Mitsui Banking Corporation
July 31, 2017
Mizuho Bank, Ltd.
August 31, 2017
Sub Total
Resona Bank, Limited
June 29, 2012
Sumitomo Mitsui Banking Corporation
September 21, 2012
Development Bank of Japan Inc.
September 21, 2012
Mizuho Bank, Ltd.
September 21, 2012
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
October 31, 2012
Sumitomo Mitsui Banking Corporation
July 29, 2016
Sumitomo Mitsui Banking Corporation
August 2, 2016
Mizuho Bank, Ltd.
August 2, 2016
Development Bank of Japan Inc.
November 12, 2010
Development Bank of Japan Inc.
December 1, 2010
The Bank of Fukuoka, Ltd.
December 28, 2012
Mizuho Trust & Banking Co., Ltd.
December 28, 2012
Sumitomo Mitsui Trust Bank, Limited
January 16, 2017
Aozora Bank, Ltd.
March 12, 2014
Sumitomo Mitsui Banking Corporation
March 26, 2013
Resona Bank, Limited
March 26, 2013
Resona Bank, Limited(Note 3)
July 31, 2013
Sumitomo Mitsui Banking Corporation(Note 3) August 19, 2013
Aozora Bank, Ltd.
(Note 3) August 19, 2013
Mizuho Trust & Banking Co., Ltd.
(Note 3) August 19, 2013
The Bank of Fukuoka, Ltd.
(Note 3) August 19, 2013
The Hiroshima Bank, Ltd.
(Note 3) August 19, 2013
The Nishi-Nippon City Bank, Ltd.
(Note 3) August 30, 2013
The 77 Bank, Ltd.
(Note 3) August 30, 2013
The Higashi-Nippon Bank, Limited(Note 3) August 30, 2013
Aozora Bank, Ltd.
(Note 3) October 31, 2012
Resona Bank, Limited(Note 3) October 31, 2013
The Bank of Tokyo-Mitsubishi UFJ, Ltd. (Note 3) October 31, 2016
Sub Total
Sumitomo Mitsui Banking Corporation
March 28, 2012
Development Bank of Japan Inc.
March 28, 2012
Development Bank of Japan Inc.
August 30, 2013
Aozora Bank, Ltd.
September 30, 2013
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
September 30, 2013
Sumitomo Mitsui Trust Bank, Limited
November 12, 2013
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
November 12, 2013
Aozora Bank, Ltd.
November 12, 2013
Mizuho Bank, Ltd.
November 29, 2013
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
November 29, 2013
Aozora Bank, Ltd.
November 29, 2013
Sumitomo Mitsui Banking Corporation
January 10, 2014
Sumitomo Mitsui Trust Bank, Limited
January 31, 2014
Sumitomo Mitsui Banking Corporation
January 31, 2014
Sumitomo Mitsui Trust Bank, Limited
March 12, 2014
Sumitomo Mitsui Banking Corporation
March 12, 2014
Development Bank of Japan Inc.
March 12, 2014
Sumitomo Mitsui Banking Corporation
March 20, 2014
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
March 20, 2014
Development Bank of Japan Inc.
March 20, 2014
Development Bank of Japan Inc.
March 20, 2014
Sumitomo Mitsui Trust Bank, Limited
March 31, 2014
Sumitomo Mitsui Banking Corporation
April 22, 2014
The Hiroshima Bank, Ltd.
July 10, 2014
Mizuho Bank, Ltd.
July 10, 2014
The Nishi-Nippon City Bank, Ltd.
July 10, 2014
Mitsubishi UFJ Trust and Banking Corporation
July 14, 2014
Sumitomo Mitsui Trust Bank, Limited
July 31, 2014
Sumitomo Mitsui Banking Corporation
July 31, 2014
Resona Bank, Limited
July 31, 2014
Sumitomo Mitsui Banking Corporation
July 31, 2014
Sumitomo Mitsui Trust Bank, Limited
August 29, 2014
Mizuho Trust & Banking Co., Ltd.
September 1, 2014
The Bank of Fukuoka, Ltd.
September 1, 2014
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
September 3, 2014
Resona Bank, Limited
September 3, 2014
Sumitomo Mitsui Trust Bank, Limited
September 22, 2014
Mizuho Trust & Banking Co., Ltd.
September 30, 2014
Mitsubishi UFJ Trust and Banking Corporation
October 31, 2014
Resona Bank, Limited
October 31, 2014
Development Bank of Japan Inc.
October 31, 2014
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
October 31, 2014
Sumitomo Mitsui Banking Corporation
October 31, 2014
Development Bank of Japan Inc.
October 31, 2014
Mitsubishi UFJ Trust and Banking Corporation
January 30, 2015
Sumitomo Mitsui Banking Corporation
January 30, 2015
Sumitomo Mitsui Trust Bank, Limited
February 18, 2015
Aozora Bank, Ltd.
February 18, 2015
Sumitomo Mitsui Banking Corporation
February 18, 2015
Development Bank of Japan Inc.
February 18, 2015
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
February 27, 2015
Mizuho Bank, Ltd.
March 12, 2015

2,000,000
500,000
500,000
1,000,000
4,000,000
1,500,000
5,000,000
1,000,000
1,000,000
2,500,000
1,000,000
1,000,000
1,000,000
2,300,000
700,000
500,000
500,000
500,000
2,250,000
1,000,000
1,000,000
500,000
1,000,000
1,000,000
500,000
500,000
500,000
700,000
500,000
300,000
2,500,000
500,000
1,000,000
32,250,000
1,400,000
1,000,000
1,500,000
1,800,000
900,000
1,000,000
2,000,000
500,000
200,000
1,000,000
900,000
1,300,000
3,700,000
2,300,000
450,000
1,800,000
1,800,000
3,000,000
4,000,000
3,000,000
2,000,000
2,500,000
2,900,000
500,000
2,000,000
500,000
1,000,000
1,000,000
2,700,000
300,000
2,200,000
1,000,000
800,000
500,000
1,000,000
950,000
2,700,000
1,000,000
3,000,000
2,000,000
1,500,000
1,000,000
2,000,000
1,000,000
1,500,000
1,500,000
1,250,000
350,000
1,700,000
1,250,000
2,100,000
1,000,000

2,000,000
500,000
500,000
1,000,000
1,000,000
1,000,000
6,000,000
2,300,000
700,000
500,000
500,000
500,000
2,250,000
1,000,000
1,000,000
500,000
1,000,000
1,000,000
500,000
500,000
500,000
700,000
500,000
300,000
2,500,000
500,000
1,000,000
18,250,000
1,400,000
1,000,000
1,500,000
1,800,000
900,000
1,000,000
2,000,000
500,000
200,000
1,000,000
900,000
1,300,000
3,700,000
2,300,000
450,000
1,800,000
1,800,000
3,000,000
4,000,000
3,000,000
2,000,000
2,500,000
2,900,000
500,000
2,000,000
500,000
1,000,000
1,000,000
2,700,000
300,000
2,200,000
1,000,000
800,000
500,000
1,000,000
950,000
2,700,000
1,000,000
3,000,000
2,000,000
1,500,000
1,000,000
2,000,000
1,000,000
1,500,000
1,500,000
1,250,000
350,000
1,700,000
1,250,000
2,100,000
1,000,000

Lender- 54 -

Average
Interest Rate
(Note 1)(%)

Last Repayment Date

Payment
MethodUsage

Remarks0.331 November 30, 20170.331 December 28, 2017
January 31, 2018
0.331
March 31, 2018
0.331
July 31, 2018
0.332
August 31, 2018
0.283

Full onmaturity(Note 2)

Unsecured/
Unguaranteed

1.286
1.158
1.158
1.158
1.096
0.380
0.380
0.230
2.023
2.206
1.086
1.086
0.281
0.751
1.036
1.036
0.557
0.950
0.950
0.950
0.950
0.969
1.080
1.080
1.080
1.253
0.887
0.331

June 30, 2017
September 21, 2017
September 21, 2017
September 21, 2017
October 31, 2017
July 31, 2017
August 31, 2017
August 31, 2017
November 12, 2017
November 12, 2017
December 28, 2017
December 29, 2017
January 31, 2018
March 12, 2018
March 26, 2018
March 26, 2018
July 31, 2018
August 19, 2018
August 19, 2018
August 19, 2018
August 19, 2018
August 19, 2018
August 31, 2018
August 31, 2018
August 31, 2018
October 31, 2018
October 31, 2018
October 31, 2018

Full onmaturity(Note 2)

Unsecured/
Unguaranteed

1.770
1.770
1.420
1.059
1.059
0.820
1.074
1.074
0.844
1.122
1.122
1.205
0.932
1.130
0.781
0.916
1.358
0.912
1.013
1.199
1.349
0.762
0.954
0.640
0.903
0.903
0.682
0.616
0.736
0.756
1.014
0.650
0.885
0.885
0.979
0.979
0.798
0.893
0.802
1.071
1.126
1.071
1.257
1.259
0.710
1.161
0.907
0.907
1.157
1.314
1.153
1.218

March 28, 2019
March 28, 2019
August 31, 2020
September 30, 2019
September 30, 2019
November 12, 2018
November 12, 2020
November 12, 2020
November 30, 2018
November 30, 2020
November 30, 2020
January 31, 2021
January 31, 2020
January 31, 2021
March 31, 2019
March 12, 2020
March 12, 2023
March 12, 2020
September 20, 2021
March 20, 2022
March 12, 2023
March 31, 2019
October 31, 2020
July 10, 2019
July 10, 2021
July 10, 2021
July 31, 2019
July 31, 2019
July 31, 2020
October 31, 2020
July 31, 2022
July 31, 2019
August 31, 2021
August 31, 2021
August 31, 2022
August 31, 2022
September 30, 2020
September 30, 2021
October 31, 2021
October 31, 2023
October 31, 2023
October 31, 2023
October 31, 2024
October 31, 2024
January 31, 2021
January 31, 2025
February 28, 2022
February 28, 2022
February 29, 2024
February 28, 2025
February 28, 2025
February 28, 2025

Full onmaturity(Note 2)

Unsecured/
UnguaranteedClassification

LenderDrawndown Date

Balance at the
Beginning of
Period(Thousands of
Yen)

Balance at theEnd of Period(Thousands of
Yen)

Average
Interest Rate
(Note 1)(%)

Last Repayment Date

Payment
MethodUsage

Long-Term Loans Payable

Sumitomo Mitsui Banking Corporation
March 31, 2015
March 31, 2025
2,500,000
2,500,000
1.266
Aozora Bank, Ltd.
April 30, 2015
April 30, 2022
2,300,000
2,300,000
0.825Mizuho Bank, Ltd.
August 31, 2015
August 31, 2022
500,000
500,000
0.872
The Bank of Fukuoka, Ltd.
August 31, 2015
August 31, 2022
500,000
500,000
0.872
The Nishi-Nippon City Bank, Ltd.
August 31, 2015
August 31, 2022
500,000
500,000
0.872
The 77 Bank, Ltd.
August 31, 2015
August 31, 2022
500,000
500,000
0.872
The Mie Bank, Ltd.
August 31, 2015
August 31, 2022
500,000
500,000
0.872
The Higashi-Nippon Bank, Limited
August 31, 2015
August 31, 2022
500,000
500,000
0.872
Sumitomo Mitsui Trust Bank, Limited
September 30, 2015
2,000,000
2,000,000
1.065 September 30, 2024
Mitsubishi UFJ Trust and Banking Corporation
October 30, 2015
1,000,000
1,000,000
0.989 October 31, 2024
Mizuho Bank, Ltd.
October 30, 2015
1,500,000
1,500,000
1.114 October 30, 2025
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
October 30, 2015
2,000,000
2,000,000
1.114 October 30, 2025
Sumitomo Mitsui Banking Corporation
October 30, 2015
2,500,000
2,500,000
1.114 October 30, 2025
Development Bank of Japan Inc.
October 30, 2015
2,500,000
2,500,000
1.121 October 30, 2025
Resona Bank, Limited
November 12, 2015
1,000,000
1,000,000
1.173 November 30, 2025
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
January 29, 2016
January 31, 2022
2,500,000
2,500,000
0.590
Sumitomo Mitsui Banking Corporation
January 29, 2016
January 31, 2022
500,000
500,000
0.640
Sumitomo Mitsui Banking Corporation
January 29, 2016
January 29, 2026
2,000,000
2,000,000
1.074
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
January 29, 2016
January 29, 2026
1,800,000
1,800,000
1.024
Sumitomo Mitsui Trust Bank, Limited
February 18, 2016
1,000,000
1,000,000
0.998 February 18, 2026
Aozora Bank, Ltd.
February 18, 2016
500,000
500,000
0.998 February 18, 2026
Resona Bank, Limited
March 30, 2016
March 31, 2019
1,000,000
1,000,000
0.169
Resona Bank, Limited
March 31, 2016
March 31, 2026
1,000,000
1,000,000
0.898
Full on(Note 2)Development Bank of Japan Inc.
April 28, 2016
April 30, 2024
2,000,000
2,000,000
0.654
maturity
Development Bank of Japan Inc.
April 28, 2016
April 30, 2026
2,000,000
2,000,000
0.835
Mitsubishi UFJ Trust and Banking Corporation
April 28, 2016
April 30, 2026
1,000,000
1,000,000
0.865
Mitsubishi UFJ Trust and Banking Corporation
July 29, 2016
July 31, 2026
1,500,000
1,500,000
0.613
Mizuho Bank, Ltd.
August 2, 2016
July 31, 2026
1,000,000
1,000,000
0.544
Aozora Bank, Ltd.
October 31, 2016
1,000,000
1,000,000
0.668 October 31, 2024
Sumitomo Mitsui Banking Corporation
October 31, 2016
2,500,000
2,500,000
0.876 October 31, 2026
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
October 31, 2016
1,000,000
1,000,000
0.760 October 31, 2026
Development Bank of Japan Inc.
October 31, 2016
4,000,000
4,000,000
0.734 October 31, 2026
Sumitomo Mitsui Trust Bank, Limited
October 31, 2016
1,500,000
1,500,000
0.826 October 31, 2026
Resona Bank, Limited
December 12, 2016
500,000
500,000
0.982 November 30, 2026
Development Bank of Japan Inc.
December 28, 2016
1,500,000
1,500,000
0.950 December 28, 2026
Sumitomo Mitsui Trust Bank, Limited
January 16, 2017
January 31, 2027
500,000
500,000
0.860
Mitsubishi UFJ Trust and Banking Corporation
January 31, 2017
January 31, 2027
700,000
700,000
0.853
The Bank of Fukuoka, Ltd.
March 28, 2017
March 31, 2027
500,000
500,000
0.850
Resona Bank, Limited
June 30, 2017
June 30, 2027
1,500,000
0.849
Mizuho Bank, Ltd.
August 10, 2017
July 28, 2027
3,500,000
0.800
Sumitomo Mitsui Banking Corporation
August 31, 2017
August 31, 2023
1,000,000
0.544
Sumitomo Mitsui Banking Corporation
September 21, 2017
March 31, 2024
1,000,000
0.555
Sumitomo Mitsui Banking Corporation
September 21, 2017
1,500,000
0.680 September 30, 2025
Mizuho Bank, Ltd.
September 21, 2017
March 31, 2027
1,000,000
0.732
Development Bank of Japan Inc.
September 21, 2017
1,000,000
0.873 September 21, 2027
Sumitomo Mitsui Banking Corporation
September 21, 2017
2,500,000
0.851 September 30, 2027
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
October 31, 2017
2,500,000
0.810 October 31, 2027
Sub Total
132,050,000
147,550,000
Total
168,300,000
171,800,000
Note 1: The average interest rate is the weighted-average interest rate during the fiscal period. Figures for borrowings, for which interest-rate swap transactions were contracted withthe aim of minimizing the risk of future increase in interest rates, are listed as weighted-average interest rates considering the effect of interest-rate swap.
Note 2: Funds procured through borrowings are used to acquire real estate or trust beneficiary interests in real estate and to repay borrowings, etc.
Note 3: Borrowings are listed in the current portion of long-term loans payable from the fiscal period under review, listed in long-term loans payable in the previous fiscal period.

- 55 -

Remarks

Unsecured/
Unguaranteed