Kenedix Office Investment Corporation
22nd Period Results (Ended April 2016)

Updated presentation material for 22nd fiscal period<Amended part>P13: Amended the numerical value for “End of 22nd fiscal period (2016/4)” in atable of “Office building rent gap”.

June 14, 2016

Kenedix Real Estate Fund Management, Inc.

Track record and effect of property acquisitions and dispositions• Rejuvenate portfolio, strengthen financial base and secure upside potential of earnings through dynamic acquisitions/disposition(bn yen)410

400

390+19.0

Asset size

97 properties
owned-5.2+8.5
Acquisitions

380

Acquisitions

Dispositions

393.1

388.3

385.0

97 properties
owned

97 properties
owned

Dispositions

370

-14.2

360

350

Endof 20th
第20期
fiscal period(2015/4)（15/4期）末Acquisitions

Dispositions

売却Endof 21st
第21期
fiscal period(2015/10)（15/10期）末Acquisitions

Dispositions

売却

Endof 22nd
第22期
fiscal period(2016/4)（16/4期）末

取得

取得

Achievement in 1 year
-0.9 years

Average building age(Note 1)

22.1 years

26.3 years

37.6 years

22.5 years

3.8 years

45.7 years

21.2 years

NOI yield(Note 2)4.5%

4.1%

2.7%

4.5%

4.1%

3.8%

4.4%

Office building rent gap(Note 3)

+3.1%

-10.7%+38.6%

+0.0%

-6.1%

+21.3%-1.9%

Appraisal profit/loss of portfolio(Note 4)

+1.9bn yen+0.35bn yen-0.48bn yen+10.9bn yen+0.75bn yen+0.03bn yen+17.4bn yen+15.5bn yen

2.02bn yen+0.87bn yen

Reserve for reduction entry

1.15bn yen+0.39bn yen

1.54bn yen+0.48bn yen

Lowering of ageof properties

Expecting improvement in
profitability with the leasing of KDX
Iidabashi Square and increased
potential of upward rent revisions
Strengthened
financial base

Note 1: The average building age of the acquired/disposed properties is the weighted average of the acquired/disposed properties, as of the acquisition/disposition dates, based on their acquisition price (truncated to the firstdecimal place).
Note 2: The NOI yield for the properties acquired in the 21st fiscal period (2015/10) represents the weighted average of the actual NOI for the 22nd fiscal period based on the acquisition price; the NOI yield for the properties
acquired in the 22nd fiscal period (2016/4) represents the weighted average of the NOI after adjustment for extraordinary factors for the year of the acquisition estimated by the Asset Management Company, basedon the acquisition price; the NOI yield for the disposed properties represents the weighted average of the annualized actual NOI for the fiscal period which includes the date of disposition, based on the acquisition
price (rounded to the first decimal place).
Note 3: The rent gap for the acquired properties represents the weighted average of the rent gap at the end of the fiscal period in which the properties were acquired based on the leasable area; the rent gap for the disposed
properties represents the weighted average of the rent gap at the end of the latest fiscal period before disposition date based on the leasable area (rounded to the first decimal place), showing to what extent thetenant contract rent exceeds the market rent.
Note 4: The appraisal profit/loss of acquired properties is calculated by subtracting the total book value from the total appraisal value as of the end of 22nd fiscal period (2016/4); the appraisal profit/loss of disposed properties
is calculated by subtracting the total book value from the total appraisal value as of the end of previous fiscal period before dispositions.

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