FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED APRIL 30, 2006
(November 1, 2005 to April 30, 2006)
June 12, 2006
Kenedix Realty Investment Corporation is listed on the Tokyo Stock Exchange with the securities code number
8972.（URL: http://www.kdx-reit.com）
Contact:

Kenedix REIT Management, Inc.
Masahiko Tajima, General Manager, Financial Planning Division
Tel:＋81-3-5288-7629

Board of directors meeting for approving financial results: June 12, 2006
Planned start of dividend payments: July 14, 2006
This financial report has been prepared in accordance with Japanese accounting standards and Japanese law. Figures havebeen rounded down to eliminate amounts of less than one million yen.

1. PERFORMANCE FOR THE SECOND FISCAL PERIOD (NOVEMBER 1, 2006 to APRIL 30,2006)(1) Business Results

Second Fiscal
PeriodFirst Fiscal
Period(Millions of yen)

Operating

Percentage

Operating

Percentage

Ordinary

Percentage

Net

Percentage

Revenues

ChangeIncomeChangeIncomeChangeIncomeChange¥2,871140.1％¥1,343127.8％¥1,103353.7％¥1,101354.9％¥1,196−％¥589−％¥243−％¥242−％(Yen)

Net Incomeper Unit
Second Fiscal
PeriodFirst Fiscal¥13,884

Return on
Unitholders’Equity (ROE)
2.5％＜Reference＞

Ordinary Income＜Reference＞

Annualized

to Total Assets

Annualized

4.9％

1.3％

2.6％

Ordinary

Income toOperating Revenues
38.4％¥5,302
0.6％
2.2％
0.3％
1.3％
20.3％
PeriodNotes:
1. Net income per unit is calculated using the average number of investment unitsFirst fiscal period: 45,683 units
Second fiscal period: 79,370 units
2. Changes in accounting policies: None
3. Percentage change figures for operating revenues, operating income, ordinary income and net income indicate the rate of increaseand decrease compared with the previous fiscal period.
4. Annualized percentage figures = Percentage figures for the relevant fiscal period / Number of actual investment management days
for the relevant fiscal period × 365 days. Annualized percentage figures for the first fiscal period are calculated using 92 days as
the number of actual investment management days.
5. Return on unitholders’ equity and ordinary income to total assets are calculated using the averages of the respective balances ofunitholders’ equity and total assets as of the beginning and end of the fiscal period. The first fiscal period ended October 31, 2005,
is deemed to have begun on August 1, 2005, the actual date investment management commenced.

(2) Distributions(Millions of yen)

Distribution perUnit (Yen)

Total

Excluding Excess

Distributions

Distribution in
Excess of Earnings

of Earnings
Second Fiscalper Unit (Yen)

Total
Distributions in

PayoutExcess ofRatio

Distribution Ratio
to Unitholders’EquityEarnings

−−

99.9％

2.4％

¥3,052¥242−
PeriodNote: The payout ratio is rounded down to the nearest first decimal place.

−

99.9％

0.5％

¥13,884

Period¥1,101First Fiscal(3) Financial Position(Millions of yen)

Total Assets
Second Fiscal

Unitholders’ Equity¥92,053

PeriodFirst Fiscal¥77,325
PeriodNote: The number of investment units outstanding
As of the end of October 2005: totaled 79,370 units.
As of the end of April 2006: totaled 79,370 units.

Unitholders’ Equity to
Total Assets

Unitholders’ Equity per Unit (Yen)¥45,38749.3％¥571,840¥44,52757.6％¥561,008

2. FORECAST OF RESULTS FOR THE THIRD FISCAL PERIOD(MAY 1, 2006 to OCTOBER 31, 2006)(Millions of yen)
Distribution per Unit (Yen)

OperatingOrdinary IncomeRevenues

Net Income

Excluding Excess ofEarnings

Distribution in Excess ofEarnings per Unit (Yen)

Third Fiscal￥5,027￥2,076￥2,075￥13,200−Period
Reference: Estimated net income per unit for the third fiscal period: ￥13,200
Note: Forecasts for net income and distribution per unit may differ from actual results due to changes in operating conditions and avariety of factors. Accordingly, Kenedix Realty Investment Corporation does not guarantee any distribution amount.

The information above is translated from the first page of the Japanese Kessan Tanshin report, dated June12, 2006. Kenedix Realty Investment Corporation makes no assurance or warranty with respect to thecompleteness or accuracy of this English translation. To guarantee complete and accurate information,please refer to the original report in Japanese.