KENEDIX REALTY INVESTMENT CORPORATION (8972)

Translation of Japanese Original

FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED APRIL 30, 2013 (REIT)(November 1, 2012 to April 30, 2013)
Kenedix Realty Investment Corporation is listed on the Tokyo Stock Exchange with the securities code number 8972.
Representative:

June 19, 2013

Naokatsu Uchida, Executive Director

Asset Management Company: Kenedix Office Partners, Inc.
Representative:

Naokatsu Uchida, CEO and President

Inquiries:

Hikaru Teramato, Director / General Manager, Financial Planning Division
TEL +81-3-3519-3491

Planned submission of semiannual securities report: July 30, 2013

Planned start of distribution payments: July 25, 2013

Preparing presentation material:

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

1．PERFORMANCE FOR THE FISCAL PERIOD ENDED APRIL 30, 2013 (SIXTEENTH FISCAL PERIOD)(1) Business Results(Amounts are rounded down to the nearest ¥million)

Operating Revenues

Operating Income

Ordinary Income

Net Income(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

April 30, 2013

9,867(-3.4%)

4,401(-2.5%)

3,003(-0.3%)

3,002(-0.3%)

October 31, 2012

10,212(12.3%)

4,516(10.5%)

3,011(18.0%)

3,009(18.5%)For the six months ended

Net Income

Return on Unitholders’ Equity

per Unit (Yen)

Ordinary Income to

Ordinary Income to Operating

Total Assets

Revenues

For the six months endedApril 30, 2013

10,476

2.0%

1.0%

30.4%

October 31, 2012

10,503

2.0%

1.0%

29.5%

（Total distributions is rounded down to the nearest ¥million.）(2) Distribution
Distributions per Unit

Total Distribution

Excluding Excess of(Millions of Yen)

Earnings (Yen)Distributions in

Total Distributions in

Excess of Earnings

Excess of Earnings

per Unit (Yen)(Millions of Yen)Distribution Ratio toPayout Ratio

Unitholders’ Equity

For the six months endedApril 30, 2013

9,434

2,703

0

0

90.1%

1.8%

October 31, 2012

9,557

2,738

0

0

91.0%

1.8%

Note 1: Distribution per unit for the fiscal period ended October 31, 2012 is calculated by dividing the amount remaining after deducting the provision of reserve for reduction entry (¥271
million) from unappropriated retained earnings by the number of investment units issued and outstanding. The main difference between distribution per unit and net income per unit isdue to this calculation.
Note 2: Distributions per unit for the fiscal period ended April 30, 2013 is calculated by dividing the amount remaining after deducting the provision of reserve for reduction entry (¥298
million) from unappropriated retained earnings by the number of investment units issued and outstanding. The main difference between distribution per unit and net income per unit isdue to this calculation.
（Total assets and unitholders’ equity are rounded down to the nearest ¥million.）(3) Financial Position
Total Assets

Unitholders’ Equity

Unitholders’ Equity

Unitholders’ Equity per Share of(Millions of Yen)

(Millions of Yen)

to Total Assets

Common Stock (Yen)For the six months endedApril 30, 2013

308,172

150,65348.9%

525,747

October 31, 2012

306,734

150,38949.0%

524,828This is an English-language translation of the original Japanese announcement on our Web site released on June 19, 2013. However, no assurance
or warranties are given with respect to the accuracy or completeness of this English-language translation. The Japanese original shall prevail in thecase of discrepancies between this translation and the Japanese original.

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KENEDIX REALTY INVESTMENT CORPORATION (8972)（Amounts are rounded down to the nearest ¥million.）(4) Cash Flow Position
Cash Flows from

Cash Flows from

Cash Flows from

Cash and Cash Equivalents

Operating Activities

Investing Activities

Financing Activities

at Period End(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

For the six months endedApril 30, 2013

7,880

-3,060-950

14,371

October 31, 2012

8,739

-12,283526

10,501

2．FORECAST OF RESULTS FOR THE FISCAL PERIOD ENDING OCTOBER 31, 2013 (May 1, 2013 to October 31, 2013)
Distribution perDistribution in

Operating Revenues

Operating Income

Ordinary Income

Net Income

Unit Excluding

Excess of(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

Excess ofEarnings per Unit

Earnings (Yen)

(Yen)

8,830

0

For the six months
endingOctober 31, 2013

9,561(-3.1%)

4,093(-7.0%)

2,699(-10.1%)

2,697(-10.1%)(Reference) Estimated net income per unit for the fiscal period ending October 31, 2013: ¥9,415
Forecasted number of investment units issued and outstanding as of October 31, 2013: 286,550 units
Note: Distribution per unit is calculated by dividing the amount remaining after deducting the provision of reserve for reduction entry (¥165 million) to unappropriated retained earnings by
the number of investment units issued and outstanding.

3．OTHER(1) Changes in Accounting Policies・Changes in Accounting Estimate・Retrospective Restatement(a) Changes concerning accounting policy accompanying amendments to accounting standards: No(b) Changes other than (a): No(c) Change 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 April 30, 2013: 286,550 units
As of October 31, 2013: 286,550 units(b) Number of treasury units at period end
As of April 30, 2013: 0 units
As of October 31, 2013: 0 units
Note: Please refer to page 30 “Notes to the Information per Unit” for the calculation of net income per unit.

*Details concerning actual status of auditing procedures
As of the disclosure of this financial report, auditing procedures for financial statements based on the Financial Instruments andExchange Law are underway.
*Explanation on the appropriate use of the forecast of results and other matters of special consideration
The forecast of results for the seventeenth fiscal period ending October 31, 2013 are calculated as of June 19, 2013 based on theassumptions presented on page 10 “Preconditions and Assumptions for the Fiscal Period Ending October 31, 2013.” Readers areadvised that actual operating revenues, operating income, ordinary income, net income and distribution per unit may differ
significantly from forecasts due to a variety of factors. Accordingly, the Investment Corporation does not guarantee payment of
the forecast distribution per unit.

This notice is an English-language translation of the original Japanese announcement on our Web site released on June 19, 2013. However, noassurance or warranties are given with respect to the accuracy or completeness of this English-language translation. The Japanese original shallprevail in the case of discrepancies between this translation and the Japanese original.

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KENEDIX REALTY INVESTMENT CORPORATION (8972)

1.

Basic Structure — Overview of Companies Related to the Investment Corporation
There were no major changes to the “Structure of the Investment Corporation” from the most recent securities report (submitted on January 30,2013), accordingly this information has been omitted from this document.

2.

Management Policy and Operating Conditions(1) Management Policy
There were no major changes to the “Investment Policy,” “Investment Strategy” and “Distribution Policy” from the most recent securities report(submitted on January 30, 2013), and accordingly this information has been omitted from this document.
(2) Operating Conditions(1) Operating Conditions for the Sixteenth Fiscal Period (fiscal period ended April 30, 2013)
A. The Investment Corporation
The Investment Corporation was established on May 6, 2005 in accordance with the Investment Trust and Investment Corporation Law (“theInvestment Trust Law”). On July 21, 2005, the Investment Corporation was listed on the Real Estate Investment Trust Market of 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 other means including four global offerings. As a result, as of April 30, 2013, the end of thesixteenth fiscal period, the number of investment units issued and outstanding totaled 286,550 units.
The Investment Corporation appointed Kenedix Office Partners, Inc. as its asset management company. In collaboration with the AssetManagement Company, the Investment Corporation strives to maximize cash distribution to investors by securing stable earnings andsustainable investment growth. To this end, the Investment Corporation adopts the basic policy of conducting dynamic and flexible investment
stance that seeks to respond to its environment and market trends, and endeavors to ensure a timely response to opportunities.
B. Investment Environment and Management Performance(a) Investment Environment
During the fiscal period under review (fiscal period ended April 30, 2013), the Japanese economy was on an ongoing modest recovery supported
by earthquake disaster reconstruction-related demand such as for public and residential investment, and according to public documents of thecabinet office the economy was performing well as could be seen in improvements in GDP and some other economic indicators. Market
sentiment has also been improving following the correction of the strong yen, the Bank of Japan’s monetary easing measures and such, and in
the stock market with the Nikkei Stock Average making a turnaround, reaching a closing price of ¥12,000 in March 2013 for the first time inabout four and a half years and continuing to increase even after that. As for overseas economies, the overall growth rate is expected to increase
gradually and while economies in the U.S. and Asian emerging countries are starting to see signs of recovery, those in Europe are still on a weaknote. We need to pay attention to the potential impact of these overseas downside risks on the recovery of the Japanese economy.
Concerning the office building leasing market, the vacancy rate in central Tokyo is on a gradual downward trend given the strong demand arisingfrom the growing number of corporate relocations. There were also many new buildings supplied during the period under review but highoccupancy ratios have been maintained for these new buildings. Moreover, while the overall average rent is still on a downward trend, when the
shortening of rent-free periods and down time periods is taken into consideration, it can be said in substantive terms that there are signs ofbottoming out or even of improvement in the economy.
In the office building transaction market, the appetite for new acquisitions continues to be strong coming primarily from listed J-REITs and funds
due in part to the favorable funding environment.
(b) Management Performance
As of the end of the fifteenth fiscal period (fiscal period ended October 31, 2012), the Investment Corporation owned 84 properties with a totalacquisition price of ¥293,128 million and preferred equity securities (investment of ¥891 million). During the fiscal period under review (fiscal
period ended April 30, 2013), the Investment Corporation acquired one office building (Nomura Fudosan Omiya Kyodo Building: acquisition
price of ¥2,020 million) located in the Tokyo Metropolitan Area and sold Kanazawa Nikko Building (initial acquisition price of ¥645 million)
and KDX Yotsuya Building (initial acquisition price of ¥1,950 million) (total sales price of ¥3,180 million).
As a result, the number of properties owned as of April 30, 2013 (excluding the preferred equity securities, same applies below.) amounts to 83,
with a total acquisition price of ¥292,553 million. Looking at the portfolio as a whole, 92.9% was comprised of office buildings, 4.2% of central
urban retail properties and 2.9% of residential properties on an acquisition price basis. The occupancy ratio as of the end of the sixteenth fiscal
period was 93.9% reflecting stable investment and asset management.
In addition, the Investment Corporation has concluded a purchase and sales agreement on March 21, 2013 and sold Ikebukuro Nikko Building(initial acquisition price of ¥1,653 million) on May 10, 2013 (sales price of ¥1,970 million).
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KENEDIX REALTY INVESTMENT CORPORATION (8972)

Operation and Management of Existing Properties
The Investment Corporation has appointed the Asset Management Company as its property management company for its entire portfolio. In
establishing a single point of contact for all matters relating to property management activities, the Investment Corporation have strived tosecure consistent policies, specifications and procedures along with ensuring swift service with a high degree of quality.
In terms of leasing, the Investment Corporation sought out potential demand by maintaining close relationships with brokers based on thetrends of the economy and real estate market. Moreover, in order to maintain and increase the competitiveness of office buildings, renovationof air conditioning, repair of common areas, etc. were implemented according to the plan.
Consequently, as of the end of the period under review, the occupancy ratio of the Investment Corporation’s owned office buildings in theTokyo Metropolitan Area stood at 93.2% and for the Investment Corporation’s office buildings overall stood at 93.5%, a decrease of 1.7%
from the previous fiscal period. These occupancy ratios include KDX Nihonbashi Kabutocho Building which became fully vacant on
December 1, 2012 and which had an occupancy ratio of 13.4% at the end of the period under review. When excluding KDX Nihonbashi
Kabutocho Building, the occupancy ratio at the end of the period of office buildings in the Tokyo Metropolitan Area is 95.9% and that for
office buildings overall is 95.5%, and a generally stable occupancy ratio has been maintained for office buildings overall under an officebuilding leasing environment that is showing signs of improvement.
Note that leasing for KDX Nihonbashi Kabutocho Building has been successful and the property has reached a lease contract rate of 99.8%(Note) as of the date of this document.
Note: The contract rate is calculated by dividing the contracted area by the total leasable area based on lease contracts which are already concluded and arerounded to the first decimal place. It may differ from the occupancy ratio as the figure could include contracted area whose lease contracts have not yet
been initiated.

Stable Management through Large Number of Tenants and Tenant Diversification by Sector
The number of end-tenants for our office buildings was 843 as of the end of the fiscal period under review (fiscal period ended April 30, 2013).
Floor area leased to the largest office end-tenant as a proportion of total leased floor area of the total portfolio and the top 3 office building
tenants was 3.0% (Note) and 5.7% (Note) , respectively. This illustrates our diversification of tenants. Furthermore, tenants of office buildings
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: The largest office end-tenant is SMBC Nikko Securities Inc. When including the affiliates of SMBC Nikko Securities Inc. who are tenants of Kabutocho
Nikko Building II, the ratio for the largest office end-tenant as a proportion of total leased floor area of the total portfolio stood at 3.3% and 6.1% for
the top 3 office building tenants.

C. Capital Acquisition(a) Status of Borrowings
The Investment Corporation will continue to strive to reduce refinancing risk by diversifying repayment dates and extending borrowing periods for
its interest-bearing debt. During the fiscal period under review (fiscal period ended April 30, 2013), the Investment Corporation undertook
long-term borrowings of ¥2,000 million (Note 1) to acquire an additional asset and ¥8,200 million (¥7,000 million in long-term borrowings and¥1,200 million in short-term borrowings (Note 1)) to repay borrowings that matured during the fiscal period. As a result, the balance ofinterest-bearing debt amounted to ¥142,369.5 million as of April 30, 2013, comprising ¥136,369.5 million in borrowings (¥130,669.5 million in
long-term borrowings and ¥5,700 million in short-term borrowings) and ¥6,000 million in investment corporation bonds.
Furthermore, as of April 30, 2013, ¥20,500 million out of ¥35,300 million of long-term borrowings, which have floating interest rates, have been
hedged and fixed by utilizing interest-rate swap agreements. In addition, the long-term debt ratio (Note 2) was 96.0% and the long-term fixedinterest debt ratio (Note 3) was 85.6%.
In addition, the Investment Corporation has extended the average remaining term of its interest-bearing debt (Note 4), the weighted average basedon the balance of interest-bearing debt at the end of each period, from 2.3 years at the end of the thirteenth fiscal period (fiscal period ended October
31, 2011) to 2.4 years at the end of the fiscal period under review (fiscal period ended April 30, 2013). Furthermore, during the same period, theaverage interest rate (Note 4) was reduced from 2.17% to 1.88%, demonstrating a successful steady reduction of financial costs.
Note 1: Short-term borrowings refer to borrowings with a period of less than or equal to one year from the drawdown date to the repayment date. However, theborrowings whose period until repayment date have surpassed one year because the repayment date one year from the drawdown date is not abusiness day and for which the repayment date has been moved to the following business day are included in short-term borrowings. Long-termborrowings refer to borrowings with a period of more than one year from the drawdown date to the repayment date. The same classification criteria
apply to other borrowings listed below.
Note 2: Long-term debt ratio= (Balance of long-term borrowings + Balance of investment corporation bonds) / (Total borrowings + Balance of investment
corporation bonds) Long-term debt ratio is rounded to the nearest first decimal place.
Note 3: Long-term fixed interest debt ratio = (Balance of long-term fixed interest rate borrowings + Balance of investment corporation bonds) / (Total
borrowings + Balance of investment corporation bonds) The balance of long-term fixed interest rate borrowings includes borrowings with floatinginterest rates effectively fixed by utilizing interest-rate swap agreements. Long-term fixed interest debt ratio is rounded to the nearest first decimal
place.
Note 4: Average interest rates and average remaining terms are the weighted average based on the period-end interest rates and remaining terms based on the-4-

KENEDIX REALTY INVESTMENT CORPORATION (8972)

balance of interest-bearing debt. Average interest rates are rounded to the nearest second decimal place and average remaining terms are rounded to
the nearest first decimal place.

The balance of borrowings according to financial institutions as of October 31, 2012 and April 30, 2013 are as follows:

LenderFifteenth Fiscal Period(as of October 31, 2012)

Sixteenth Fiscal Period(as of April 30, 2013)(Millions of Yen)

(Millions of Yen)

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

Sumitomo Mitsui Banking Corporation

34,161.0

35,029.5

25.7

Development Bank of Japan Inc.

26,745.0

25,702.5

18.8

Aozora Bank, Ltd.

19,675.0

19,662.5

14.4

Sumitomo Mitsui Trust Bank, Limited

17,700.0

17,675.0

13.0

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

16,300.0

16,300.0

12.0

Mitsubishi UFJ Trust and Banking Corporation

9,200.0

9,200.0

6.7

Resona Bank, Ltd.

7,300.08,300.0

6.1

Mizuho Bank, Ltd.

2,000.0

2,000.0

1.5Mizuho Trust & Banking Co., Ltd.

1,000.0

1,500.0

1.1

The Bank of Fukuoka, Ltd.

500.0

1,000.0

0.7

Total
134,581.0
Note 5: Percentages are rounded down to the nearest first decimal place.

136,369.5

100.0(b) Status of Credit Rating
The status of the credit ratings as of April 30, 2013 is as follows:
Credit Rating Agency
Details of the Ratings
Long-Term Issuer Rating
A+ (Outlook: Stable)
Ratings on Bonds
Japan Credit Rating Agency, Ltd.
A+
Rating of Shelf Registration(c) Status of Shelf Registration
The Investment Corporation filed a debt shelf registration statement in February 2011. However, as the planned issuance period was
originally set to expire on February 14, 2013, the Investment Corporation filed a new debt shelf registration statement on February 14,
2013. Details are as follows.
Investment Corporation Bonds
Planned Issue Amount¥100,000,000,000
Planned Issuance Period February 15, 2013 to February 14, 2015
Acquisition funds for specified assets, repayment of borrowings, repayment ofinvestment corporation bonds, refund of lease and guarantee deposits, funds to pay for repairs andUse of Funds
maintenance, working capital, etc.
The Investment Corporation’s Second Series Unsecured Investment Corporation Bonds of ¥3,000,000,000 were issued in March 2007
based on the debt shelf registration statement filed in February 2007. In addition, the Investment Corporation’s Third Series Unsecured
Investment Corporation Bonds of ¥1,500,000,000 and Fourth Series Unsecured Investment Corporation Bonds of ¥1,500,000,000 were
issued based on the debt shelf registration statement filed in February 2011 in September 2011 and March 2012, respectively.
The Investment Corporation filed an equity shelf registration statement in February 2011 to continue to secure opportunity for flexible
equity financing, but as the planned issuance period was to reach maturity on February 14, 2013, the Investment Corporation filed
another shelf registration statement on February 7, 2013. Details are as follows.
Investment Unit CertificatesPrimary Offering
Secondary Offering
Planned Issue Amount¥100,000,000,000¥15,000,000,000
February 15, 2013 to
February 15, 2013 toPlanned Issuance Period
February 14, 2015
February 14, 2015
Acquisition funds for specified assets, Not applicableUse of Funds
repayment of borrowings, repayment of-5-

KENEDIX REALTY INVESTMENT CORPORATION (8972)

investment corporation bonds, refund of leaseand guarantee deposits, funds to pay forrepairs and maintenance, working capital, etc.
There has not yet been any primary offering or secondary offering based on the abovementioned investment unit certificate shelfregistration.
D. Operating Results and Cash Distribution
As a result of the aforementioned management performance, the Investment Corporation reported operating revenues of ¥9,867 million,
operating income of ¥4,401 million, ordinary income of ¥3,003 million and net income of ¥3,002 million for its sixteenth fiscal period (fiscal
period ended April 30, 2013).
Cash distributions are paid out to the application of Article 67-15 of the Special Taxation Measures Law. In addition, the Investment Corporation
has decided to book a portion of its unappropriated retained earnings to internal reserve as a reserve for reduction entry based on application of
the “Special Provisions for Taxation in the Event of Advance Acquisition of Land, etc. in 2009 and 2010” (Article 66-2 of the Special Taxation
Measures Law) in the fiscal period under review. In accordance with this policy, following the posting of this reduction entry reserve, theInvestment Corporation deducted ¥298 million from net income to be set aside as a reduction reserve, the posting of which falls within the scopein application of provisions in Article 66-2 and Article 67-15 of the Special Taxation Measures Law. Subsequently, all the remaining net income
was distributed to unitholders, yielding ¥9,434 per unit.
(2) Outlook
A. Investment Environment
With regard to the outlook of the Japanese economy, while there is a modest recovery buoyed by the financial and monetary policies promotedby the government, there is an increase in the volatility of stock prices, interest rates and foreign currency exchange and we need to watch thesetrends closely. The overseas economy is expected to gradually move toward recovery with an increasing growth rate but since there are risks
such as from the ongoing development of the European debt crisis and economic downside risks in the U.S., emerging countries andresource-rich countries, the uncertainties surrounding the Japanese economy are likely to continue.
Concerning the office building leasing market, according to figures announced by Miki Shoji Co., Ltd., as of the end of May 2013, the averagevacancy rate of Tokyo’s five central wards was 8.33%, a decrease of 0.21 points from the previous month. Compared to the beginning of theperiod, the average vacancy rate dropped by 0.43 points. Though modest, the average vacancy rate is indicating a trend of improvement and the
supply and demand balance is believed to continue to be tight going forward. On the other hand, average rent in Tokyo’s five central wards(including for newly built office buildings) has been declining slightly since July 2012. However, the rate of decrease in the last few months has
been minimal and the rent market is expected to bottom out and turn around.
In the office building transaction market, the demand for office buildings as investment assets is expected to continue to increase with the
backdrop of the expected recovery of the office building leasing market and the continuingly favorable fund procurement environment due tolarge-scale monetary easing despite concerns over the uncertainty in the financial and capital markets such as sudden changes in market prices.
On the other hand, due to the small volume of newly supplied large-scale properties compared to the previous year and the expected rise in
future real estate prices, the stance of actively selling owned properties is seen to be limited and the supply and demand balance in the real estatemarket is thought to continue to be tight for the time being.
B. Future Management Policies and Pending Issues
The Investment Corporation adopts the basic policy of conducting dynamic and flexible investment stance that seeks to respond to its
environment and market trends, and endeavors to ensure a timely response to opportunities. From this standpoint and in light of the investment
environment described above (the Japanese economy, leasing market for office buildings, real estate transaction market, etc.), the Investment
Corporation creates a property investment strategy, existing property management strategy, and financial strategy in a dynamic and flexible
manner as set forth below.
(a) New Property Investment Strategy and Sales Policy
The Investment Corporation aims for further expansion of its asset size, with the goal of “forming a firm portfolio focusing on mid-sized officebuildings” and to become the “No. 1 J-REIT for mid-sized office buildings.” The Investment Corporation will keep mid-sized office buildings in
the Tokyo Metropolitan Area as its focus, and with regard to central urban retail properties, invest only in those that have rare value as analternative to office buildings, are located in busy commercial areas and offer a certain amount of office space. In addition, the Investment
Corporation believes that maintaining an investment strategy which aims for a certain degree of regional diversification, will be a foundation for
constructing a superior portfolio and differentiating the Investment Corporation from others in the business.
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KENEDIX REALTY INVESTMENT CORPORATION (8972)

Moreover, when acquiring assets, bearing in mind such matters as the securing of property pipelines in the future and revenues during the period,
the Investment Corporation is striving to diversify investment methods also taking into consideration the balance of financing sources, such as
fund-type investment through investments in silent partnerships and real estate backed securities, and is also strengthening the sourcing of
information on portfolio deals.
In selling properties, the Investment Corporation will examine the sale of properties individually in considering the use of funds for replacementof assets through property acquisition or fund-type investments. Of this, concerning residential properties, the Investment Corporation will not
only refrain from conducting new investments in principle, but will also place such properties on the top of the list of properties to sell while
taking into consideration the market environment, asset size and other factors. On the other hand, the Investment Corporation will decide on thesale of office buildings and central urban retail properties individually by considering the current profitability, revenue projections that take into
account future market trends, building age, area and property size, among other factors, and also in light of the significance of the property’s
presence in the portfolio.
(b) Existing property management strategy
Taking into consideration economic and real estate market trends, the Investment Corporation adopts “a tenant-oriented approach which will leadto revenue” for its leasing activities with aims of ensuring a timely and flexible response as well as optimizing tenant satisfaction. Accordingly,
the Investment Corporation will aim to maintain / increase cash flow by offering office environments with high tenant satisfaction. Based on the
aforementioned, the Asset Management Company undertakes property 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 environmental response
Take measures to maintain and raise competitiveness of properties
The Investment Corporation will implement operation and management in close contact with the actual properties and further enhance themanagement level. Some specific examples of the operation and management are the installation of public wireless LAN services (installed at
62 properties located within NTT East’s service area as of April 30, 2013) and installation of automated external defibrillators (AEDs) (installed
at 78 properties as of April 30, 2013) in consideration of business continuity plans (BCP) and its corporate social responsibilities (CSR).
Furthermore, tenants at properties are positioned as important “customers” and the perspective of customer satisfaction (CS) is applied to the
management of properties. The Investment Corporation has conducted a CS survey targeting the tenants of its office buildings four times incooperation with J.D. Power Asia Pacific, Inc., an internationally recognized company that engages in customer satisfaction evaluation(requesting those in charge of general affairs and employees of tenants to complete a questionnaire on the hard aspects such as the building andfacilities as well as on the soft aspects such as management and operation, consisting of multiple items for evaluation and open-ended questions).
By conducting such surveys continuously and meeting tenant needs, the Investment Corporation is aiming to improve customer satisfaction
while also maintaining and improving the competitiveness and asset value of its properties.
Tailor leasing management according to the market environment
The characteristics of mid-sized office buildings, which are the primary target of the Investment Corporation’s investment, are that many of thetenant turnover ratios are relatively high. Therefore, in the leasing aspect, the Investment Corporation implements leasing activities in a timely
and flexible manner by adopting the basic policy of endeavoring to maximize revenues for the medium- to long-term through maintaining
occupancy ratios, while taking into account economic and real estate market trends.
Concerning the solicitation of new tenants, the Investment Corporation strives to shorten the period of vacancy and boost the occupancy ratio byimplementing dynamic and flexible leasing activities through the sharing of information closely with leasing brokers, holding of previews,
marketing directly to corporations, utilizing guarantee companies and other measures while closely watching market conditions and timing ofchanges going forward.
Apply careful control of management and operating costs by taking advantage of portfolio size
The Investment Corporation will carefully control the quality of property management and operating costs and reduce building maintenance andoperating costs by taking advantage of the portfolio size in building maintenance costs and construction bidding.
Ensure appropriate responses to relevant laws and regulations
The Investment Corporation will gather information on the Building Standards Law and other relevant laws and regulations and any future-7-

KENEDIX REALTY INVESTMENT CORPORATION (8972)

revisions, in a timely manner and will respond as necessary while considering compliance.
Develop a proactive environmental response
The Investment Corporation is designated as a specified corporation pursuant to the Act on the Rational Use of Energy. The Investment
Corporation will research on energy saving and environmental friendliness of mid-sized office buildings, develop medium- to long-term energy
saving plans and reduction targets, and proactively institute measures in terms of both hardware (buildings and facilities) and soft services(operating and management services) in an aim to ensure the simultaneous pursuit of return on investment and social benefits.
(c) Financial Strategy (Debt Financing)
As the environment for procuring interest-bearing debt is continuing to improve, the Investment Corporation is determined to continue to work
to improve the terms and conditions of borrowings.
In addition, by taking the following measures, etc., the Investment Corporation aims for stable financial management.
・Reduce refinance risk by diversifying maturities of interest-bearing debt
・Have the procurement ratio of long-term fixed interest borrowings above a certain level・Control the rate of interest-bearing debt (Note) in a conservative manner (the Investment Corporation will continue to aim to keep the ratio ofinterest-bearing debt to total assets (LTV) at less than 45% as a rule. However, it will also remain open to the option of increasing LTV to theupper 40% level in the event of debt financing conducted for the purpose of acquiring competitive properties or otherwise.)Moreover, the Investment Corporation will undertake stable fund procurement based on existing favorable relations with financial institutions,especially mega-banks, trust banks and Development Bank of Japan, Inc., as well as aim for more conservative financial management. In
addition, the Investment Corporation aspires to pay attention to the share of each bank and consider as appropriate the introduction oftransactions with new banks based on comparison with the conditions with currently transacting banks.
Note: Interest bearing debt ratio = Interest-bearing debt at end of period / Total assets(d) Information Disclosure
Consistent with its basic information disclosure policy, the Investment Corporation proactively engages in IR activities with the aim of promptly
providing a wide range of relevant information to investors, and make revisions to the information disclosure system when needed. In specificterms, the Investment Corporation provides information through the Timely Disclosure Network System (TDnet), which is a system operated by
the Tokyo Stock Exchange, as well as press releases and its Web site (URL: http://www.kdx-reit.com/eng/ ).
(3) Important Subsequent Events
There were no important subsequent events following the close of the sixteenth fiscal period (fiscal period ended April 30, 2013).
(Reference Material)
Sales of Property
The Investment Corporation has concluded a purchase and sales agreement on March 21, 2013 and sold the following property on
May 10, 2012.
Ikebukuro Nikko Building
Property Name
Trust beneficiary interest in real estate
Type of Assets for Sale
Location (Address)
1-20-8 Minami Ikebukuro, Toshima-ku, Tokyo
Buyer
Not disclosed (Note)
Sales Price¥1,970 million
Capital gains from the sale are estimated to be ¥234 million for the seventeenth fiscal period. The aforementioned sales price excludes sales costs, adjusted
amounts for property and city-planning tax, consumption tax, regional consumption tax, etc.
Note: Name and attributes, etc. of the buyer is not shown as the buyer has not consented to such disclosure.

(4) Risk Factors
The Investment Corporation and the Asset Management Company concluded a memorandum concerning the organizational restructuring (the“Reorganization”) of Kenedix, Inc. and its subsidiaries including the Asset Mangement Company (the “KDX Group”) and information
provision, etc. on May 28, 2013 (“Memorandum Relating to Organizational Restructuring and Information Provision, etc.”). With this, thefollowing risk factor has become newly apparent other than the risk factors in the most recent securities report submitted on January 30, 2013
(Japanese only). Details are as follows.
-8-

KENEDIX REALTY INVESTMENT CORPORATION (8972)(I) Risk Relating to the KDX Group’s Organizational Restructuring
As of May 28, 2013, the Investment Corporation and the Asset Management Company concluded a Memorandum Relating to Organizational
Restructuring and Information Provision, etc. concerning the Reorganization of the KDX Group and provision of information on the sale of realestate, etc. With the Reorganization, the Asset Management Company which conducts management for the Investment Corporation, Kenedix
Residential Partners Co., Ltd. which conducts management for Kenedix Residential Investment Corporation and Kenedix Advisors Co., Ltd.
which conducts management for the real estate private funds are scheduled to be integrated on October 1, 2013 (or, a date no later than March 31,
2014 to which the above parties of the memorandum have agreed) and become Kenedix Real Estate Fund Management, Inc. Following the
integration, asset management business for the Investment Corporation is scheduled to be taken over by Kenedix Real Estate Fund Management,
Inc. While the purpose of the Reorganization is the consolidation of know-how concerning real estate asset management within the KDX Group,
realizing a significant increase in competitiveness in asset management capacities, etc. by strategically increasing resources relating to theacquisition and management of real estate, strengthening the internal management system, establishing a system that contributes to the interestsof investor clients and streamlining asset management operations within the KDX Group, there is no guarantee that the Reorganization will be
implemented as expected going forward. Even when it is implemented there is a possibility that the expected effects will not be obtained.
Moreover, with the Reorganization, as the Investment Corporation is scheduled to entrust asset management to Kenedix Real Estate FundManagement, Inc. as are Kenedix Residential Investment Corporation and several real estate private funds, the content and degree of businessrisk may become more complex and more significant with the diversification of business, expansion of business size and taking over of existing
business other companies have conducted compared to specialized management for the Investment Corporation. If such is the case, the financial
foundation and capacity necessary for Kenedix Real Estate Fund Management, Inc. to function as the asset management company of theInvestment Corporation may be impaired and, as a result, the Investment Corporation’s operations may be affected negatively.
Furthermore, since Kenedix Real Estate Fund Management, Inc. will be managing several funds, etc. after the Reorganization, a system of
distributing preferential study rights for acquisition opportunities for real estate, etc. among the Investment Corporation, Kenedix Residential
Investment Corporation and the real estate private funds based on clear and objective standards for Kenedix Real Estate Fund Management, Inc.
such as the “use” of a property, which is objectively and clearly defined by the Building Standards Law, the “gross floor area,” etc. as listed in thebuilding registration, and other information is scheduled to be adopted. Also, a Pipeline Meeting is scheduled to be established for thismanagement but this does not guarantee functioning as expected going forward as the system is still in the stage of planning. In addition, if thepreferential study rights system is abolished by, or if the Investment Corporation’s order in, or content of the preferential study rights is changedby Kenedix Real Estate Fund Management, Inc., the Investment Corporation’s opportunities for acquisition of real estate, etc. will decrease andthe Investment Corporation may not be able to construct a portfolio of assets that it deems appropriate.

-9-

KENEDIX REALTY INVESTMENT CORPORATION (8972)(4) Outlook
Forecasts for the seventeenth fiscal period (May 1, 2013 to October 31, 2013) are presented as follows. Furthermore, provision of reserve for
reduction entry of ¥165 million is assumed for the purpose of preparation for temporary expenses, arising of loss, etc. Please refer to the“Preconditions and Assumptions for the Fiscal Period Ending October 31, 2013” below for factors that underpin forecasts.
The main factors for increase and decrease from the sixteenth fiscal period (fiscal period ended April 30, 2013) are as follows.
(Operating revenues)
・Decrease of ¥462 million from gain on sale of Kanazawa Nikko Building and KDX Yotsuya Building which was sold in the sixteenthfiscal period
・Decrease from rental revenue of ¥125 million mainly due to the sale of KDX Yotsuya Building and Ikebukuro Nikko Building
・Estimated ¥234 million of gain on sale of Ikebukuro Nikko Building dated May 10, 2013
(Operating expenses)
・ Decrease of ¥162 million from repairs, maintenance and renovation expenses.
・ Increase of ¥41 million of property tax for the 3 properties acquired during the fiscal period ended October 31, 2012
Forecasts for the seventeenth fiscal period (May 1, 2013 to October 31, 2013)
Operating Revenues¥9,561 million
Operating Income¥4,093 million
Ordinary Income¥2,699 million
Net Income¥2,697 million
Distribution per Unit
¥8,830Distribution in Excess of Earnings per Unit
¥0
Note: Forecast figures are calculated based on certain assumptions. Readers are advised that actual operating revenues, net income and distribution per unit may differ
significantly from forecasts due to a variety of reasons. Accordingly, the Investment Corporation does not guarantee payment of the forecast distribution per unit.

“Preconditions and Assumptions for the Fiscal Period Ending April 30, 2013”
Preconditions and Assumptions
Calculation Period The seventeenth fiscal period: May 1, 2013 to October 31, 2013 (184 days)
Property Portfolio
 Forecasts are based on the 82 properties held as of June 19, 2013, and the number of properties remaining
unchanged up to and including the end of the seventeenth fiscal period.
 The Investment Corporation owns TMK preferred equity securities and TK equity other than theabovementioned properties.
 The property portfolio may change due to a variety of factors in the future.
Operating Revenues
 Rental revenues are estimated based on valid leasing agreements as of June 19, 2013 and by considering
variable factors, such as seasonal factors against the backdrop of historical performance, as well as leasing
conditions, such as the recent deterioration of real estate market conditions, in addition to the difference in
number of operating days due to movements in existing investment assets.
 The Investment Corporation has completed settlement of the sale of Ikebukuro Nikko Building on May 10,2013, and capital gains from the sale are estimated to be ¥234 million.
 Forecasts are based on the assumption that there will be no rent in arrears or non-payments from tenants.
Operating Expenses
 Property-related expenses other than depreciation are based on the difference in number of operating days due
to movements in existing investment assets and historic expenses, adjusted to reflect expense variables
including seasonal factors.
 An amount of ¥943 million has been assumed for property management fees and facility management fees
(property management and building maintenance fees, etc.).
 An amount of ¥833 million has been assumed for taxes and public dues (property tax and city-planning tax,etc.).
 An amount of ¥1,664 million has been assumed for depreciation expense.
 An amount of ¥160 million has been assumed for repairs, maintenance and renovation expenses.
Repairs, maintenance and renovation expenses are estimated based on the amounts budgeted by the asset
management company for each property and amounts considered essential for each period. Actual repairs,
maintenance and renovation expenses for each fiscal period may, however, differ significantly from estimatedamounts due to unforeseen circumstances or emergencies.
-10-

KENEDIX REALTY INVESTMENT CORPORATION (8972)

Operating Expenses

 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

 The Investment Corporation is amortizing unit issuance costs over a period of three years using the straight-line
method.
 Interest payable (including financing related expenses etc.) of ¥1,359 million is assumed for the seventeenthfiscal period.

Extraordinary Profit/Loss
Debt Financing and Investment
Corporation Bonds

 Extraordinary profit/loss is not assumed.
 The balance of the borrowings and the investment corporation bonds as of June 19, 2013 are ¥136,369.5
million and ¥6,000 million, respectively.
 Of the borrowings as of June 19, 2013, a total of ¥11,711.5 million in borrowings are due during theseventeenth fiscal period. However, all borrowings are presupposed to be refinanced excluding ¥211.5 millionof the partial payment.
 Of the investment corporation bonds as of June 19, 2013, ¥1,500 million in investment corporation bonds aredue by the end of seventeenth fiscal period. However, the Investment Corporation plans to repay theinvestment corporation bonds with funds procured through the issuance of investment corporation bonds or
debt financing.

Investment Units Issued andOutstanding The number of investment units issued and outstanding as of June 19, 2013 is 286,550 units. Forecasts are
based on the assumption that the number of investment units issued and outstanding shall remain unchanged
for the seventeenth fiscal period.

Distributions per Unit Distributions per unit are calculated in accordance with the distribution policy outlined in the Investment
Corporation’s Articles of Incorporation.
 Assumes that the distributions will be the amount remaining after deducting the reserve for reduction entry of¥165 million (planned) from net income.
 Actual distributions per unit may differ significantly from forecasted figures due to a variety of reasons
including movements in investment assets, rental revenues impacted by tenant movements or the incidence ofmajor unforeseen renovation expense.

Distributions in Excess of
Earnings per Unit
Other

 The Investment Corporation does not currently anticipate distributions in excess of earnings per unit.
 Forecasts are based on the assumption that any revisions to regulatory requirements, taxation, accounting
standards, public listing regulations or requirements of the Investment Trusts Association, Japan will not impact
forecast figures.
 Forecasts are based on the assumption that there will be no major unforeseen changes to economic trends andin real estate and other markets.

-11-

KENEDIX REALTY INVESTMENT CORPORATION (8972)

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

Sixteenth Fiscal Period(As of October 31, 2012)(As of April 30, 2013)

Cash and deposits

4,042,506

8,053,394

Cash and deposits in trust

7,471,423

6,760,531

Accounts receivable-trade425,745

185,046

Prepaid expenses

75,63753,674

Other

3,786

22,826

12,019,100

15,075,474

15,104,975

15,830,843

ASSETS
Current assets

Total current assets
Noncurrent assets
Property, plant and equipment
Buildings
Accumulated depreciation-2,373,323-2,627,418

Buildings, net

12,731,652

13,203,424

23,001

23,001

Structures
Accumulated depreciation-7,149-7,851

Structures, net

15,851

15,149355,857

355,857

Accumulated depreciation-107,192-117,300

Machinery and equipment, net

248,665

238,556

Tools, furniture and fixtures

78,295

79,157

Accumulated depreciation-27,834-31,020

Tools, furniture and fixtures, net

50,461

48,137

29,104,205

30,513,666

Machinery and equipment

Land
Buildings in trust

84,820,308

84,385,141

Accumulated depreciation*2-13,109,892-14,305,758

Buildings in trust, net

71,710,415

70,079,382

Structures in trust

240,433

249,921

Accumulated depreciation-93,545-101,166

Structures in trust, net

146,888

148,754

Machinery and equipment in trust

1,193,065

1,201,938

Accumulated depreciation-530,568-565,226

Machinery and equipment in trust, net

662,496

636,711

Tools, furniture and fixtures in trust

355,008

367,590

Accumulated depreciation-198,785-210,952

Tools, furniture and fixtures in trust, net

156,222

156,637

176,829,277

175,189,078

6,699

6,699

291,662,835

290,236,199

Leasehold right

285,350

285,350

Leasehold right in trust

72,53071,756553

434

358,433

357,540Investment securities

896,655

896,655

Lease and guarantee deposits

10,00010,000Land in trust
Construction in progress in trust
Total property, plant and equipment
Intangible assets

Right of using water facilities in trust
Total intangible assets
Investments and other assets-12-

KENEDIX REALTY INVESTMENT CORPORATION (8972)
123,712
123,712

Lease and guarantee deposits in trust
Long-term prepaid expenses

1,574,533

1,402,489

-

6,244

OthersTotal investments and other assets

2,604,900

2,439,101

294,626,169

293,032,841

Investment corporation bond issuance costs

32,66926,043

Investment unit issuance expenses

56,70937,806

Total deferred assets

89,37863,849306,734,648

308,172,165

Total noncurrent assets
Deferred assets

Total assets(Thousands of Yen)
Fifteenth Fiscal Period

Sixteenth Fiscal Period(As of October 31, 2012)(As of April 30, 2013)

Accounts payable

709,188654,666

Short-term loans payable

5,700,000

5,700,000

Current portion of investment corporation bond

1,500,000

1,500,000

Current portion of long-term loans payable

Liabilities
Current Liabilities

14,000,000

24,300,000

Accounts payable-other184,972

208,564

Accrued expenses

190,825

160,587

978775

Accrued consumption taxes

136,343

204,666

Advances received

1,482,862

1,686,455

Deposits received

18,963

16,96723,924,135

34,432,683

Investment corporation bond

4,500,000

4,500,000

Long-term loans payable

Income taxes payable

Total current liabilities
Noncurrent liabilities

114,881,000

106,369,500

Tenant leasehold and security deposits

1,544,989

1,723,402

Tenant leasehold and security deposits in trust

11,494,978

10,493,518

Total noncurrent liabilities

132,420,968

123,086,420

156,345,104

157,519,104

147,153,820

147,153,820

Reserve for reduction entry

225,795

497,042

Total voluntary reserve

225,795

497,042

Unappropriated retained earnings(undisposed loss)

3,009,927

3,002,198

Total surplus

3,235,723

3,499,241

150,389,544

150,653,061

150,389,544

150,653,061

306,734,648

308,172,165

Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Surplus

Total unitholders' equity
Total net assets*1

Total liabilities and net assets-13-

KENEDIX REALTY INVESTMENT CORPORATION (8972)(2) Statements of Income(Thousands of Yen）
Fifteenth Fiscal Period

Sixteenth Fiscal Period

May 1, 2012 toNovember 1, 2012 to

October 31, 2012

April 30, 2013

Operating revenue
Rent revenue-real estate*18,224,059

8,217,881

Other lease business revenue*1

1,393,295

1,088,205

Gain on sales of real estate properties*2595,516

462,043-

99,168

10,212,870

9,867,299

4,740,083

Dividends income
Total operating revenue
Operating expenses
Expenses related to rent business*1

4,822,166

Loss on sales of real estate properties*2

151,823-

548,084

553,018

Asset management fee
Directors' compensation

7,800

7,800

Asset custody fee

18,614

18,735Administrative service fees

49,92450,737

Audit fee

10,80010,800

Other operating expenses

86,97584,473

Total operating expenses

5,696,188

5,465,649

4,516,682

4,401,650

Operating income
Non-operating income
Interest income

857

557

Dividends and redemption-prescription

964

1,693

Interest on refund

1,098

-

Total non-operating income

2,919

2,251

1,031,027

984,520

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

62,74362,206

Borrowing related expenses

366,755

315,050

Amortization of investment corporation bond issuance costs

6,735

6,626

Amortization of investment unit issuance expenses

27,281

18,903

Other

13,823

13,1891,508,367

1,400,496

Ordinary income

Total non-operating expenses

3,011,234

3,003,404

Income before income taxes

3,011,234

3,003,404

Income taxes-current

1,421

1,338

Income taxes-deferred

16-9

Total income taxes

1,438

1,329

3,009,795

3,002,075

132

122

3,009,927

3,002,198

Net income
Retained earnings brought forward
Unappropriated retained earnings(undisposed loss)-14-

KENEDIX REALTY INVESTMENT CORPORATION (8972)(3) Statements of Unitholders’ Equity(Thousands of Yen）
Fifteenth Fiscal Period

Sixteenth Fiscal Period

May 1, 2012 toNovember 1, 2012 to

October 31, 2012

April 30, 2013

Unitholders' equity
Unitholders' capital
Balance at the start of current period

147,153,820

147,153,820--

147,153,820

147,153,820

368,795

225,795

Provision of reserve for reduction entry-

271,247

Reversal of reserve for reduction entry-143,000-

Total changes of items during the period-143,000

271,247

225,795

497,042368,795

225,795

Provision of reserve for reduction entry-

271,247

Reversal of reserve for reduction entry-143,000-

Total changes of items during the period-143,000

271,247

225,795

497,0422,540,386

3,009,927--271,247

Changes of items during the period
Total changes of items during the period
Balance at the end of current period*

Surplus
Voluntary reserve
Reduction entry
Balance at the start of current period
Changes of items during the period

Balance at the end of current period
Total Voluntary reserve
Balance at the start of current period
Changes of items during the period

Balance at the end of current period
Unappropriated retained earnings (undisposed loss)
Balance at the start of current period
Changes of items during the period
Provision of reserve for reduction entry
Reversal of reserve for reduction entry

143,000-

Distribution from surplus-2,683,254-2,738,558

Net income

3,009,795

3,002,075

Total changes of items during the period

469,541-7,7293,009,927

3,002,198

2,909,182

3,235,723

Provision of reserve for reduction entry--

Reversal of reserve for reduction entry--

Distribution from surplus-2,683,254-2,738,558

Net income

3,009,795

3,002,075

Total changes of items during the period

326,541

263,5173,235,723

3,499,241

150,063,002

150,389,544

Distribution from surplus-2,683,254-2,738,558

Net income

3,009,795

3,002,075

Total changes of items during the period

326,541

263,517

Balance at the end of current period
Total Surplus
Balance at the start of current period
Changes of items during the period

Balance at the end of current period
Total unitholders' equity
Balance at the start of current period
Changes of items during the period-15-

KENEDIX REALTY INVESTMENT CORPORATION (8972)
150,389,544
150,653,061

Balance at the end of current period
Total net assets
Balance at the start of current period

150,063,002

150,389,544

Distribution from surplus-2,683,254-2,738,558

Net income

3,009,795

3,002,075

Changes of items during the period

Total changes of items during the period
Balance at the end of current period-16-

326,541

263,517150,389,544

150,653,061

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

Fifteenth Fiscal Period(May 1, 2012 to October 31, 2012)(November 1, 2012 to April 30, 2013)

I. Retained earnings at the end of period

3,009,927,991

3,002,198,217

II. Total Distribution

2,738,558,350

2,703,312,700(Distribution per Unit)
III. Voluntary retained earnings (provision)(9,557)(9,434)

Provision for reserve for reduction entry

271,247,024

298,885,517

122,617-

In accordance with the policy depicted in Article

In accordance with the policy depicted in Article

35-1 of its Articles of Incorporation, the Investment

35-1 of its Articles of Incorporation, the Investment

Corporation determines that the amount ofCorporation determines that the amount of

distribution shall exceed the amount equivalent to

distribution shall exceed the amount equivalent to

90% of its distributable profit as stipulated in Article

90% of its distributable profit as stipulated in Article

67-15 of the Special Taxation Measures Law, and67-15 of the Special Taxation Measures Law, andshall be up to the amount of its profits as the ceiling.

shall be up to the amount of its profits as the ceiling.

Following this policy, the Investment Corporation

Following this policy, the Investment Corporation has

has decided that, of the amount remaining after thedecided that, of the amount remaining after the

reserve for reduction entry as stipulated in Article

reserve for reduction entry as stipulated in Article66-2 of the Special Taxation Measures Law is66-2 of the Special Taxation Measures Law isdeducted from unappropriated retained earnings, it

deducted from unappropriated retained earnings, it

shall distribute the maximum amount of retained

shall distribute the maximum amount of retained

earnings at the period-end, namely totalingearnings at the period-end, namely totaling¥2,738,558,350 to 286,550 units issued and¥2,703,312,700 to 286,550 units issued andoutstanding.
Procedures for the distribution of amounts

outstanding.
Procedures for the distribution of amounts

exceeding distributable income are outlined inexceeding distributable income are outlined in Article

Article 35-2 of the Investment Corporation’s

35-2 of the Investment Corporation’s Articles of

Articles of Incorporation. In its fiscal period under

Incorporation. In its fiscal period under review, thereview, the Investment Corporation has decided not

Investment Corporation has decided not to distributeto distribute cash in excess of distributable profit.

cash in excess of distributable profit.

IV. Retained Earnings brought forward to
the next period
Method of calculating the distribution
amount-17-

KENEDIX REALTY INVESTMENT CORPORATION (8972)(5) Statements of Cash Flows(Thousands of Yen）
Fifteenth Fiscal Period

Sixteenth Fiscal Period

May 1, 2012 to October 31, 2012

November 1, 2012 to April 30, 2013

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

3,011,234

3,003,404

Depreciation and amortization

1,621,150

1,662,015

Amortization of long-term prepaid expenses

310,365

293,743

Interest income

-857

-557

Interest expenses

1,093,770

1,046,727

Amortization of investment unit issuance expenses

27,281

18,903

Amortization of investment corporation bond issuance expenses

6,735

6,626

Decrease (increase) in accounts receivable-trade-249,271

240,699

Decrease (increase) in consumption taxes refund receivable

220,729-

Decrease (increase) in prepaid expenses-8,623

21,962

Increase (decrease) in accounts payable

78,583-107,777

Increase (decrease) in accounts payable-other

19,628

4,959

Increase (decrease) in accrued consumption taxes

122,971

68,322

Increase (decrease) in advances received-405,104

203,592

Increase (decrease) in deposits received-8,285-1,996

Loss on retirement of noncurrent assets

17,6885,193

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

4,349,376

2,641,181

Decrease (increase) in long-term prepaid expenses-356,625-121,699-1,335-27,423

9,849,413

8,957,876

857

557

-1,108,485-1,076,959-1,829-1,091

8,739,955

7,880,383-207,114-2,116,959

Other, net
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-11,702,103-743,209

Purchase of investment securities-5,655-

Payments of tenant leasehold and security deposits-77,920-83,564

Proceeds from tenant leasehold and security deposits

98,806226,044

Payments of tenant leasehold and security deposits in trust-934,940-1,325,815

Proceeds from tenant leasehold and security deposits in trust

1,056,424

413,440

Payments of restricted bank deposits in trust-597,874-

Proceeds from restricted bank deposits in trust

86,628569,850-12,283,748-3,060,211

Increase in short-term loans payable

4,500,000

1,200,000

Decrease in short-term loans payable-13,500,000-1,200,000

Proceeds from long-term loans payable

20,000,000

9,000,000

Repayment of long-term loans payable-7,791,500-7,211,500

Dividends paid

-2,681,962-2,738,824

Net cash provided by (used in) financing activities

526,537-950,324

Net increase (decrease) in cash and cash equivalents-3,017,255

3,869,847

Cash and cash equivalents at beginning of period

13,519,010

10,501,755

10,501,755

14,371,602

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

Cash and cash equivalents at end of period

*

-18-

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

Securities
Other securitiesThose with no fair value
Cost method through moving-average method

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

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

4. Accounting standards for revenues and expenses

Accounting method for property tax
Property-related taxes including property taxes and city planning taxes, etc. are imposed on
properties on a calendar year basis. These taxes are generally charged to rental expenses for theperiod, for the portion of such taxes corresponding to said period.
In connection with the acquisition of real estate including trust beneficiary interests in real estate during
the fiscal period under review, the Investment Corporation included it’s pro rata property portion forthe year in each property acquisition price and not as rental expense. The amount of property taxes
included in acquisition prices for the previous fiscal period amounted to ¥23,008 thousand and for the
fiscal period under review amounted to ¥10,264 thousand.

5. Accounting for hedges(1) Hedge accounting method
The deferred hedge method is applied. However, the special treatment is applied for the interest-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.

-19-

KENEDIX REALTY INVESTMENT CORPORATION (8972)(3) Hedging policy
The Investment Corporation enters into derivative transactions based on its risk management
policies with the objective of hedging risks in accordance with its Articles of Incorporation.
(4) Method of evaluating the effectiveness of hedging
During the period from the commencement of hedging to the point at which effectiveness is
assessed, the Investment Corporation compares the cumulative total of market changes in thetargeted objects of hedging or cash flow changes with the cumulative total of market changes in thehedging instruments or cash flow changes. The Investment Corporation then makes a decision basedon the changes and other factors of the two.
However, the interest-rate swap and interest-rate cap agreements that meet the criteria for special
treatment, the evaluation of effectiveness are omitted.
6. The scope of cash and cash equivalents on statements ofcash flows

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

7. Other significant accounting policies utilized in the
preparation of financial statements(1) Accounting method for trust beneficiary interests in real estate and other assets
The assets and liabilities as well as revenues and expenses of financial assets held in the form of trust
beneficiary interests in real estate and other assets are recorded in full in the Investment
Corporation’s balance sheets and statements of income.
Important line items included in accounting for financial assets and liabilities in the Investment
Corporation’s balance sheet are as follows:
1. Cash and deposits in trust
2. Buildings in trust, structures in trust, machinery and equipment in trust, tools, furniture and fixturesin trust, land in trust and construction in progress in trust
3. Leasehold rights in trust, right of using water facilities in trust
4. Lease and guarantee deposits in trust
5. Tenant leasehold and security deposits in trust(2) Accounting method for consumption tax
Consumption taxes are separately recorded. Non-deductible consumption taxes applicable to theacquisition of assets are included in the cost of acquisition for each asset.

-20-

KENEDIX REALTY INVESTMENT CORPORATION (8972)(8)【Notes to the Financial Statements】（Notes to the Balance Sheets）※1.

Minimum unitholders’ equity pursuant to Article 67-4 of the Law Concerning Investment Trusts and Investment Corporations Law(Thousands of Yen)
Fifteenth Fiscal Period(as of October 31, 2012)

Sixteenth Fiscal Period(as of April 30, 2013)
50,000※2.

50,000

The amount of advanced depreciation of property, plant and equipment acquired by government subsidy(Thousands of Yen)
Fifteenth Fiscal Period(as of October 31, 2012)
Building in trust

Sixteenth Fiscal Period(as of April 30, 2013)
26,230-21-

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

(Thousands of Yen)
Fifteenth Fiscal Period

Sixteenth Fiscal Period

May 1, 2012 to October 31, 2012

November 1, 2012 to April 30, 2013

A. Rental and other operating revenues
Rental revenues
Leasing income

6,664,509

6,628,332

Common area charges

1,559,549

1,589,549

8,224,059

8,217,881

Parking space rental revenues

286,631

292,402

Utility charge reimbursement

769,330

681,271

Miscellaneous

337,333

114,531

Subtotal

1,393,295

1,088,205

9,617,354

9,306,086

Property management fees and facility management fees

937,542951,904

Utilities

790,093753,048

Taxes

823,223820,157

Repairs and maintenance costs

400,959

322,651

Insurance

14,672

14,837

Total
Other rental revenues

Total rental and other operating revenues
B. Rental and other operating expenses
Rental expenses

Trust fees

42,681

42,925

Others174,152

167,349

Depreciation
Loss on retirement of fixed assets

1,621,150

1,662,015

17,688

5,193

Total rental and other operating expenses

4,822,166

4,740,083

4,795,188

4,566,003

C. Rental business profit (A – B)
※2. Gain and Loss on sale of real estate
Fifteenth Fiscal Period (May 1, 2012 to October 31, 2012)(Thousands of Yen)
(1) KDX Omori Building
Revenue from sale of the investment property

4,200,000

Costs of the investment property

3,355,390

Other sales’ expenses

249,093

Gain on sale of real estate properties

595,516(2) Gradito Kawaguchi
Revenue from sale of the investment property

860,000

Costs of the investment property

992,112

Other sales’ expenses

19,710Loss on sale of real estate properties

151,823

Sixteenth Fiscal Period (November 1, 2012 to April 30, 2013)(Thousands of Yen)
(1) Kanazawa Nikko Building
Revenue from sale of the investment property

780,000

Costs of the investment property

677,861-22-

KENEDIX REALTY INVESTMENT CORPORATION (8972)

Other sales’ expenses

21,300Gain on sale of real estate properties

80,838(2) KDX Yotsuya Building
Revenue from sale of the investment property

2,400,000

Costs of the investment property

1,963,319

Other sales’ expenses

55,474Gain on sale of real estate properties

381,205（Notes to the Statements of Changes in Unitholders’ Equity）※ Total number of authorized investment units and total number of investment units issued and outstanding
Fifteenth Fiscal Period

Sixteenth Fiscal Period

May 1, 2012 to October 31, 2012

November 1, 2012 to April 30, 2013

Total number of authorized investment units

2,000,000 units

2,000,000 units

Total number of investment units issued and outstanding

286,550 units

286,550 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)
Fifteenth Fiscal Period

Sixteenth Fiscal Period

May 1, 2012 to October 31, 2012

November 1, 2012 to April 30, 2013

Cash and deposits

4,042,506

8,053,394

Cash and deposits in trust

7,471,423

6,760,531

Restricted bank deposits held in trust (Note)-1,012,174-442,323

Cash and cash equivalents

10,501,755

14,371,602

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

（Notes to the Lease Transactions）
Operating lease transactions(Lessor)(Thousands of Yen)
Fifteenth Fiscal Period(as of October 31, 2012)

Sixteenth Fiscal Period(as of April 30, 2013)

Unearned lease payments
Due within one year

1,066,247

922,114

Due after one year

4,792,716

4,563,856

Total

5,858,964

5,485,971-23-

KENEDIX REALTY INVESTMENT CORPORATION (8972)（Notes to the Financial Instruments）
1. Items with Regard to the current status of Financial Instruments(1) Action Policy with Regard to Financial Instruments
The Investment Corporation procures essential funds for acquiring properties and undertaking the repayment of loans primarily through bank loans and theissuance of corporate bonds and new investment accounts. The Investment Corporation makes use of derivative instruments primarily as a risk hedge againstinterest rate fluctuations and to lessen interest-rate payments. In addition, it is company policy to not conduct speculative derivative transactions. Managementof surplus funds is undertaken in a prudent manner that considers fully such factors as safety, liquidity, interest rate conditions and cash flows.
(2) Financial Instruments and Respective Risks
Investment securities are preferred equity securities of TMK as set forth by the Act on Securitization of Assets and are exposed to credit risk of the issuer andrisk of fluctuation of value of real estate, etc.
Loans and investment corporation bonds are used primarily for procuring funds necessary for the acquisition of properties and have a redemption date of a
maximum of 6 years following the accounting 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) 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 therisk of interest rate increase. With regard to hedge accounting methods, hedging instruments and hedged items, hedge policy, and the method of evaluation ofhedge 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 and interest-rate cap transactions in order to minimize risks associated with interest payment rate fluctuations
on funds procured.
The Investment Corporation will periodically grasp the value of real estate, etc. and financial condition, etc. of the issuer with regard to investment securities.
B. Management of Liquidity Risk (Risk of Defaulting on Payments by the Due Date) Associated with Funds Procurement
Although loans and other liabilities are subject to liquidity risks, the Investment Corporation reduces such risks by spreading out payment due dates and byusing diversified fund procurement methods. Liquidity risk is also managed by such means as regularly checking the balance of cash reserves.
(4) Supplemental Explanation of Items with Regard to Fair Value of Financial Instruments
Included in the fair value of financial products are market prices, or, in the event market prices are not available, prices that are calculated on a rational basis.
Because the factors incorporated into the calculation of these prices are subject to change, differing assumptions are adopted which may alter fair value.
2. Items with Regard to Fair Value of Financial Instruments
The book value per the balance sheet, fair values, as well as their difference are as follows. Furthermore, items whose fair values are recognized to be extremely
difficult to grasp are not included in the following table (Refer to Note 2).
Fifteenth Fiscal Period (as of October 31, 2012)
Book Value(Thousands of Yen)
Difference

Fair Value(1) Cash and deposits

4,042,506

4,042,506-(2) Cash and deposits in trust

7,471,423

7,471,423-

Total assets

11,513,929

11,513,929-(1) Short-term loans payable

5,700,000

5,700,000-(2) Investment corporation bonds

6,000,000

5,916,450-83,550

128,881,000

129,110,083

229,083

140,581,000

140,726,533

145,533---(3) Long-term loans payable
Total liabilities
Derivative Transaction-24-

KENEDIX REALTY INVESTMENT CORPORATION (8972)

Sixteenth Fiscal Period (as of April 30, 2013)(Thousands of Yen)
Book Value(1) Cash and deposits

Fair Value
8,053,394

Difference
8,053,394-(2) Cash and deposits in trust

6,760,531

6,760,531-

Total assets

14,813,926

14,813,926-(3) Short-term loans payable

5,700,000

5,700,000-(4) Investment corporation bonds(5) Long-term loans payable
Total liabilities

6,000,000

5,974,800-25,200

130,669,500

130,858,276

188,776

142,369,500

142,533,076

163,576---

Derivative Transaction

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

(2) Investment corporation bonds
The fair value of investment corporation bonds is based on market prices.
(3) Long-term loans payable
The fair value of long-term borrowings is calculated based on the present value that discounts the total amount of principal and interest by using the estimated interest rate in
the event that the Investment Corporation conducts new borrowings of the same type. Among interest rate fluctuations on long-term borrowings, said borrowings—which
are subject to fixed interest rates resulting from interest-rate swaps or interest-rate caps and special treatment applied to said swaps or caps—are calculated by discounting
the total amount of principal and interest, which is handled together with applicable interest-rate swaps or interest-rate caps, by the rationally estimated interest rate in thecase that the same type of borrowings are undertaken.
Derivative Transaction
Please refer to the following “Derivative Transaction.”
Note 2: Financial instruments whose fair values are recognized to be extremely difficult to grasp
Fifteenth Fiscal Period
Classification(as of October 31, 2012)
Preferred equity securities *(Thousands of Yen)
Sixteenth Fiscal Period(as of April 30, 2013)
896,655

896,655*Fair values of preferred equity securities are not subject to disclosure of fair value as they have no market value and their fair values are recognized
to be extremely difficult to grasp.
Note 3: Redemption schedule of monetary claims after the closing date
Fifteenth Fiscal Period (as of October 31, 2012)(Thousands of Yen)

Less than or Equal
to 1 yr.

1-2 yrs.

2-3 yrs.

3-4 yrs.

4-5 yrs.

More than 5 yrs.

Cash and deposits

4,042,506

-

-

-

-

-

Cash and deposits in trust

7,471,423

-

-

-

-

-

11,513,929

-

-

-

-

Total
Sixteenth Fiscal Period (as of April 30, 2013)

Less than or Equal
to 1 yr.
Cash and deposits
Cash and deposits in trust
Total(Thousands of Yen)

1-2 yrs.

2-3 yrs.

3-4 yrs.

4-5 yrs.

More than 5 yrs.

8,053,394

-

-

-

-

-

6,760,531

-

-

-

-

-

14,813,926

-

-

-

-

-

-25-

KENEDIX REALTY INVESTMENT CORPORATION (8972)

Note 4: Investment corporation bonds, repayment of loans after the closing date, planned repayment amount
Fifteenth Fiscal Period (as of October 31, 2012)
Less than or Equal
to 1 yr.

1-2 yrs.

2-3 yrs.

3-4 yrs.

4-5 yrs.

(Thousands of Yen)
More than 5
yrs.

Short-term loans payable

5,700,000

-

-

-

-

-

Investment corporation bonds

1,500,000---

4,500,000-

Long-term loans payable

14,000,000

38,546,000

30,135,000

26,800,000

11,500,000

7,900,000

Sixteenth Fiscal Period (as of April 30, 2013）(Thousands of Yen)

Less than or Equal
to 1 yr.

1-2 yrs.

2-3 yrs.

3-4 yrs.

More than 5yrs.

4-5 yrs.

Short-term loans payable

5,700,000

-

-

-

-

-

Investment corporation bonds

1,500,000--

3,000,000

1,500,000-

Long-term loans payable

24,300,000

36,669,500

32,800,000

15,000,000

17,000,000

4,900,000（Notes to the Marketable Securities）
Fifteenth Fiscal Period (as of October 31, 2012) and Sixteenth Fiscal Period (as of April 30, 2013)
Not applicable（Notes to the Derivative Transactions）(1) Items that do not apply hedge accounting
Fifteenth Fiscal Period (as of October 31, 2012) and Sixteenth Fiscal Period (as of April 30, 2013) : Not applicable(2) Items that apply hedge accounting
Fifteenth Fiscal Period (as of October 31, 2012)
Hedge accounting
methodSpecial treatment ofinterest-rate swaps

Type of Derivative Transactions
Interest-rate swap transaction
Fixed rate payable･Floating rate receivable(Thousands of Yen)
Main target riskhedgeLong-term loans
payableContracted amountMore than 1 yr.
21,500,000

20,500,000

Fair Calculation method forvalue applicable fair value※

Sixteenth Fiscal Period (as of April 30, 2013）
Hedge accounting
methodSpecial treatment ofinterest-rate swaps
Special treatment ofinterest-rate caps

Type of Derivative Transactions(Thousands of Yen)
Main target risk
hedge

Contracted amountMore than 1 yr.

Fair Calculation method forvalue applicable fair value

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

Long-term loans
payable20,500,000

20,500,000※

Interest-rate cap transaction

Long-term loans
payable1,000,000

1,000,000※

21,500,000

21,500,000

Total※Special treatment of interest-rate swaps or the interest-rate caps are reported at the fair value of applicable long-term loans payable. This is because such swaps or caps
are handled together with hedged long-term loans payable.
（Notes to the Retirement Payment）
Fifteenth Fiscal Period (as of October 31, 2012) and Sixteenth Fiscal Period (as of April 30, 2013): Not applicable（Notes to the Asset Retirement Obligations）
Fifteenth Fiscal Period (as of October 31, 2012) and Sixteenth Fiscal Period (as of April 30, 2013): Not applicable-26-

KENEDIX REALTY INVESTMENT CORPORATION (8972)（Notes to the Segment and Related Information）
1. Segment Information
Disclosure is omitted because the real estate leasing business is the Investment Corporation’s sole business and it has no reportable segment subject to disclosure.
2. Related Information
Fifteenth Fiscal Period (May 1, 2012 to October 31, 2012)(1) Information about each product and service
Disclosure is omitted because net sales to external customers for a single product/service category account for over 90% of the operating revenue on thestatement of income.
(2) Information about each geographic area
A. Net sales
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating revenue on the statement of income.
B. 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, plant andequipment on the balance sheet.
(3) Information about each major customer
Disclosure is omitted because net sales to a single external customer account for less than 10% of the operating revenue on the statement of income.
Sixteenth Fiscal Period (November 1, 2012 to April 30, 2013)(1) Information about each product and service
Disclosure is omitted because net sales to external customers for a single product/service category account for over 90% of the operating revenue on thestatement of income.
(2) Information about each geographic area
A. Net sales
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating revenue on the statement of income.
B. 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, plant andequipment on the balance sheet.
(3) Information about each major customer
Disclosure is omitted because net sales to a single external customer account for less than 10% of the operating revenue on the statement of income.

-27-

KENEDIX REALTY INVESTMENT CORPORATION (8972)（Notes to the Tax-Effect Accounting）
1. The significant components of deferred tax assets and liabilities(Thousands of Yen)
Fifteenth Fiscal Period(as of October 31, 2012)

Sixteenth Fiscal Period(as of April 30, 2013)

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

26

35

1,013

1,278

1,040

1,314

-1,013-1,2782635

2. Significant difference between statutory income tax rate and the effective tax rate
(Unit: %)Fifteenth Fiscal Period(as of October 31, 2012)

Sixteenth Fiscal Period(as of April 30, 2013)
36.59

36.59

-33.28-32.93-3.30- 3.64

Others0.03

0.03

Effective tax rate

0.05

0.04

Statutory tax rate
(Adjustments)
Deductible cash distributions
Provision of reserve for reduction entry(Notes to the Equity-Method Income and Retained Earnings)
Fifteenth Fiscal Period (as of October 31, 2012) and Sixteenth Fiscal Period (as of April 30, 2013): Not applicable-28-

KENEDIX REALTY INVESTMENT CORPORATION (8972)（Notes to the Related-Party Transactions）
1．Parent Company, corporate unitholders and other
Fifteenth Fiscal Period (May 1, 2012 to October 31, 2012) and Sixteenth Fiscal Period (November 1, 2012 to April 30, 2013): Not applicable
2．Affiliated companies and other
Fifteenth Fiscal Period (May 1, 2012 to October 31, 2012) and Sixteenth Fiscal Period (November 1, 2012 to April 30, 2013): Not applicable
3．Fellow subsidiary companies and other
Fifteenth Fiscal Period (May 1, 2012 to October 31, 2012) and Sixteenth Fiscal Period (November 1, 2012 to April 30, 2013): Not applicable
4．Directors, individual unitholders and other
Fifteenth Fiscal Period (May 1, 2012 to October 31, 2012)
Attributes

Name

Board of Directors Naokatsu
and Close Relatives Uchida

As above

As above

As above

As above

Business Activities / Position
Executive Director for theInvestment Corporation and CEO
and President of Kenedix OfficePartners, Inc.
As above

As above

Ratio of Possessionof Voting Rights
Details of Business(%)－

As above

As above

Payment of asset management
fee to Kenedix Office Partners,
Inc. (Note 1)
Payment of businessconsignment fee to Kenedix
Office Partners, Inc. (Note 3)
Payment of property
management fee to Kenedix
Office Partners, Inc. (Note 5)

Deal Amount Accounting(¥Thousands)
Term

Balance of
Period End(¥Thousands)

627,384

Accounts

97,816(Note 2)

Payable(Note 4)(Note 4)-other1,500－(Note 4)
373,016(Note 4)

Accounts
Payable－86,980(Note 4)

Notes:
1. Naokatsu Uchida served as a representative of the third party (Kenedix Office Partners, Inc.), and the fee is set up in the articles of incorporation of theInvestment Corporation.
2. Asset management fee include ¥54,000 thousand fee related to the acquisition of property are accounted in book value for the individual real estate and ¥25,300
thousand sales fee related to the sale of property are accounted for in the sales expense for the individual real estate.
3. Naokatsu Uchida served as a representative of the third party (Kenedix Office Partners, Inc.), and the fee is set up in the agreement, “Operating Agency
Agreement” between the Investment Corporation and Kenedix Office Partners, Inc.
4. Consumption taxes are not included in the deal amount, and are included in the balance of the end of period.
5. Naokatsu Uchida served as a representative of the third party (Kenedix Office Partners, Inc.), and the fee is set up in the agreement, “Property Management
Agreement” between the Investment Corporation and Kenedix Office Partners, Inc. Property management fee include ¥38,157 thousand related to theacquisition of property are accounted in book value for the individual real estate and ¥4,000 thousand sales fee related to the sale of property are accounted for in
the sales expense for the individual real estate.
Sixteenth Fiscal Period (November 1, 2012 to April 30, 2013)
Attributes

Name

Board of Directors Naokatsu
and Close Relatives Uchida

As above

As above

As above

As above

Business Activities / Position
Executive Director for theInvestment Corporation and CEO
and President of Kenedix OfficePartners, Inc.
As above

As above

Ratio of Possessionof Voting Rights
Details of Business(%)－

As above

As above

Payment of asset management
fee to Kenedix Office Partners,
Inc. (Note 1)
Payment of businessconsignment fee to Kenedix
Office Partners, Inc. (Note 3)
Payment of property
management fee to Kenedix
Office Partners, Inc. (Note 5)

Deal Amount Accounting(¥Thousands)
Term

Balance of
Period End(¥Thousands)

579,018

Accounts

110,168(Note 2)

Payable(Note 4)(Note 4)-other1,500－(Note 4)
349,715(Note 4)

Accounts
Payable－82,363(Note 4)

Notes:
1. Naokatsu Uchida served as a representative of the third party (Kenedix Office Partners, Inc.), and the fee is set up in the articles of incorporation of theInvestment Corporation.
2. Asset management fee include ¥10,100 thousand fee related to the acquisition of property are accounted in book value for the individual real estate and ¥15,900
thousand sales fee related to the sale of property are accounted for in the sales expense for the individual real estate.
3. Naokatsu Uchida served as a representative of the third party (Kenedix Office Partners, Inc.), and the fee is set up in the agreement, “Operating Agency
Agreement” between the Investment Corporation and Kenedix Office Partners, Inc.

-29-

KENEDIX REALTY INVESTMENT CORPORATION (8972)

4. Consumption taxes are not included in the deal amount, and are included in the balance of the end of period.
5. Naokatsu Uchida served as a representative of the third party (Kenedix Office Partners, Inc.), and the fee is set up in the agreement, “Property Management
Agreement” between the Investment Corporation and Kenedix Office Partners, Inc. Property management fee include ¥21,874 thousand related to theacquisition of property are accounted in book value for the individual real estate and ¥3,800 thousand sales fee related to the sale of property are accounted for in
the sales expense for the individual real estate.

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

Sixteenth Fiscal Period

May 1, 2012 to October 31, 2012

November 1, 2012 to April 30, 2013

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

286,114,419

Changes during the period
Balance at the end of current period

292,021,269

5,906,850-1,427,528

292,021,269

290,593,740

Fair value at the end of current period
266,252,000
264,961,000
Note 1: Book value excludes accumulated depreciation from acquisition costs.
Note 2: Fair value at the end of the fiscal period under review is the appraisal value determined by outside appraisers. Kanazawa Nikko Building is calculated basedon the sales price of ¥780 million under the sales and purchase agreement dated November 1, 2012 and KDX Yotsuya Building is calculated based on thesales price of ¥1,970 million under the sales and purchase agreement dated March 21, 2013.
Note 3: Among changes in the amount of real estate for rental purposes that occurred during the fifteenth fiscal period, principal increases were the acquisition of realestate trust beneficiary interests to 3 properties totaling ¥10,988,507 thousand, the sale of real estate trust beneficiary interests to 2 properties amounting¥4,347,502 thousand and depreciation amounting to ¥1,621,150 thousand and principal increases were the acquisition of real estate to 1 property totaling¥2,108,384 thousand, the sale of real estate trust beneficiary interests to 2 properties amounting ¥2,641,181 thousand and depreciation amounting to¥1,662,015 thousand and for the fiscal period under review.
Income and loss for real estate for rental purposes is listed in Notes to the Statements of Income.
(Notes to the Information per Unit)
Fifteenth Fiscal Period

Sixteenth Fiscal Period

May 1, 2012 to October 31, 2012

November 1, 2012 to April 30, 2013

Unitholders’ Equity per Unit

¥524,828¥525,747

Net Income per Unit

¥10,503¥10,476

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

Sixteenth Fiscal Period

May 1, 2012 to October 31, 2012

November 1, 2012 to April 30, 2013

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

3,009,795

3,002,075--

3,009,795

3,002,075

286,550

286,550（Important Subsequent Events）

There were no important events following account settlement of the sixteenth fiscal period (fiscal period ended April 30, 2013).

-30-

KENEDIX REALTY INVESTMENT CORPORATION (8972)（9）Movements in Investment Units Issued and Outstanding
Movements in the number of investment units issued and outstanding and unitholders’ capital since first fiscal periods are summarized in thefollowing table.
Settlement Date

Particulars

May 6, 2005
July 20, 2005
August 16, 2005
May 1, 2006
May 26, 2006
May 22, 2007
June 19, 2007
November 16, 2009
July 20, 2011
August 8, 2011

Private placement
Public offering
Third-party allocation
Public offering
Third-party allocation
Public offering
Third-party allocation
Public offering
Public offering
Third-party allocation

Investment Units Issued andOutstanding (Units)
Increase
Balance(Decrease)400
75,0003,970
73,6603,970
40,9002,100
33,55051,4001,600

Unitholders’ Capital(Millions of Yen)
Increase
Balance(Decrease)400
75,40079,370153,030
157,000
197,900
200,000
233,550
284,950
286,550200
41,8682,216
42,171
2,272
34,474
1,770
8,156
13,600423

200
42,06844,28586,45688,729123,203
124,973
133,129
146,730
147,153

Remarks(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)(Note 8)(Note 9)(Note 10)Notes:
1. The Investment Corporation was established with an offer price of ¥500,000 per unit.
2. The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring funds for the acquisition of
investment properties. The offer price was ¥580,000 per unit with an underwritten price of ¥558,250 per unit.
3. The Investment Corporation undertook an additional issue of new investment units by way of third-party allotment with the aim of procuring funds for theacquisition of investment properties. The issue price was ¥558,250 per unit.
4. The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring funds for the acquisition of
investment properties. The offer price was ¥593,096 per unit with an issue price of ¥572,519 per unit.
5. The Investment Corporation undertook an additional issue of new investment units by way of third-party allotment with the aim of procuring funds for theacquisition of investment properties. The issue price was ¥572,519 per unit.
6. The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring funds for the acquisition of
investment properties and repayment of borrowings. The offer price was ¥873,180 per unit with an issue price of ¥842,886 per unit.
7. The Investment Corporation undertook an additional issue of new investment units by way of third-party allotment with the aim of procuring funds for theacquisition of investment properties and repayment of borrowings. The issue price was ¥842,886 per unit.
8. The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring funds for the acquisition of
investment properties. The offer price was ¥252,200 per unit with an issue price of ¥243,100 per unit.
9. The Investment Corporation undertook an additional issue of new investment units (public offering) with the aim of procuring funds for the acquisition of
investment properties. The offer price was ¥274,510 per unit with an issue price of ¥264,605 per unit.
10. The Investment Corporation undertook an additional issue of new investment units by way of third-party allotment with the aim of procuring funds for the
repayment of borrowings. The issue price was ¥264,605 per unit.

4. Resignation/Appointment of the Directors(1) Resignation/Appointment of the Investment Corporation Directors
Not applicable(2) Resignation/Appointment of the Asset Management Company
Not applicable-31-

KENEDIX REALTY INVESTMENT CORPORATION (8972)

5. Reference Information（1）Component of Assets
Fifteenth Fiscal Period(as of October 31, 2012)

Type of

Type

Specified Asset

Area

Office Buildings

Real Estate

Total Amount Held

Ratio

Total Amount Held

Ratio(¥M) (Note 1)(%) (Note 2)(¥M) (Note 1)(%) (Note 2)

Tokyo Metropolitan Area

30,2219.9

32,176

Other Regional Areas

12,2144.0

12,1273.9

42,43613.8

44,30414.4

42,43613.8

44,304

14.4

Tokyo Metropolitan Area

189,851

61.9

187,409

60.8

Other Regional Areas

38,863

12.7

38,83312.6

228,71574.6

226,243

73.4

Tokyo Metropolitan Area

6,105

2.0

6,049

2.0

Other Regional Areas

1,788

0.6

1,766

0.6

7,893

2.6

7,815

2.5

12,296

4.0

12,2304.0

12,296

4.0

12,230

4.0

679

0.2

-

-

Total for Office Buildings
Total for Real Estate
Office Buildings
Total for Office Buildings
Residential Properties
Trust BeneficiaryInterest in Real Estate

Total for Residential Properties
Central Urban Retail
Properties

Tokyo Metropolitan Area

Total for Central Urban Retail Properties
OthersSixteenth Fiscal Period(as of April 30, 2013)

Other Regional Areas

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

10.4

679

0.2

-

-

249,585

81.4

246,289

79.9

896

0.3

896

0.3

Bank Deposits and Other Assets

13,816

4.5

16,681

5.4

Total Assets

306,734100.0

308,172

100.0

Notes:
1. “Total Amount Held” is the amount allocated in the balance sheets at the end of the period (figures are on a net book value basis after deducting depreciation), and isrounded down to the nearest ¥1 million.
2. “Ratio” is the ratio of the amount allocated in the balance sheets to the total assets rounded to the first decimal place.
3. The preferred equity securities issued by Senri Property TMK.

Fifteenth Fiscal Period(as of October 31, 2012)

Price (Millions of Yen)
Total of Liabilities
Total Unitholders’ Equity
Total of Assets

Sixteenth Fiscal Period(as of April 30, 2013)

Ratio (%)

Price (Millions of Yen)

Ratio (%)

156,34551.0

157,51951.1

150,38949.0

150,65348.9

306,734100.0

308,172

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

Name

Preferred Equity

Senri Property TMK Preferred Securities

Securities(Note 3)

Number ofBook Value

Evaluation Value (Note 1)

Ratio (%)

Units

(Millions of Yen)

(Millions of Yen)

(Note 2)

17,820896

Notes:
1. Book value is stated for the evaluation value.
2. “Ratio” is the ratio of the amount allocated in the balance sheets to the total assets rounded to the first decimal place.
3. Type of specified asset is the trust beneficiary interest in real estate of Senri Life Science Center Building.

-32-

896

0.3

KENEDIX REALTY INVESTMENT CORPORATION (8972)

B. Properties Roster(a) The Price of the Investment Properties and the Investment Ratio(Unit: Millions of Yen)
Appraisal Value at the end of Sixteenth Fiscal Period

Type

OfficeBuildings

Area

Tokyo
Metropolitan
Area

No.

Property Name

Acquisition
Price（Note 1）

Amount on
the Balance
Sheet(Note 2)

Direct Capitalization
Method(Note 3)

Discounted Cash Flow Method

Value

Overall
Capitalization
Rate (%)

Value

Discount
Rate (%)

Terminal
Capitalization
Rate (%)

Appraiser(Note 4)

Ratio(%)
(Note 5)A-1

KDX Nihonbashi 313 Building

5,940

6,058

6,400

6,690

4.7

6,280

4.5

4.9

B

2.0

A-3

Higashi-Kayabacho Yuraku Building

4,450

4,302

4,940

5,020

4.9

4,860

4.7

5.1

A

1.5

A-4

KDX Hatchobori Building

3,680

3,326

3,440

3,490

5.0

3,420

4.8

5.2

B

1.2

A-5

KDX Nakano-Sakaue Building

2,533

2,432

2,250

2,330

5.2

2,210

5.0

5.4

B

0.8

A-6

Harajuku F.F. Building

2,450

2,433

3,030

3,060

5.5

3,000

5.3

5.7

A

0.8

A-7

FIK Minami Aoyama

2,270

2,242

2,190

2,210

4.8

2,160

4.6

5.0

A

0.7

A-8

Kanda Kihara Building

1,950

1,836

1,740

1,800

5.0

1,710

4.8

5.2

B

0.6

A-13

KDX Kojimachi Building

5,950

5,603

4,320

4,380

4.4

4,260

4.2

4.6

A

2.0

A-14

KDX Funabashi Building

2,252

2,367

1,950

1,950

6.1

1,940

5.9

6.3

A

0.7

A-15

KDX Hamacho Building

2,300

2,231

2,200

2,220

5.2

2,180

5.0

5.4

A

0.7

A-16

Toshin 24 Building

5,300

5,056

4,000

4,030

5.7

3,970

5.5

5.9

A

1.8

A-17

KDX Ebisu Building

4,640

4,534

4,120

4,150

4.9

4,080

4.6

5.1

A

1.5

A-19

KDX Hamamatsucho Building

3,460

3,205

3,150

3,280

4.6

3,100

4.4

4.8

B

1.1

A-20

KDX Kayabacho Building

2,780

2,843

2,420

2,430

5.3

2,400

4.9

5.4

A

0.9

A-21

KDX Shinbashi Building

2,690

2,682

2,640

2,670

4.6

2,600

4.2

4.8

A

0.9

A-22

KDX Shin-Yokohama Building

2,520

2,414

2,160

2,180

5.9

2,140

5.7

6.1

A

0.8

A-26

KDX Kiba Building

1,580

1,539

1,420

1,430

5.6

1,400

5.4

5.8

A

0.5

A-27

KDX Kajicho Building

2,350

2,367

2,360

2,420

5.0

2,340

4.8

5.2

B

0.8

A-28

KDX Nogizaka Building

1,065

1,117

700

703

5.4

697

5.1

5.5

A

0.3

A-29

KDX Higashi-Shinjuku Building

2,950

3,161

3,340

3,470

5.1

3,280

4.9

5.3

B

1.0

A-30

KDX Nishi-Gotanda Building

4,200

4,076

3,680

3,700

5.2

3,650

5.0

5.4

A

1.4

A-31

KDX Monzen-Nakacho Building

1,400

1,388

1,120

1,170

5.5

1,100

5.3

5.7

B

0.4

A-32

KDX Shiba-Daimon Building

6,090

6,215

4,380

4,440

5.0

4,310

4.7

5.1

A

2.0

A-33

KDX Okachimachi Building

2,000

2,106

1,820

1,850

5.0

1,800

4.9

5.2

B

0.6

A-34

KDX Hon-Atsugi Building

1,305

1,158

1,040

1,070

6.3

1,030

6.1

6.5

B

0.4

A-35

KDX Hachioji Building

1,155

1,267

914

900

5.9

920

5.7

6.1

B

0.3

A-37

KDX Ochanomizu Building

6,400

6,598

6,170

6,290

4.7

6,040

4.5

4.9

A

2.1

A-38

KDX Nishi-Shinjuku Building

1,500

1,572

1,130

1,140

5.2

1,120

5.0

5.4

A

0.5

A-39

KDX Toranomon Building

4,400

4,767

3,380

3,420

4.4

3,330

4.2

4.6

A

1.5

A-40

Toranomon Toyo Building

9,850

9,832

10,30010,500

4.5

10,000

4.3

4.8

A

3.3

A-41

KDX Shinjuku 286 Building

2,300

2,379

2,210

2,230

4.8

2,180

4.6

5.0

A

0.7

A-45

KDX Roppongi 228 Building

3,300

3,428

2,120

2,140

4.8

2,100

4.5

4.9

A

1.1

A-46

Hiei Kudan-Kita Building

7,600

7,616

7,440

7,790

4.6

7,290

4.4

4.8

B

2.5

A-47

KDX Shin-Yokohama 381 Building

5,800

5,818

3,970

4,000

5.8

3,940

5.6

6.0

A

1.9

A-48

KDX Kawasaki-Ekimae Hon-cho
Building

3,760

3,731

2,990

3,020

6.1

2,960

5.7

6.3

A

1.2

A-49

Nissou Dai-17 Building

2,710

2,590

1,570

1,600

5.8

1,530

5.6

6.0

A

0.9

A-50

Ikejiri-Oohashi Building

2,400

2,436

1,490

1,500

5.6

1,470

5.4

5.8

A

0.8

A-51

KDX Hamacho Nakanohashi Building

2,310

2,329

1,720

1,740

5.3

1,690

5.1

5.5

A

0.7

A-52

KDX Kanda Misaki-cho Building

1,380

1,369

924

940

5.3

908

5.1

5.5

A

0.4

A-55

Shin-toshin Maruzen Building

2,110

2,146

1,550

1,550

5.3

1,540

4.9

5.5

A

0.7

A-56

KDX Jimbocho Building

2,760

2,887

1,890

1,900

5.2

1,870

4.9

5.4

A

0.9

A-57

KDX Gobancho Building

1,951

1,969

1,380

1,400

4.8

1,350

4.6

5.0

A

0.6

-33-

KENEDIX REALTY INVESTMENT CORPORATION (8972)
Appraisal Value at the end of Sixteenth Fiscal Period
Type

Area

Tokyo
Metropolitan
Area

OfficeBuildings

Other Regional
Areas

No.

Property NameTokyo
Metropolitan
Area
Other Regional
Areas

Tokyo
Metropolitan
Area

Direct Capitalization
Method(Note 3)

Discounted Cash Flow Method

Value

Overall
Capitalization
Rate (%)

Value

Discount
Rate (%)

Terminal
Capitalization
Rate (%)

Appraiser(Note 4)

Ratio(%)
(Note 5)KDX Iwamoto-cho Building

1,864

1,776

1,310

1,320

5.3

1,290

5.1

5.5

A

0.6

A-60

KDX Harumi Building

10,250

9,546

8,250

8,410

4.8

8,090

4.5

4.9

A

3.5

A-61

KDX Hamamatsucho Dai-2 Building

2,200

2,279

1,860

1,920

4.6

1,840

4.4

4.8

B

0.7

A-62

Koishikawa TG Building

3,080

3,113

3,040

3,070

5.0

3,010

4.8

5.2

A

1.0

A-63

Gotanda TG Building

2,620

2,792

2,580

2,600

5.3

2,550

5.1

5.5

A

0.8

A-64

KDX Nihonbashi 216 Building

2,010

1,951

1,810

1,830

4.7

1,780

4.5

4.9

A

0.6

A-66

KDX Shinjuku Building

6,800

6,860

6,400

6,480

4.5

6,310

4.3

4.7

A

2.3

A-67

KDX Ginza 1chome Building

4,300

4,288

4,860

4,970

4.4

4,810

4.2

4.6

B

1.4

A-68

KDX Nihonbashi Honcho Building

4,000

4,007

4,350

4,500

4.8

4,280

4.6

5.0

B

1.3

A-71

KDX Iidabashi Building

4,670

4,668

4,940

5,060

4.8

4,890

4.6

5.0

B

1.5

A-72

KDX Higashi-Shinagawa Building

4,590

4,898

4,800

4,930

5.0

4,750

4.8

5.2

B

1.5

A-73

KDX Hakozaki Building

2,710

2,872

2,850

2,950

5.2

2,810

5.0

5.4

B

0.9

A-74

KDX Shin-Nihonbashi Building

2,300

2,263

2,480

2,530

4.6

2,460

4.4

4.8

B

0.7

A-75

KDX Nihonbashi Kabutocho Building

11,27011,531

11,60011,600

4.6

11,500

4.1

4.5

A

3.8

A-76

Ikebukuro Nikko Building (Note 6)

1,653

1,673

1,700

1,710

5.5

1,680

5.3

5.7

A

0.5

A-77

Kabutocho Nikko Building II

1,280

1,275

1,550

1,570

5.0

1,530

4.8

5.2

A

0.4

A-78

Tachikawa Ekimae Building

1,267

1,310

1,330

1,330

5.9

1,320

5.7

6.1

A

0.4

A-83

Fuchu South Building

6,120

6,171

6,600

6,630

5.5

6,580

5.3

5.7

B

2.0

A-84

Kasuga Business Center Building

2,800

2,848

3,200

3,230

5.0

3,170

4.8

5.2

A

0.9

A-85

Nakameguro Business Center Building

1,880

1,904

2,230

2,290

5.1

2,200

4.9

5.3

B

0.6

A-86

Nomura Fudosan Omiya Kyodo
Building

2,020

2,105

2,200

2,210

5.8

2,200

5.6

6.0

B

0.6

A-12

Portus Center Building

5,570

4,483

4,610

4,620

6.4

4,600

6.2

6.6

B

1.9

A-24

KDX Minami Semba Dai-1 Building

1,610

1,440

978

984

5.9

972

5.7

6.1

A

0.5

A-25

KDX Minami Semba Dai-2 Building

1,560

1,351

990

997

5.8

983

5.6

6.0

A

0.5

A-36

KDX Niigata Building

1,305

1,449

892

910

7.3

873

7.1

7.5

A

0.4

A-42

Karasuma Building

5,400

5,348

4,960

5,090

5.6

4,910

5.4

5.8

B

1.8

A-44

KDX Sendai Building

2,100

2,131

1,410

1,400

6.1

1,410

6.1

6.3

B

0.7

A-53

KDX Hakata-Minami Building

4,900

4,777

3,450

3,470

6.6

3,420

6.4

6.8

A

1.6

A-54

KDX Kitahama Building

2,220

2,171

1,530

1,530

6.0

1,530

5.6

6.2

A

0.7

A-58

KDX Nagoya Sakae Building

7,550

7,350

4,780

4,890

5.2

4,730

5.0

5.4

B

2.5

A-69

KDX Kobayashi-Doshomachi Building

2,870

2,649

2,760

2,790

7.0

2,730

5.3

7.3

A

0.9

A-70

Kitananajo SIA Building

2,005

2,066

2,050

2,090

5.7

2,030

5.5

5.9

B

0.6

A-79

KDX Nagoya Ekimae Building(Note 7)

7,327

7,637

7,700

7,790

5.1

7,610

4.9

5.3

A

2.5

A-80

Nagoya Nikko Shoken Building

4,158

4,235

4,050

4,080

5.5

4,020

5.3

5.7

A

1.4

A-81

Sendai Nikko Building

950

1,054

1,030

1,030

5.9

1,020

5.6

6.0

A

0.3

A-82

KDX Higashi Umeda Building(Note 7)

2,770

2,812

3,320

3,350

5.1

3,310

4.9

5.3

B

0.9

271,771

270,547

246,408250,364

-

92.8

-

243,353--

B-3

Court Mejiro

1,250

1,155

973

980

5.3

966

5.1

5.5

A

0.4

B-19

Residence Charmante Tsukishima

5,353

4,893

4,600

4,650

5.1

4,550

4.9

5.3

A

1.8

B-18

Venus Hibarigaoka

1,800

1,766

1,560

1,560

6.4

1,550

6.6

A

0.6

8,403

7,815

7,133

7,190

-

2.8

Subtotal of Residential Properties (3 properties)
CentralUrban
RetailProperties

Amount on
the Balance
Sheet(Note 2)

A-59

Subtotal of Office Buildings (78 properties)

Residential
Properties

Acquisition
Price（Note 1）

-

7,066

6.2
-

-

C-1

Frame Jinnan-zaka

9,900

9,702

9,230

9,370

4.4

9,090

4.2

4.6

A

3.3

C-2

KDX Yoyogi Building

2,479

2,528

1,920

1,920

5.3

1,910

4.9

5.5

A

0.8

12,37912,230

11,15011,290-4.2

Subtotal of Central Urban Retail Properties (2 properties)

-34-

-

11,000--KENEDIX REALTY INVESTMENT CORPORATION (8972)
Appraisal Value at the end of Sixteenth Fiscal Period
Type

Area

No.

Property Name

Total of 83 properties

Acquisition
Price（Note 1）

292,553

Amount on
the Balance
Sheet(Note 2)

290,593

Direct Capitalization
Method(Note 3)

264,691

Discounted Cash Flow Method

Value

Overall
Capitalization
Rate (%)

Value

Discount
Rate (%)

Terminal
Capitalization
Rate (%)

268,844-

261,419--

Appraiser(Note 4)

Ratio(%)
(Note 5)-100.0

Notes:
1. Acquisition price is the purchase price for trust beneficiary interests or properties acquired by the Investment Corporation (excluding acquisition costs,
property tax, city-planning tax, and consumption tax, etc., rounded down to the nearest million yen.).
2. Figures of less than 1 million are rounded down from the amounts on the balance sheet.
3. Appraisal values (end of the sixteenth fiscal period) are based on the asset valuation method and standards outlined in the Investment Corporation’s Articles ofIncorporation and regulations formulated by the Investment Trusts Association, Japan. Appraisal values are drawn from valuation reports prepared by Japan
Real Estate Institute and Daiwa Real Estate Appraisal Co., Ltd.
4. As of the fiscal period under review, appraisals of the properties are 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.
5. Figures are the acquisition price of each asset as a percentage of the total acquisition prices for the portfolio rounded down to the nearest first decimal place.
The figures entered in the subtotal and total columns are those obtained by dividing the subtotal (total) of acquisition prices of properties corresponding to each
subtotal and total column by the total acquisition price of the entire assets (83 properties).
6. The Investment Corporation has sold Ikebukuro Nikko Building on May 10, 2013. Same applies below.
7. As of April 1, 2013, the Investment Corporation changed the property name for the following buildings. Same applies below.
No.

New Property Name

Old Property Name

A-79

KDX Nagoya Ekimae Building

Nagoya Ekimae Sakura-dori Building

A-82

KDX Higashi Umeda Building

View Flex Umeda Building-35-

KENEDIX REALTY INVESTMENT CORPORATION (8972)(b) Property Distribution
Property TypesType

Number of
Properties

Office Buildings
Residential Properties
Central Urban Retail Properties
Total

Acquisition Price(Millions of Yen)

Ratio (Note) (%)

78
3
2

271,771
8,403
12,379

92.8
2.8
4.2

83

292,553

100.0

Geographic Distribution
Area

Number of
Properties

Acquisition Price(Millions of Yen)

Ratio (Note) (%)

Tokyo Metropolitan Area
Other Regional Areas

67
16

238,458
54,095

81.5
18.4

Total

83

292,553100.0

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

Number of
Properties

Less than 1,000
1,000 - 2,500
2,500 - 5,000
5,000 - 7,500
7,500 - 10,000
10,000 - 12,500
Total

Acquisition Price(Millions of Yen)

Ratio (Note) (%)

1
37
27
12
4
2

950
68,832
94,301
72,05034,90021,520

0.3
23.5
32.2
24.6
11.9
7.3

83

292,553100.0

Note: “Ratio” refers to the percentage of the acquisition price by each category to the acquisition prices of the entire portfolio.
Figures are rounded down to the nearest first decimal place.

-36-

KENEDIX REALTY INVESTMENT CORPORATION (8972)(c) Details of Investment Real Estate and Trust Real Estate(i) Overview of Investment Real Estate Properties and Trust Real Estate
Type

Area

No.

Property Name

Site Area（㎡）(Note 1)

A-1

KDX Nihonbashi 313 Building

1,047.72

Total Floor Area（㎡）(Note 3)

Usage(Note 2)Type of Structure(Note 4)Completion Date
(Note 5)PML(%)
(Note 6)SRC
Offices

8,613.09

April 1974

9.50

January 1987

7.01

June 1993

6.42

August 1992

5.20

November 1985

5.66

November 1988

4.92

May 1993

7.77

May 1994

3.60

April 1989

2.76

September 1993

6.76

September 1984

8.75

January 1992

4.16

September 1999

6.13

October 1987

7.90

February 1992

6.84

September 1990

10.36

October 1992

7.79

March 1990

6.05

May 1991

9.48

January 1990

3.63

November 1992

8.28

September 1986

5.72

July 1986

7.60

B2F9
SRC
A-3

Higashi-Kayabacho Yuraku Building

773.43

Offices

5,916.48
B1F9
SRC・RCA-4

KDX Hatchobori Building

992.20

Offices

4,800.43
B1F8

A-5

KDX Nakano-Sakaue Building

1,235.16

Offices, Retail Shops
Residential, Parking
Storage

SRC
6,399.42
B1F11

Retail Shops, Offices
A-6

Harajuku F.F. Building

699.67SRC
3,812.44

Parking

F11

Offices, Retail Shops
A-7

FIK Minami Aoyama

369.47SRC
1,926.98

Residential

B1F9
SRC・RC・S

A-8

Kanda Kihara Building

410.18

Offices

2,393.94
B1F8
SRC

A-13

KDX Kojimachi Building

612.17

Offices, Retail Shops

5,323.81
B2F9
SRC

A-14

KDX Funabashi Building

1,180.41

Offices, Retail Shops

5,970.12
B1F8

Retail Shops, Offices
A-15

KDX Hamacho Building

554.80SRC
4,133.47

Parking

B2F10

Offices, Retail Shops
A-16

Toshin 24 Building

1,287.16

SRC
8,483.17

Parking
OfficeBuildings

Tokyo
Metropolitan
Area

B1F8
SRC

A-17

KDX Ebisu Building

724.22

Offices, Retail Shops

4,394.58
B1F7

Offices, Retail Shops
A-19

KDX Hamamatsucho Building

504.26

S3,592.38

Parking

F9
SRC

A-20

KDX Kayabacho Building

617.17

Offices, Parking

3,804.86
F8

Offices, Retail Shops
A-21

KDX Shinbashi Building

536.11

SRC・S
3,960.22

Parking

B1F8

Offices, Retail Shops
A-22

KDX Shin-Yokohama Building

705.00S
6,180.51

Parking

B1F9
RC

A-26

KDX Kiba Building

922.77

Offices, Parking

2,820.64
F5
SRC

A-27

KDX Kajicho Building

526.43

Offices, Retail Shops

3,147.70
B1F8

Offices, Retail Shops
A-28

KDX Nogizaka Building

409.36RC
1,695.07

Residential

B1F5

Offices,A-29

KDX Higashi-Shinjuku Building

1,340.97

SRC
7,885.40

Storage, Parking

B1F9
SRC

A-30

KDX Nishi-Gotanda Building

684.41

Offices, Parking

5,192.87
B1F8

Offices
A-31

KDX Monzen-Nakacho Building

580.99SRC
2,668.91

Retail Shops

F8
SRC

A-32

KDX Shiba-Daimon Building

1,188.28

Offices

7,824.03
B1F9

-37-

KENEDIX REALTY INVESTMENT CORPORATION (8972)
Type

Area

No.

Property Name

Site Area（㎡）(Note 1)

Total Floor Area（㎡）(Note 3)

Usage(Note 2)Type of Structure(Note 4)Completion Date
(Note 5)PML(%)
(Note 6)S
A-33

KDX Okachimachi Building

239.72

Offices

1,882.00

June 1988

2.23

May 1995

11.12

December 1985

13.00

August 1982

2.97

October 1992

9.02

April 1988

8.07

August 1962

13.06

August 1989

8.71

April 1989

8.95

March 1988

3.14

F10
OfficesA-34

KDX Hon-Atsugi Building

724.62SRC
3,603.63

Retail Shops

F8

Offices, Parking
A-35

KDX Hachioji Building

460.62SRC
2,821.21

Retail Shops

F9

Offices, Storage
SRC
A-37

KDX Ochanomizu Building

1,515.28

Retail Shops, Parking

7,720.08
B1F7

Mechanical RoomRC
A-38

KDX Nishi-Shinjuku Building

626.06

Offices, Parking

2,017.63
F5
SRC

A-39

KDX Toranomon Building

288.20

Offices, Retail Shops

2,277.38
B1F9Bank, Offices
A-40

Toranomon Toyo Building

869.01

RC
8,346.83

Retail Shops, Storage

B2F9
SRC・RCA-41

KDX Shinjuku 286 Building

421.70

Offices, Parking

3,432.04
B1F9

OfficesA-45

KDX Roppongi 228 Building

408.86SRC
2,235.30

Retail Shops

B1F9

Offices, Retail Shops
SRC･S
A-46

Hiei Kudan-Kita Building

1,844.83

Office Room

11,425.31
B1F11

Parking, Storage
Offices, Retail Shops
A-47
OfficeBuildings

Tokyo
Metropolitan
Area

KDX Shin-Yokohama 381 Building (Note 7)

1,229.24

SRC・RCMarch 1988

B1F10

(Note 8)

10,290.30
Parking, Garbage Room

12.02
SRC

A-48

KDX Kawasaki-Ekimae Hon-cho Building

1,968.13

Offices

7,420.87

February 1985

8.34

July 1991

13.23

September 1988

3.02

September 1988

6.17

October 1992

9.41

July 1990

4.87

May 1994

7.25

August 2000

9.06

March 2008

7.15

February 2008

5.60

April 1992

2.01

November 1989

7.54

B1F9
SRC
A-49

Nissou Dai-17 Building

629.00

Offices, Parking

4,016.61
B1F8
RC

A-50

Ikejiri-Oohashi Building

834.79

Offices

3,482.96
B2F9
SRC

A-51

KDX Hamacho Nakanohashi Building

462.29

Offices

3,280.41
F9
SRC

A-52

KDX Kanda Misaki-cho Building

314.54

Offices

1,536.60
B1F7

Offices, Retail Shops
A-55

Shin-toshin Maruzen Building

457.64SRC
3,439.37

Parking

B1F8
SRC

A-56

KDX Jimbocho Building

465.92

Offices

3,292.13
B1F8
S

A-57

KDX Gobancho Building

335.70

Offices, Parking

1,893.11
F8

OfficesA-59

KDX Iwamoto-cho Building

266.86

S
1,618.65

Residential Complex

F9

OfficesA-60

KDX Harumi Building

2,230.69

S・SRC
12,694.32

Retail Shops

B1F11
S・SRC

A-61

KDX Hamamatsucho Dai-2 Building

368.28

Offices

2,478.90
B1F8
SRC

A-62

Koishikawa TG Building

1,250.42

Offices, Parking

5,862.02
B1F8

-38-

KENEDIX REALTY INVESTMENT CORPORATION (8972)
Type

Area

No.

Property Name

Site Area（㎡）(Note 1)

Total Floor Area（㎡）(Note 3)

Usage(Note 2)Type of Structure(Note 4)Completion Date
(Note 5)PML(%)
(Note 6)SRC
A-63

Gotanda TG Building

582.90

Offices, Parking

4,440.61

April 1988

8.37

October 2006

6.99

May 1993

1.78

November 1991

8.41

January 1984

7.92

March 1990

8.37

January 1993

10.40

November 1993

7.29

November 2002

5.51

November 1998

4.23

March 1986

8.67

October 2001

6.15

February 1990

3.34

March 1996

2.97

June 1992

7.19

October 1985

3.44

April 1993

6.97

September 1993

3.48

March 1993

9.04

September 1993

10.59

July 1983

4.39

October 1982

8.37

February 1984

1.93

June 1973

1.48

B1F9
SRC
A-64

KDX Nihonbashi 216 Building

307.77

Offices

1,871.62
F9

Offices, Retail Shops
A-66

KDX Shinjuku Building

1,118.12

S・RC
10,348.02

Parking

B4F11
SRC

A-67

KDX Ginza 1chome Building

678.24

Offices, Bank

4,724.62
F9
SRC

A-68

KDX Nihonbashi Honcho Building

583.40

Offices, Parking

5,110.45
B1F9
SRC

A-71

KDX Iidabashi Building

967.38

Offices, Parking

5,422.64
B1F8
S・RC

A-72

KDX Higashi-Shinagawa Building

3,115.45

Offices

10,138.65
B1F5
SRC

A-73

KDX Hakozaki Building

971.83

Offices, Parking

6,332.48
B1F10

Tokyo
Metropolitan
Area

Offices, Retail Shops
A-74

KDX Shin-Nihonbashi Building

444.32

S
3,712.25

Parking

B1F10
S・SRC

A-75

KDX Nihonbashi Kabutocho Building

1,920.79

Offices, Parking

11,705.49
B1F8
SRC

A-76

Ikebukuro Nikko Building

560.42

Offices

3,223.75
B1F8
RC

A-77

Kabutocho Nikko Building II

350.63

Offices

2,016.03
F8

OfficeBuildings

S
A-78

Tachikawa Ekimae Building

464.95

Offices

2,896.48
B1F8
SRC・S

A-83

Fuchu South Building

2,400.00

Offices, Parking

16,647.00
B1F14

Offices, Retail Shops
A-84

Kasuga Business Center Building

1,319.24

SRC
6,444.31

Parking

B1F10
SRC

A-85

Nakameguro Business Center Building

730.26

Offices

3,455.90
F7①S・SRC B1F8

Offices, Retail Shops,
A-86

Nomura Fudosan Omiya Kyodo Building

775.67

5,055.50
Parking, Residential
Offices, Retail Shops

A-12

Portus Center Building

13,936.63

②S F3
SRC・S

79,827.08
Storage, Parking

B2F25
SRC・RC・S

A-24

KDX Minami Semba Dai-1 Building

715.44

Offices, Parking

4,236.59
B1F9

Parking, Retail Shops
A-25

KDX Minami Semba Dai-2 Building

606.45SRC・S3,315.93

Offices, Residential
Other Regional
Areas

B1F9
RC

A-36

KDX Niigata Building

1,110.56

Offices, Retail Shops

6,810.29
B2F13
SRC

A-42

Karasuma Building

1,788.67

Offices

12,632.68
B1F8
SRC

A-44

KDX Sendai Building

987.78

Offices

5,918.30
B1F10

Offices, Retail Shops
A-53

KDX Hakata-Minami Building

1,826.25
Parking-39-

SRC
13,238.16
B1F9

KENEDIX REALTY INVESTMENT CORPORATION (8972)
Type

Area

No.

Property Name

Site Area（㎡）(Note 1)

Total Floor Area（㎡）(Note 3)

Usage(Note 2)Type of Structure(Note 4)

Offices, Storage
A-54

KDX Kitahama Building

751.92Completion Date
(Note 5)PML(%)
(Note 6)

S
4,652.96

Parking

July 1994

9.79

April 2009

2.87

July 2009

13.79

October 1989

0.51

April 1986

12.13

August 1974

14.36

March 1989

3.48

July 2009

8.78

Avg. 22.7 yrs (Note 8)-

March 1997

7.11

January 2004

9.88

March 1989

5.20

Avg. 13.5 yrs-

March 2005

8.02

August 1991

8.17

F10
S

A-58

KDX Nagoya Sakae Building

1,192.22

Offices, Retail Shops

9,594.00
F11

Offices, Parking
A-69

KDX Kobayashi-Doshomachi Building (Note 9)

1,561.04

S・SRC
10,723.83

Retail Shops

B1F12
SRC

A-70
OfficeBuildings

Kitananajo SIA Building

819.44

Offices

5,503.90
B1F9

Other Regional
Areas

S・SRC
A-79

KDX Nagoya Ekimae Building

1,354.10

Offices, Retail Shops

13,380.30
B2F15

Offices, Retail Shops
A-80

Nagoya Nikko Shoken Building

1,403.93

SRC
14,308.76

Parking

B3F11
SRC・S

A-81

Sendai Nikko Building

522.14

Offices

3,598.01
B1F8

Offices, Retail Shops
A-82

KDX Higashi Umeda Building

804.50

S・SRC
6,805.76

Parking
Subtotal of Office Buildings (78 properties)

B1F10

-

-

-

1,581.91

Residential Complex

3,326.07

RC

B-3

Court Mejiro

Tokyo
Metropolitan
Area

B1F3
SRC
B-19

Residential
Properties

Residence Charmante Tsukishima

4,252.86

Residential Complex

18,115.39
B1F10①RC F6

Other Regional
Areas

B-18

Venus Hibarigaoka

8,595.00

Residential Complex②RC F5

14,976.25③RC F6
Subtotal of Residential Properties (3 properties)

-

-

-

1,240.51

Retail Shops

6,302.58

S・RC・SRC

CentralUrban
RetailProperties

C-1

Frame Jinnan-zaka

Tokyo
Metropolitan
Area

B2F7
SRC
C-2

KDX Yoyogi Building

228.74Retail Shops, Offices

1,269.06
F8

Subtotal of Central Urban Retail Properties (2 properties)
Total of 83 properties

-

-

-

-

Avg. 10.8 yrs
Avg. 22.0 yrs (Note 8)

4.87(Note 6)

Notes:
1. Site area data is based on figures recorded in the land register (including relevant figures for leasehold land, if any). Data may not match with the actual current
status. In the case of buildings with compartmentalized ownership, the figure indicates the site area of the entire land subject to site rights.
2. Usage is based on data recorded in the land register. For buildings with compartmentalized ownership, the usage type of areas covered by the relevant
ownership is shown.
3. Total floor space is based on figures recorded in the land register and does not include related structures. The total floor area for the entire buildings is reported
for compartmentalized ownership.
4. Type of structure data is based on data recorded in the land register. For buildings with compartmentalized ownership, the structure and the number of floors of
the entire building that includes the compartmentalized ownership is shown. The following abbreviations are used to report data relating to structure and thenumber of floors:
SRC: Steel-Reinforced Concrete; RC: Reinforced Concrete; S: Steel Frame; B: Below Ground Level; F: Above Ground Level.
For example: B2F9: Two floors below ground level and nine floors above ground level.
5. Completion date is the date of construction completion recorded in the land register. Average age subtotal and total data is calculated using theweighted-average based on acquisition prices as of April 30, 2013, and is rounded down to the nearest first decimal place.
6. Probable Maximum Loss (PML) data is based on a survey provided by NKSJ Risk Management, Inc. as of April 2013.
7. KDX Shin-Yokohama 381 Building is comprised from two compartmentalized buildings within a single building. By consolidating them together, they
become a property that comprises the entire building (total ownership ratio: 100%).

-40-

KENEDIX REALTY INVESTMENT CORPORATION (8972)

8. The completion date of the existing tower is shown for the completion date of KDX Shin-Yokohama 381 Building. Upon calculating the weighted-average
portfolio age, the completion date (April 2009) for the KDX Shin-Yokohama 381 Building Annex Tower is not considered.
9. KDX Kobayashi Doshomachi Building includes the term leasehold interest with a special agreement to transfer building.

-41-

KENEDIX REALTY INVESTMENT CORPORATION (8972)(ii) Capital Expenditure① Planned capital expenditures
Major capital expenditure plans for renovation of properties in which the Investment Corporation holds for the seventeenth fiscal period (May 1,
2013 to October 31, 2013) are as follows. Planned capital expenditure may include portions classified into expenses for accounting purposes.

Property NameKDX Nagoya Ekimae Building

Air conditioning system(Nagoya, Aichi)

construction, other

KDX Hatchobori Building

Air conditioning system(Chuo-ku, Tokyo)

construction

KDX Kojimachi Building

Air conditioning system(Chiyoda-ku, Tokyo)

construction

KDX Minami Semba Dai-1 Building

Air conditioning system(Osaka, Osaka)

construction, other

Nagoya Nikko Shoken Building(Nagoya, Aichi)
Nomura Fudosan Omiya Kyodo Building(Saitama, Saitama)

Schedule

Purpose(Location)

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

May to223-

3

As above

125

-

1

As above

100

-

-

As above74--

Upgrade elevators, other

As above47--

Upgrade of common areas, other

As above42--

As above30--

As above

15--

October 2013

Kasuga Business Center Building

Air conditioning system(Bunkyo-ku, Tokyo)

construction

KDX Hachioji Building

Upgrade parking and signboard,(Hachioji, Tokyo)other② Capital Expenditures during the Fiscal Period Under Review (fiscal period ended April 30, 2013)
The Investment Corporation undertook the following major capital expenditures as follows. In the fiscal period under review (fiscal period
ended April 30, 2013), the Investment Corporation completed work across its entire portfolio totaling ¥1,095 million. This total comprised of¥772 million in capital expenditures and ¥322 million for repairs, maintenance and renovation expenses.
Property Name
(Location)
KDX Nihonbashi Kabutocho Building(Chuo-ku, Tokyo)
KDX Nagoya Ekimae Building(Nagoya, Aichi)
KDX Shiba-Daimon Building(Minato-ku, Tokyo)
Nagoya Nikko Shoken Building(Nagoya, Aichi)

Schedule

PurposeNovember 2012

Restitution construction, otherto April 2013

Amount of Capital Expenditures(Millions of Yen)290

Air conditioning system construction, other

As above

225

Upgrade of common areas, other

As above74

Upgrade elevators, other

As above24

Others157

Portfolio Total

772

Note: The amounts of the capital expenditures are rounded down to the nearest ¥1 million.

-42-

KENEDIX REALTY 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 flows generated during the period to a reserve for repairs, maintenance and renovation to meet large-scalerenovation over the medium- to long-terms. The following amount has been transferred to the reserve from period cash flows.
(Millions of Yen)
Twelfth Fiscal Period
Fiscal period
Reserve for the end of theprevious period

Thirteenth Fiscal Period

Fourteenth Fiscal Period(November 1, 2010 to(May 1, 2011 toApril 30, 2011)

October 31, 2011)

430

Reserve for the fiscal
period under review
Reversal of reserve for the
fiscal period under review

10-

Reserve brought forward to
the next period

440

Fifteenth Fiscal Period

Sixteenth Fiscal Period(November 1, 2011 to(May 1, 2012 to(November 1, 2013 toApril 30, 2012)

October 31, 2012)

April 30, 2013)

440

517

643

503

96

296

224

30

19

170

364

10

517

643

503

523

-43-

KENEDIX REALTY INVESTMENT CORPORATION (8972)(iii) Details of the Tenants
Type

OfficeBuildings

Area

Tokyo
Metropolitan
Area

No.

Property Name

Total Leasable
Floor Area(㎡)(Note 1)

Total No. of
Total Leased Total No. of
Leasable
LeasedFloor Area
Residential units Residential units(㎡)(Note 2)(Note 3)(Note 4)A-1

KDX Nihonbashi 313 Building

5,889.66

5,874.72-

A-3

Higashi-Kayabacho Yuraku Building

4,413.17

3,930.86-

A-4

KDX Hatchobori Building

3,323.73

3,323.73-

188,520

231,858

-

6

89.1

144,219

209,6565

100.0

129,323

144,236

A-5

KDX Nakano-Sakaue Building

4,390.27

4,390.27

18

18

24

100.0

81,72388,175

A-6

Harajuku F.F. Building

3,068.36

3,068.36

A-7

FIK Minami Aoyama

1,814.56

1,814.56

-

-

3

100.0

108,604

169,343

-

-

7

100.0

71,093

107,055

A-8

Kanda Kihara Building

1,947.62

1,683.87

-

-

10

86.5

61,561

100,671

A-13

KDX Kojimachi Building

3,793.02

3,793.02

-

-

10

100.0

132,579

225,749

A-14
A-15

KDX Funabashi Building

3,836.02

3,836.02

-

-

24

100.0

103,354

127,187

KDX Hamacho Building

3,101.38

3,101.38

-

-

10

100.0

88,559107,536

A-16

Toshin 24 Building

6,624.74

6,624.74

-

-

18

100.0

198,935

232,313

A-17

KDX Ebisu Building

3,074.47

3,074.47

-

-

6

100.0

126,148

211,679

A-19

KDX Hamamatsucho Building

2,724.35

2,724.35

-

-

9

100.0

96,162

124,529

A-20

KDX Kayabacho Building

3,019.93

3,019.93

-

-

7

100.0

73,762

107,597

A-21

KDX Shinbashi Building

1,696.42

1,696.42

-

-

7

100.0

82,513

116,631

A-22

KDX Shin-Yokohama Building

4,792.64

4,453.74

-

-

18

92.9

96,271

151,631

A-26

KDX Kiba Building

2,452.94

2,452.94

-

-

6

100.0

59,04675,777

A-27

KDX Kajicho Building

2,564.11

2,564.11

-

-

10

100.0

81,13398,540A-28

KDX Nogizaka Building

1,251.40

1,251.40

1

1

6

100.0

24,787

23,379A-29

KDX Higashi-Shinjuku Building

5,930.96

5,930.96

-

-

6

100.0

117,352

120,647

A-30

KDX Nishi-Gotanda Building

3,881.58

3,881.58

-

-

5

100.0

144,876

211,227

A-31

KDX Monzen-Nakacho Building

2,008.74

2,008.74

-

-

7

100.0

38,11943,788A-32

KDX Shiba-Daimon Building

5,983.57

4,730.26

-

-

9

79.1

115,401

169,509

A-33

KDX Okachimachi Building

1,792.54

1,792.54

-

-

2

100.0

66,637110,237

A-34

KDX Hon-Atsugi Building

2,746.89

2,628.35

-

-

10

95.7

55,49164,033A-35

KDX Hachioji Building

2,178.61

2,178.61

-

-

8

100.0

50,14445,753A-37

KDX Ochanomizu Building

5,880.71

5,880.71

-

-

6

100.0

168,120

223,576

A-38

KDX Nishi-Shinjuku Building

1,593.60

1,593.60

-

-

8

100.0

45,02056,487

A-39

KDX Toranomon Building

1,966.56

1,966.56

-

-

7

100.0

99,530179,712

A-40

Toranomon Toyo Building

6,499.63

6,299.81

-

-

9

96.9

302,528

507,244

A-41

KDX Shinjuku 286 Building

2,444.43

2,444.43

-

-

9

100.0

86,310102,924

A-45

KDX Roppongi 228 Building

1,909.08

1,039.19

-

-

5

54.4

37,132

49,292

A-46

Hiei Kudan-Kita Building

6,897.59

6,897.59

-

-

14

100.0

234,177

300,602

A-47

KDX Shin-Yokohama 381 Building

8,131.07

8,131.07

-

-

43

100.0

163,772

238,150

A-48

KDX Kawasaki-Ekimae Hon-cho
Building

5,124.98

5,124.98

-

-

1

100.0

101,080

155,571

A-49

Nissou Dai-17 Building

2,739.62

1,278.68

-

-

4

46.7

53,82432,183

A-50

Ikejiri-Oohashi Building

2,456.72

2,244.16

-

-

7

91.3

68,193

72,100A-51

KDX Hamacho Nakanohashi
Building

2,239.13

2,239.13

-

-

9

100.0

68,39086,405A-52

KDX Kanda Misaki-cho Building

1,330.06

1,330.06

-

-

8

100.0

34,46742,856

A-55

Shin-toshin Maruzen Building

1,912.28

1,912.28

-

-

5

100.0

57,946

72,273A-56

KDX Jimbocho Building

2,321.80

2,321.80

-

-

3

100.0

72,24496,451A-57

KDX Gobancho Building

1,650.37

1,414.41

-

-

6

85.7

41,39745,326A-59

KDX Iwamoto-cho Building

1,530.03

1,530.03

3

3

10

100.0

44,19961,437

A-60

KDX Harumi Building

9,294.00

6,709.44

-

-

7

72.2

155,958

279,551

A-61

KDX Hamamatsucho Dai-2 Building

1,953.50

1,953.50

-

-

8

100.0

53,72695,425

A-62

Koishikawa TG Building

3,945.54

3,945.54

-

-

5

100.0

113,369

157,041

A-63

Gotanda TG Building

3,166.56

3,166.56

-

-

10

100.0

98,632

130,337-

10

Total Rental
Leasehold andOccupancyand Other Operating Security Deposits
Ratio (%）
Revenues(¥thousands)(Note 6)(¥thousands)(Note 7)(Note 8)
99.7

-44-

-

No. ofTenants(Note 5)

KENEDIX REALTY INVESTMENT CORPORATION (8972)
Type

Area

Tokyo
Metropolitan
Area

No.

Residential
Properties

Total Rental
Leasehold andOccupancyand Other Operating Security Deposits
Ratio (%）
Revenues(¥thousands)(Note 6)(¥thousands)(Note 7)(Note 8)1,615.20

1,615.20

-

-

8

100.0

54,527

93,375A-66

KDX Shinjuku Building

5,851.30

5,646.47

-

-

20

96.5

235,286

285,447

A-67

KDX Ginza 1chome Building

3,573.59

3,573.59

-

-

5

100.0

146,284

169,724

A-68

KDX Nihonbashi Honcho Building

3,998.39

3,998.39

-

-

8

100.0

136,834

204,126

A-71

KDX Iidabashi Building

4,429.25

4,429.25

-

-

5

100.0

153,577

227,405

A-72

KDX Higashi-Shinagawa Building

7,110.62

7,110.62

-

-

6

100.0

172,739

225,273

A-73

KDX Hakozaki Building

3,992.60

3,992.60

-

-

8

100.0

112,080

164,334

A-74

KDX Shin-Nihonbashi Building

2,658.79

2,658.79

-

-

10

100.0

81,345

114,941

A-75

KDX Nihonbashi Kabutocho
Building

7,660.47

1,027.87

-

-

2

13.4

60,762

46,106

A-76

Ikebukuro Nikko Building

1,984.47

1,984.47

-

-

2

100.0

71,957105,144

A-77

Kabutocho Nikko Building II

1,395.78

1,395.78

-

-

4

100.0

53,707

82,526

A-78

Tachikawa Ekimae Building

1,612.13

1,612.13

-

-

5

100.0

63,32886,432

A-83

Fuchu South Building

10,151.48

9,870.74

-

-

32

97.2

297,590342,348

A-84

Kasuga Business Center Building

4,346.05

4,017.36

-

-

13

92.4

122,909

135,018

2,681.29

2,681.29

-

-

6

100.0

72,30994,066

3,819.09

3,633.32

1

1

17

95.1

20,153

177,564

Nakameguro Business Center
Building
Nomura Fudosan Omiya Kyodo
Building

A-12

Portus Center Building

11,533.14

11,367.21

-

-

29

98.6

282,665

366,934

A-24

KDX Minami Semba Dai-1 Building

3,108.16

2,577.68

-

-

10

82.9

47,81764,780A-25

KDX Minami Semba Dai-2 Building

2,697.65

2,538.51

-

-

23

94.1

46,871

43,896

A-36

KDX Niigata Building

4,064.83

2,517.06

-

-

20

61.9

51,64752,343

A-42

Karasuma Building

8,745.01

8,594.76

-

-

38

98.3

209,709275,294

A-44

KDX Sendai Building

3,958.49

3,830.26

-

-

31

96.8

86,854

183,674

A-53

KDX Hakata-Minami Building

9,922.51

9,414.84

-

-

49

94.9

159,366

213,351

A-54

KDX Kitahama Building

3,995.50

3,708.71

-

-

11

92.8

73,03583,327

A-58

KDX Nagoya Sakae Building

6,923.12

6,923.12

-

-

16

100.0

187,554

213,816

A-69

KDX Kobayashi-Doshomachi
Building

7,072.24

6,609.33

-

-

12

93.5

173,602232,057

A-70

Kitananajo SIA Building

3,788.73

3,574.85

-

-

18

94.4

97,465

104,659

A-79

KDX Nagoya Ekimae Building

7,932.99

7,932.99

-

-

19

100.0

314,934

494,202

A-80

Nagoya Nikko Shoken Building

7,994.75

7,834.12

-

-

9

98.0

196,990

275,852

A-81

Sendai Nikko Building

2,538.06

1,914.26

-

-

4

75.4

52,511

71,159A-82

KDX Higashi Umeda Building

4,986.24

4,986.24

-

-

11

100.0

130,221103,958

319,430.86

298,825.27

23

23

878

93.5

8,602,994

11,736,848

2,046.79

1,844.58

20

18

18

90.1

37,941

16,338100.0

149,068

50,580Subtotal of Office Buildings (78 properties)
Tokyo
Metropolitan
Area

No. ofTenants(Note 5)KDX Nihonbashi 216 Building

A-86

Other
Regional
Areas

Total No. of
Total No. of
Total Leased
Leasable
LeasedFloor Area
Residential units Residential units(㎡)(Note 2)(Note 3)(Note 4)

A-64

A-85
OfficeBuildings

Property Name

Total Leasable
Floor Area(㎡)(Note 1)

B-3

Court Mejiro

B-19

Residence Charmante Tsukishima

7,711.14

7,711.14

140

140

1
(Note 9)B-18

Venus Hibarigaoka

12,829.64

12,355.43

159

153

114

96.3

92,43325,744

Subtotal of Residential Properties (3 properties)

22,587.57

21,911.15

319

311

133

97.0

279,444

92,662

266,141

279,259

Other
Regional
Areas

CentralTokyo
Urban Retail Metropolitan
Properties
Area

C-1

Frame Jinnan-zaka

4,653.40

4,653.40

-

-

12

100.0

C-2

KDX Yoyogi Building

1,182.14

1,182.14

-

-

11

100.0

69,435

108,150

Subtotal of Central Urban Retail Properties (2 properties)

5,835.54

5,835.54

-

-

23

100.0

335,577

387,410334

1,034(Note 10)93.9

9,218,015

12,216,920

Total of 83 properties
Occupancy Ratio over the Past Five Years

347,853.97
October 31, 2008

95.6%

April 30, 2009

95.7%

October 31, 2009

94.7%

April 30, 2010

94.4%

October 31, 2010

93.6%

April 30, 2011

94.6%

October 31, 2011

94.7%

326,571.96

-45-

342

KENEDIX REALTY INVESTMENT CORPORATION (8972)
April 30, 2012

95.4%

October 31, 2012

95.5%

April 30, 2013

93.9%

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

Type of Property

No.

Property Name

Office Building

A-23

KDX Yotsuya Building

88,071

Other

D-1

Kanazawa Nikko Building-

8. Guarantee and security deposits refers to the total of the balances of security deposits held (including net security deposits in the case of discount) and guarantee
deposits, both identified in lease agreements or sub-lease agreements, with the figure rounded down to the nearest thousand yen.
9. Residence Charmante Tsukishima: Because we have concluded a rental guarantee (fixed-term lease: until January 30, 2014) fixed-term building lease contract(term of contract: to January 30, 2029) with Sekiwa Real Estate, Ltd., a master lessor, the total number of tenants is indicated as 1.
10. The number presented does not reflect the adjustment for end-tenants who are overlapping in multiple properties.

(iv) Information concerning major real estate properties
There were no major real estate properties with real estate business rental revenues exceeding 10% of total real estate business rental
revenues for the sixteenth fiscal period (fiscal period ended April 30, 2013).
(v) Information concerning major tenants①Tenant which holds more than 10% of the total leased area: Not applicable②Reference: Major end tenants
Property Name

Leased Floor
Area(As of April 30, 2013)
Percentage of Total Leased
Floor Area (Note 1)

1 SMBC Nikko Securities, Inc.

Ikebukuro Nikko Building, Kabutocho Nikko Building II,
Tachikawa Ekimae Building, KDX Nagoya Ekimae Building,Nagoya Nikko Shoken Building, Sendai Nikko Building,

9,683.15 ㎡

3.0%

2 Sekiwa Real Estate, Ltd.

Residence Charmante Tsukishima

7,711.14 ㎡

2.4%

5,124.98 ㎡

1.6%

3,955.36 ㎡

1.2%

3,379.95 ㎡

1.0%

Subtotal

29,854.58 ㎡

9.1%

Total Portfolio

326,571.96 ㎡

100.0%Name of End Tenant

3 N / A (Note 2)

KDX Kawasaki-Ekimae Hon-cho Building
Toranomon Toyo Building, Harajuku F.F. Building,
4 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
KDX Yoyogi Building
Koishikawa TG Building
5 Medical Corporation DOYUKAI

Notes:
1. Percentage of total leased floor area refers to the floor area leased to each end tenant as a proportion of total leased floor area. Figures are rounded to thenearest first decimal place.
2. Not disclosed due to the tenants’ request.

-46-

【Reference】

a0011
a0031
a0041
a0051
a0061
a0071
a0081
a0131
a0141
a0151
Earnings Performance for the Individual Properties for the 16th Fiscal Period (November 1, 2012 to April 30, 2013)：181days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A01

Property NameKDX Nihonbashi
313 Building

Acquisition Date

A03

A04

A05

HigashiKDX Hatchobori KDX NakanoKayabacho
Building
Sakaue Building
Yuraku Building

a0161
a0171
※As of April 30, 2013

a0191

a0201

a0211

a0221

A06

A07

A08

A13

A14

A15

A16

A17

A19

A20

A21

A22

Harajuku F.F.
Building

FIK Minami
AoyamaKanda Kihara
Building

KDX Kojimachi
Building

KDX Funabashi
Building

KDX Hamacho
Building

Toshin 24
Building

KDX Ebisu
Building

KDX
Hamamatsucho
Building

KDX Kayabacho
Building

KDX Shinbashi
Building

KDX ShinYokohama
Building

Price Information

August 1, 2005 August 1, 2005 August 1, 2005 August 1, 2005 August 1, 2005 August 1, 2005 August 1, 2005 November 1, 2005 March 1, 2006 March 16, 2006 May 1, 2006 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
2,300
5,300
4,640
3,460
2,780
2,690
2,520
2.0%
1.5%
1.3%
0.9%
0.8%
0.8%
0.7%
2.0%
0.8%
0.8%
1.8%
1.6%
1.2%
1.0%
0.9%
0.9%
6,058
4,302
3,326
2,432
2,433
2,242
1,836
5,603
2,367
2,231
5,056
4,534
3,205
2,843
2,682
2,414
6,400
4,940
3,440
2,250
3,030
2,190
1,740
4,320
1,950
2,200
4,000
4,120
3,150
2,420
2,640
2,160
2.4%
1.9%
1.3%
0.9%
1.1%
0.8%
0.7%
1.6%
0.7%
0.8%
1.5%
1.6%
1.2%
0.9%
1.0%
0.8%
10
6
5
24
3
7
10
10
24
10
18
6
9
7
7
18
5,889.66
4,413.17
3,323.73
4,390.27
3,068.36
1,814.56
1,947.62
3,793.02
3,836.02
3,101.38
6,624.74
3,074.47
2,724.35
3,019.93
1,696.42
4,792.64
5,874.72
3,930.86
3,323.73
4,390.27
3,068.36
1,814.56
1,683.87
3,793.02
3,836.02
3,101.38
6,624.74
3,074.47
2,724.35
3,019.93
1,696.42
4,453.74

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

99.7%
100.0%
94.6%
85.2%
71.8%
100.0%
100.0%
100.0%
100.0%
100.0%

Lease Information

As of April 30, 2013
As of October 31, 2012
As of April 30, 2012
As of October 31, 2011
As of April 30, 2011
As of October 31, 2010
As of April 30, 2010
As of October 31, 2009
As of April 30, 2009
As of October 31, 2008

89.1%
89.1%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
93.1%
100.0%
100.0%

100.0%
100.0%
98.3%
84.1%
100.0%
96.5%
100.0%
91.3%
92.3%
96.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%

100.0%
88.4%
100.0%
100.0%
100.0%
100.0%
77.1%
100.0%
100.0%
100.0%

86.5%
100.0%
100.0%
100.0%
93.5%
100.0%
100.0%
100.0%
100.0%
100.0%

100.0%
100.0%
100.0%
100.0%
100.0%
91.9%
97.1%
86.7%
88.6%
98.2%

100.0%
100.0%
100.0%
98.7%
100.0%
98.5%
100.0%
100.0%
100.0%
98.4%

100.0%
100.0%
95.0%
95.0%
100.0%
93.9%
100.0%
100.0%
100.0%
100.0%

100.0%
100.0%
100.0%
96.2%
84.7%
72.7%
84.1%
93.3%
100.0%
100.0%

100.0%
100.0%
100.0%
100.0%
100.0%
83.4%
100.0%
100.0%
83.4%
100.0%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
87.7%
75.4%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%

100.0%
100.0%
99.5%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%

92.9%
95.4%
97.9%
93.1%
93.1%
74.0%
86.3%
93.1%
93.1%
83.2%

Income and Retained Earnings Information for the 16th Fiscal Period

Operating periods

181days181days181days181days181days181days181days181days181days181days181days181days181days181days181days181days①Rental and other operating revenues (\ Thousands)

188,520

144,219

129,323

81,723

108,604

71,09361,561

132,579

103,354

88,559198,935

126,148

96,16273,76282,513

96,271

Rental revenues

171,268

132,859

113,407

67,421

99,104

65,161

56,486111,224

89,14877,202

151,098

111,178

87,17765,00275,673

83,912Other operating revenues

17,252

11,35915,915

14,302

9,499

5,931

5,075

21,355

14,206

11,357

47,837

14,970

8,985

8,759

6,840

12,35957,83331,40332,782

28,90324,12518,09817,02540,23332,61924,41265,022

34,581

26,66021,56422,07332,027

Property management fees

15,717

12,314

12,489

9,110

6,834

5,268

5,956

9,927

13,181

9,003

17,985

9,403

7,319

7,124

6,580

12,529Taxes

20,672

8,998

8,669

7,548

8,042

5,727

4,065

17,023

7,351

7,035

12,30811,003

9,057

6,320

9,457

6,555

Utilities

13,834

8,193

9,512

8,842

6,001

4,919

5,079

11,546

9,548

6,493

18,251

9,296

5,660

7,201

4,956

8,376

Repairs and maintenance costs

5,960

336

747

1,906

829

1,317

702

547

1,850

739

13,984

1,497

2,135

42

151

3,109

228

160

142

177

106

57

64

162

152

113

239

122

92

105

83

153

Trust fees and other expenses

1,419

1,399

1,220

1,319

2,310

808

1,155

1,026

536

1,026

2,252

3,257

2,395

771

844

1,303

③ＮＯＩ （＝①-②） (\ Thousands)

130,687

112,815

96,541

52,82084,47852,99544,536

92,34670,73564,146

133,913

91,56769,502

52,19760,44064,244④Depreciation (\ Thousands)

27,42327,015

16,632

15,333

9,501

6,577

8,534

18,605

19,296

18,42935,41018,75922,771

17,505

6,753

22,216⑤Rental operating income （＝③-④） (\ Thousands)

103,263

85,80079,90837,48674,977

46,41736,00273,741

51,43845,71798,50272,807

46,73034,69153,68642,027

3,145

780

2,730

3,583

-

1,809

2,484

3,054

3,775

669

4,729

6,772

500

-

197

632

⑦ＮＣＦ （＝③-⑥） (\ Thousands)

127,542

112,035

93,811

49,23784,47851,18642,05289,292

66,95963,477129,183

84,79569,002

52,19760,242

63,611

Expense ratio （＝②／①）

30.7%
41,345
6,514
3.46%

21.8%
17,997
5,245
3.64%

25.3%
17,339
4,609
3.56%

35.4%
15,104
2,745
3.36%

22.2%
16,085
3,940
3.63%

25.5%
11,454
2,532
3.56%

27.7%
8,131
2,165
3.52%

30.3%
34,046
4,590
3.46%

31.6%
14,670
3,552
3.44%

27.6%
14,070
3,116
3.52%

32.7%
24,226
6,792
3.41%

27.4%
21,998
4,443
3.52%

27.7%
18,115
3,380
3.52%

29.2%
12,642
2,570
3.48%

26.8%
18,911
2,917
3.54%

33.3%
12,792
3,275
3.40%

214,470
17,872

107,050
8,920

158,190
13,182

141,400
11,783

160,510
13,37571,7905,982

80,4306,702

180,970
15,080160,670
13,389134,170
11,180217,670
18,139147,940
12,328135,060
11,255120,000
10,000111,266
9,272

152,030
12,669②Property-related expenses (\ Thousands)

Insurance⑥Capital expenditures (\ Thousands)

Ｐroperty tax for the year 2013 or 2012 (\ Thousands)
Reference

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

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

-47-

【Reference】

a0261
a0271
a0281
a0291
a0301
a0311
a0321
a0331
a0341
a0351
Earnings Performance for the Individual Properties for the 16th Fiscal Period (November 1, 2012 to April 30, 2013)：181days

Type

Office Buildings

Location

Tokyo Metropolitan Area

a0371
a0381
※As of April 30, 2013

a0391

a0401

A27

A28

A29

A30

A31

A32

A33

A34

A35

A37

A38

Property NameKDX Kajicho
Building

KDX Nogizaka
Building

KDX HigashiShinjuku
Building

KDX NishiGotanda Building

KDX MonzenNakacho
Building

KDX ShibaDaimon Building

KDX
Okachimachi
Building

KDX Hon-Atsugi
Building

KDX Hachioji
Building

KDX
Ochanomizu
Building

KDX NishiShinjuku
Building

Acquisition Date

June 20, 2006

July 3, 2006

July 14, 2006

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

1,580
0.5%
1,539
1,420
0.5%
6
2,452.94
2,452.94

2,350
0.8%
2,367
2,360
0.9%
10
2,564.11
2,564.11

1,065
0.4%
1,117
700
0.3%
6
1,251.40
1,251.40

2,950
1.0%
3,161
3,340
1.3%
6
5,930.96
5,930.96

4,200
1.4%
4,076
3,680
1.4%
5
3,881.58
3,881.58

1,400
0.5%
1,388
1,120
0.4%
7
2,008.74
2,008.74

6,090
2.1%
6,215
4,380
1.7%
9
5,983.57
4,730.26

2,000
0.7%
2,106
1,820
0.7%
2
1,792.54
1,792.54

1,305
0.4%
1,158
1,040
0.4%
10
2,746.89
2,628.35

1,155
0.4%
1,267
914
0.3%
8
2,178.61
2,178.61

6,400
2.2%
6,598
6,170
2.3%
6
5,880.71
5,880.71

1,500
0.5%
1,572
1,130
0.4%
8
1,593.60
1,593.60

4,400
1.5%
4,767
3,380
1.3%
7
1,966.56
1,966.56

9,850
3.4%
9,832
10,3003.9%
96,499.63
6,299.81

2,300
0.8%
2,379
2,210
0.8%
9
2,444.43
2,444.43

3,300
1.1%
3,428
2,120
0.8%
5
1,909.08
1,039.19

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%

100.0%
100.0%
100.0%
100.0%
100.0%
84.2%
75.1%
94.3%
100.0%
100.0%

100.0%
78.1%
100.0%
100.0%
56.2%
78.1%
78.1%
100.0%
87.7%
100.0%

100.0%
100.0%
99.7%
83.3%
100.0%
100.0%
100.0%
100.0%
97.0%
86.2%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
91.9%
100.0%

100.0%
100.0%
100.0%
100.0%
84.3%
100.0%
100.0%
100.0%
100.0%
100.0%

79.1%
82.8%
100.0%
100.0%
100.0%
100.0%
97.3%
100.0%
100.0%
100.0%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%

95.7%
86.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
88.6%

100.0%
100.0%
100.0%
100.0%
100.0%
96.4%
100.0%
85.6%
85.6%
85.6%

100.0%
90.1%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
90.2%

100.0%
100.0%
88.6%
100.0%
87.6%
87.6%
100.0%
100.0%
100.0%
100.0%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
89.3%
78.6%
78.6%

96.9%
96.9%
95.1%
100.0%
100.0%
95.4%
93.9%
95.4%
100.0%
100.0%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%

54.4%
54.4%
65.1%
65.1%
65.1%
65.1%
65.1%
52.4%
65.2%
78.0%

Operating periods

181days181days181days181days181days181days181days181days181days181days181days181days181days181days181days181days①Rental and other operating revenues (\ Thousands)

59,046

81,13324,787

117,352

144,876

38,119115,401

66,63755,49150,144

168,12045,02099,530302,528

86,31037,132

Rental revenues

51,02073,904

21,432

103,180

124,862

29,347

107,698

58,61345,931

43,257

157,959

39,46593,241

290,780

71,99132,807

Other operating revenues

8,025

7,228

3,354

14,171

20,014

8,772

7,703

8,024

9,559

6,886

10,160

5,554

6,288

11,74814,3184,324

17,023

19,632

11,76842,89830,57815,82450,415

14,463

19,72820,59845,834

14,19621,11565,83324,19917,013

Property management fees

5,570

7,280

3,096

12,84011,792

4,325

12,835

5,771

6,447

9,789

10,971

4,553

6,263

21,070

7,330

4,571

Taxes

4,742

5,359

3,458

13,450

9,086

3,142

11,382

2,926

3,674

4,056

14,772

4,312

9,276

27,759

8,066

7,288

Utilities

5,210

5,103

2,593

14,142

8,671

6,043

8,535

3,933

4,947

4,876

12,836

4,597

4,126

13,268

7,034

4,481

Repairs and maintenance costs

630

949

776

880

465

1,374

4,135

212

2,221

727

630

611

140

2,109

498

375

Insurance

78

86

42

214

146

74

190

51

105

70

216

57

68

239

101

59

Trust fees and other expenses

792

852

1,801

1,369

415

863

13,335

1,567

2,331

1,077

6,408

64

1,240

1,386

1,168

238

③ＮＯＩ （＝①-②） (\ Thousands)

42,022

61,501

13,01874,454

114,297

22,29564,98652,17435,76229,545

122,285

30,82378,415

236,695

62,11020,118④Depreciation (\ Thousands)

12,047

12,921

5,676

19,82628,961

9,631

29,652

8,068

12,088

10,13827,304

6,731

13,314

12,469

9,852

5,132

⑤Rental operating income （＝③-④） (\ Thousands)

29,97548,5807,342

54,627

85,336

12,66335,334

44,106

23,673

19,407

94,98024,091

65,100224,225

52,25814,985

Price Information

A26
KDX Kiba
Building

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

A40

a0451

Property No.

Acquisition price (\ Millions)

A39

a0411

KDX Toranomon Toranomon Toyo
Building
Building

April 2, 2007 April 2, 2007 April 17, 2007 June 1, 2007

A41

A45

KDX Shinjuku
286 Building

KDX Roppongi
228 Building

June 1, 2007 January 10, 2008

Occupancy ratio
Lease Information

As of April 30, 2013
As of October 31, 2012
As of April 30, 2012
As of October 31, 2011
As of April 30, 2011
As of October 31, 2010
As of April 30, 2010
As of October 31, 2009
As of April 30, 2009
As of October 31, 2008

Income and Retained Earnings Information for the 16th Fiscal Period②Property-related expenses (\ Thousands)⑥Capital expenditures (\ Thousands)

-

2,093

442

490

-

-

74,378

-

7,637

-

1,995

1,830

485

863

1,350

-

⑦ＮＣＦ （＝③-⑥） (\ Thousands)

42,022

59,408

12,57573,964

114,297

22,295△9,392

52,174

28,12529,545120,290

28,99377,930235,832

60,76020,118

Expense ratio （＝②／①）

28.8%
9,485
2,062
3.49%

24.2%
10,718
2,910
3.59%

47.5%
6,917
771
3.11%

36.6%
26,898
3,914
3.34%

21.1%
18,179
5,289
3.65%

41.5%
6,289
1,232
3.23%

43.7%
22,766
3,681
3.19%

21.7%
5,855
2,424
3.64%

35.6%
7,133
1,862
3.36%

41.1%
7,941
1,626
3.24%

27.3%
29,545
5,926
3.53%

31.5%
8,626
1,547
3.44%

21.2%
18,552
3,631
3.65%

21.8%
55,51811,0043.64%

28.0%
16,132
3,028
3.51%

45.8%
14,577
1,168
3.15%

93,6507,804

87,5907,299

49,9504,162

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

169,180
14,09855,4304,619

147,990
12,332

100,3808,365

249,810
20,81774,5606,213

75,6806,306

286,720
23,893

143,300
11,94180,0706,672

Ｐroperty tax for the year 2013 or 2012 (\ Thousands)
Reference

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

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

-48-

【Reference】

a0461
a0471
a0481
a0491
a0501
a0511
a0521
a0551
a0561
a0571
Earnings Performance for the Individual Properties for the 16th Fiscal Period (November 1, 2012 to April 30, 2013)：181days

Type

Office Buildings

Location

Tokyo Metropolitan Area

a0591
a0601
※As of April 30, 2013

a0611

a0621

a0631

a0641

Office Buildi

Property No.

A46

A47

A48

A49

A50

A51

A52

A55

A56

A57

A59

A60

A61

A62

A63

A64

Property Name

Hiei Kudan Kita
Building

KDX ShinYokohama 381
Building

KDX KawasakiEkimae Hon-cho
Building

Nissou Dai-17
Building

Ikejiri-Oohashi
Building

KDX Hamacho
Nakanohashi
Building

KDX Kanda
Misaki-cho
Building

Shin-toshin
Maruzen
Building

KDX Jimbocho
Building

KDX Gobancho
Building

KDX Iwamotocho Building

KDX Harumi
Building

KDX
Hamamatsucho
Dai-2 Building

Koishikawa TG
Building

Gotanda TG
Building

KDX Nihonbashi
216 Building

Acquisition Date

February 1, 2008 February 1, 2008 February 1, 2008 February 1, 2008 February 1, 2008 February 1, 2008 February 1, 2008 February 29, 2008 March 31, 2008 March 31, 2008 May 1, 2008

Price Information

Acquisition price (\ Millions)
Percentage of total portfolio
Net book value (\ Millions)Appraisal value at the end of period (\ Millions)
Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)Leased floor area（㎡)June 30, 2008 September 1, 2008 November 18, 2009 November 18, 2009 December 1, 2009

7,600
2.6%
7,616
7,440
2.8%
14
6,897.59
6,897.59

5,800
2.0%
5,818
3,970
1.5%
43
8,131.07
8,131.07

3,760
1.3%
3,731
2,990
1.1%
1
5,124.98
5,124.98

2,710
0.9%
2,590
1,570
0.6%
4
2,739.62
1,278.68

2,400
0.8%
2,436
1,490
0.6%
7
2,456.72
2,244.16

2,310
0.8%
2,329
1,720
0.6%
9
2,239.13
2,239.13

1,380
0.5%
1,369
924
0.3%
8
1,330.06
1,330.06

2,110
0.7%
2,146
1,550
0.6%
5
1,912.28
1,912.28

2,760
0.9%
2,887
1,890
0.7%
3
2,321.80
2,321.80

1,951
0.7%
1,969
1,380
0.5%
6
1,650.37
1,414.41

1,864
0.6%
1,776
1,310
0.5%
10
1,530.03
1,530.03

10,250
3.5%
9,546
8,250
3.1%
7
9,294.00
6,709.44

2,200
0.8%
2,279
1,860
0.7%
8
1,953.50
1,953.50

3,080
1.1%
3,113
3,040
1.1%
5
3,945.54
3,945.54

2,620
0.9%
2,792
2,580
1.0%
10
3,166.56
3,166.56

2,010
0.7%
1,951
1,810
0.7%
8
1,615.20
1,615.20

100.0%
100.0%
91.4%
98.8%
95.9%
85.3%
91.9%
100.0%
100.0%
100.0%

100.0%
91.7%
91.5%
93.0%
89.5%
100.0%
100.0%
100.0%
92.1%
97.5%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%

46.7%
86.4%
86.4%
86.4%
86.4%
94.9%
94.9%
100.0%
100.0%
100.0%

91.3%
100.0%
100.0%
54.9%
74.4%
91.3%
100.0%
91.3%
82.6%
100.0%

100.0%
100.0%
100.0%
100.0%
100.0%
93.0%
100.0%
100.0%
100.0%
100.0%

100.0%
100.0%
100.0%
100.0%
86.9%
86.9%
100.0%
100.0%
100.0%
100.0%

100.0%
100.0%
100.0%
81.2%
100.0%
100.0%
100.0%
100.0%
64.3%
80.9%

100.0%
100.0%
100.0%
100.0%
74.8%
94.4%
85.0%
100.0%
100.0%
59.8%

85.7%
100.0%
100.0%
100.0%
100.0%
85.7%
85.7%
85.7%
100.0%
85.7%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
75.0%
100.0%
92.7%

72.2%
70.3%
70.3%
88.9%
98.2%
98.2%
98.2%
100.0%
100.0%
100.0%

100.0%
87.6%
87.6%
100.0%
100.0%
100.0%
87.5%
100.0%
100.0%
100.0%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%-

100.0%
100.0%
100.0%
80.0%
80.0%
77.1%
57.8%
-

100.0%
100.0%
100.0%
100.0%
100.0%
75.0%
87.5%
-

Occupancy ratio
Lease Information

As of April 30, 2013
As of October 31, 2012
As of April 30, 2012
As of October 31, 2011
As of April 30, 2011
As of October 31, 2010
As of April 30, 2010
As of October 31, 2009
As of April 30, 2009
As of October 31, 2008

Income and Retained Earnings Information for the 16th Fiscal Period

Operating periods

181days181days181days181days181days181days181days181days181days181days181days181days181days181days181days181days①Rental and other operating revenues (\ Thousands)

234,177

163,772

101,080

53,824

68,193

68,39034,46757,946

72,244

41,39744,199155,958

53,726113,369

98,63254,527

Rental revenues

211,479

136,831

93,13845,72753,42356,862

32,032

49,324

65,77238,331

41,118135,369

48,022

95,82989,96249,357

Other operating revenues

22,69826,940

7,941

8,097

14,77011,528

2,434

8,622

6,472

3,066

3,081

20,5895,704

17,539

8,669

5,169

84,28049,41535,442

20,916

21,753

19,211

10,811

16,017

17,723

13,145

11,24872,24218,00541,49826,453

17,045

Property management fees

30,62013,404

12,519

7,194

6,127

7,003

3,727

6,394

5,529

4,276

3,681

30,3034,361

14,147

8,202

5,281

Taxes

24,927

12,915

7,225

5,197

6,256

5,548

2,494

4,617

6,840

4,119

3,047

18,284

8,061

9,940

8,555

4,573

Utilities

17,377

16,697

11,533

6,049

5,134

4,943

2,306

4,268

4,675

2,872

2,312

20,8694,142

12,024

7,417

3,363

Repairs and maintenance costs

5,286

1,923

3,096

897

2,604

789

536

19

313

261

103

402

270

4,204

1,203

2,758

283

266

186

108

92

97

44

68

79

50

44

353

65

168

125

59

Trust fees and other expenses

5,784

4,208

880

1,470

1,538

829

1,702

650

283

1,563

2,059

2,029

1,105

1,013

948

1,008

③ＮＯＩ （＝①-②） (\ Thousands)

149,896

114,357

65,63832,90846,44049,17923,65541,92954,52028,252

32,95083,71535,72071,87072,17937,481④Depreciation (\ Thousands)

17,36048,49330,78515,754

11,08812,309

4,183

7,907

10,544

10,616

13,23777,286

5,086

14,704

13,176

11,346⑤Rental operating income （＝③-④） (\ Thousands)

132,536

65,86334,852

17,15335,35236,86919,471

34,021

43,976

17,636

19,713

6,429

30,63357,16659,003

26,135

-

2,662

370

-

3,545

-

-

188

540

800

-

-

-

2,446

590

-

⑦ＮＣＦ （＝③-⑥） (\ Thousands)

149,896

111,694

65,26832,90842,89549,17923,65541,741

53,98027,452

32,95083,71535,72069,424

71,58937,481

Expense ratio （＝②／①）

36.0%
49,854
7,838
3.35%

30.2%
24,937
5,676
3.47%

35.1%
14,459
3,402
3.37%

38.9%
10,264
1,770
3.29%

31.9%
12,512
2,339
3.43%

28.1%
11,095
2,399
3.51%

31.4%
4,987
1,186
3.44%

27.6%
9,816
2,038
3.52%

24.5%
13,676
2,587
3.58%

31.8%
8,239
1,421
3.43%

25.4%
6,094
1,574
3.56%

46.3%
36,568
4,891
3.14%

33.5%
16,122
1,825
3.40%

36.6%
19,881
3,780
3.33%

26.8%
17,106
3,485
3.53%

31.3%
9,146
1,877
3.44%

296,707
24,725204,910
17,075

157,210
13,10096,6408,053

120,300
10,02598,8208,235

51,4804,290

70,9005,908

98,3998,199

55,2304,602

19,6801,640

110,320
9,193

81,7106,809

230,330
19,194

207,750
17,312

31,1902,599②Property-related expenses (\ Thousands)

Insurance⑥Capital expenditures (\ Thousands)

Ｐroperty tax for the year 2013 or 2012 (\ Thousands)
Reference

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

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

-49-

【Reference】

a0661
a0671
a0681
a0711
a0721
a0731
a0741
a0751
a0761
a0771
Earnings Performance for the Individual Properties for the 16th Fiscal Period (November 1, 2012 to April 30, 2013)：181days

Type

Office Buildings

Location

Tokyo Metropolitan Area

Property No.

A66

Property NameKDX Shinjuku
Building

Acquisition Date

February 18, 2010 November 12, 2010 November 12, 2010

Price Information

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

A67

A68

KDX Ginza
KDX Nihonbashi
1chome Building Honcho Building

A71

A72

A73

A74

A75

KDX Iidabashi
Building

KDX HigashiShinagawa
Building

KDX Hakozaki
Building

KDX ShinNihonbashi
Building

KDX Nihonbashi
Kabutocho
Building

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

A76

a0781
a0831
※As of April 30, 2013

A77

A78

Kabutocho Nikko
Tachikawa
Building Ⅱ
Ekimae Building

#N/A

a0841

a0851

a0861

a0121

Other
Regional
Areas
A12

A83

A84

A85

A86

Fuchu South
Building

Kasuga BusinessCenter Building

Nakameguro
Business Center
Building

Nomura Fudosan
Omiya Kyodo
Building

December 26, 2011 December 26, 2011 December 26, 2011 December 26, 2011 September 21, 2012 September 21, 2012 September 21, 2012

6,800
2.3%
6,860
6,400
2.4%
20
5,851.30
5,646.47

4,300
1.5%
4,288
4,860
1.8%
5
3,573.59
3,573.59

4,000
1.4%
4,007
4,350
1.6%
8
3,998.39
3,998.39

4,670
1.6%
4,668
4,940
1.9%
5
4,429.25
4,429.25

4,590
1.6%
4,898
4,800
1.8%
6
7,110.62
7,110.62

2,710
0.9%
2,872
2,850
1.1%
8
3,992.60
3,992.60

2,300
0.8%
2,263
2,480
0.9%
10
2,658.79
2,658.79

11,2703.9%
11,531
11,6004.4%
27,660.47
1,027.87

1,653
0.6%
1,673
1,700
0.6%
2
1,984.47
1,984.47

1,280
0.4%
1,275
1,550
0.6%
4
1,395.78
1,395.78

1,267
0.4%
1,310
1,330
0.5%
5
1,612.13
1,612.13

6,120
2.1%
6,171
6,600
2.5%
32
10,151.48
9,870.74

2,800
1.0%
2,848
3,200
1.2%
13
4,346.05
4,017.36

1,880
0.6%
1,904
2,230
0.8%
6
2,681.29
2,681.29

96.5%
100.0%
97.7%
100.0%
100.0%
93.7%
93.8%
-

100.0%
100.0%
100.0%
100.0%
100.0%-

100.0%
100.0%
100.0%
100.0%
100.0%-

100.0%
100.0%
100.0%
100.0%-

100.0%
100.0%
89.2%
100.0%-

100.0%
100.0%
100.0%
83.3%-

100.0%
100.0%
100.0%
100.0%-

13.4%
100.0%
100.0%-

100.0%
100.0%
100.0%-

100.0%
100.0%
100.0%-

100.0%
100.0%
100.0%
-

97.2%
98.2%
-

92.4%
95.7%
-

100.0%
100.0%-

Portus Center
Building

March 26, 2013 September 21, 2005
2,020
5,570
0.7%
1.9%
2,105
4,483
2,200
4,610
0.8%
1.7%
17
29
3,819.09
11,533.14
3,633.32
11,367.21

Occupancy ratio
Lease Information

As of April 30, 2013
As of October 31, 2012
As of April 30, 2012
As of October 31, 2011
As of April 30, 2011
As of October 31, 2010
As of April 30, 2010
As of October 31, 2009
As of April 30, 2009
As of October 31, 2008

95.1%
-

98.6%
89.5%
89.5%
90.1%
95.8%
93.9%
88.5%
88.5%
93.4%
100.0%

Income and Retained Earnings Information for the 16th Fiscal Period

Operating periods

181days181days181days181days181days181days181days181days181days181days181days181days181days181days

36days181days①Rental and other operating revenues (\ Thousands)

235,286

146,284

136,834

153,577

172,739

112,080

81,34560,762

71,95753,70763,328297,590122,90972,30920,153

282,665

Rental revenues

198,902134,390

127,651

139,032

152,119

103,352

75,002

58,79964,23948,412

54,697

266,020

112,110

63,126

17,501

234,158

Other operating revenues

36,383

11,8939,182

14,544

20,619

8,728

6,342

1,962

7,717

5,295

8,631

31,56910,799

9,183

2,652

48,507

79,13936,55032,62740,07454,90730,484

23,660145,379

20,75915,237

19,741

67,38323,925

17,931

5,332

134,694②Property-related expenses (\ Thousands)
Property management fees

22,098

9,650

9,559

11,08816,297

7,875

7,117

8,101

5,605

6,127

5,561

32,96912,417

6,556

2,658

75,651Taxes

28,292

12,532

14,722

10,620

16,108

11,9507,312

31,363

7,833

4,505

7,029

0

24

0

44

22,888

Utilities

20,981

8,164

7,281

15,95019,604

8,785

6,964

6,555

5,079

3,655

4,581

29,613

7,908

5,286

1,799

19,551

Repairs and maintenance costs

3,911

1,063

96

1,270

1,286

555

1,272

87,604

1,324

386

1,615

2,685

2,085

2,861

-

10,636

297

138

137

163

247

181

107

376

99

62

78

475

181

107

27

1,973

Trust fees and other expenses

3,558

5,001

830

980

1,364

1,136

886

11,378

817

500

874

1,640

1,309

3,119

802

3,992

③ＮＯＩ （＝①-②） (\ Thousands)

156,146

109,733

104,207

113,502

117,831

81,596

57,684△84,617

51,19838,47043,586230,206

98,98354,37814,821

147,971④Depreciation (\ Thousands)

16,238

11,622

9,698

15,76825,493

21,91922,101

65,388

4,975

9,740

3,388

42,80917,431

8,420

3,145

52,768⑤Rental operating income （＝③-④） (\ Thousands)

139,907

98,111

94,50897,734

92,33759,67635,583△150,005

46,22328,73040,198187,397

81,55245,958

11,675

95,203

1,051

1,510

1,201

1,905

6,350

2,874

995

290,258

5,347

198

1,460

5,340

19,639

1,394

-

3,424

⑦ＮＣＦ （＝③-⑥） (\ Thousands)

155,095

108,223

103,006

111,597

111,481

78,721

56,689△374,875

45,851

38,272

42,126

224,865

79,344

52,983

14,821

144,547

Expense ratio （＝②／①）

33.6%
56,585
7,988
3.40%

25.0%
25,061
5,224
3.57%

23.8%
29,445
4,919
3.60%

26.1%
21,231
5,450
3.55%

31.8%
32,180
5,930
3.43%

27.2%
23,901
3,952
3.53%

29.1%
14,621
2,837
3.49%

239.3%
62,600
1,215
2.00%

28.8%
15,666
2,513
3.49%

28.4%
9,010
1,881
3.50%

31.2%
13,757
2,181
3.45%

22.6%
49,167
10,771
3.62%

19.5%
22,536
4,528
3.68%

24.8%
10,572
2,585
3.58%

26.5%
13,333
713
3.54%

47.7%
46,716
8,788
3.11%

362,230
30,18580,6906,724

82,1806,848

117,560
9,796

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

549,760
45,813

170,320
14,193

69,160
5,763

121,540
10,128442,330
36,860204,470
17,039173,340
14,445

210,300
17,525

527,651
43,970Insurance⑥Capital expenditures (\ Thousands)

Ｐroperty tax for the year 2013 or 2012 (\ Thousands)
Reference

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

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

-50-

【Reference】

a0241
a0251
a0361
a0421
a0441
a0531
a0541
a0581
a0691
a0701
Earnings Performance for the Individual Properties for the 16th Fiscal Period (November 1, 2012 to April 30, 2013)：181days

a0791
a0801
※As of April 30, 2013

Type

Office Buildings

Residential Properties

Location

Other Regional Areas

Tokyo Metropolitan Area

Property No.

A24

A25

A36

A42

A44

A53

A54

A58

A69

A70

Property Name

KDX Minami
Semba Dai-1
Building

KDX Minami
Semba Dai-2
Building

KDX Niigata
Building

Karasuma
Building

KDX Sendai
Building

KDX HakataMinami Building

KDX Kitahama
Building

KDX Nagoya
Sakae Building

KDX KobayashiDoshomachi
Building

Kitananajo SIA
Building

Acquisition Date

May 1, 2006

May 1, 2006 March 1, 2007 June 1, 2007

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

A79

a0811

A80

KDX Nagoya
Nagoya Nikko
Ekimae Building Shoken Building

a0821

b0031

A81

A82

Sendai Nikko
Building

KDX Higashi
Umeda Building

b0191

B03

B19

Court Mejiro

Residence
Charmante
Tsukishima

December 1, 2010 March 25, 2011 December 26, 2011 December 26, 2011 December 26, 2011 March 28, 2012 August 1, 2005

May 1, 2006

Price Information

1,610
0.6%
1,440
978
0.4%
10
3,108.16
2,577.68

1,560
0.5%
1,351
990
0.4%
23
2,697.65
2,538.51

1,305
0.4%
1,449
892
0.3%
20
4,064.83
2,517.06

5,400
1.8%
5,348
4,960
1.9%
38
8,745.01
8,594.76

2,100
0.7%
2,131
1,410
0.5%
31
3,958.49
3,830.26

4,900
1.7%
4,777
3,450
1.3%
49
9,922.51
9,414.84

2,220
0.8%
2,171
1,530
0.6%
11
3,995.50
3,708.71

7,550
2.6%
7,350
4,780
1.8%
16
6,923.12
6,923.12

2,870
1.0%
2,649
2,760
1.0%
12
7,072.24
6,609.33

2,005
0.7%
2,066
2,050
0.8%
18
3,788.73
3,574.85

7,327
2.5%
7,637
7,700
2.9%
19
7,932.99
7,932.99

4,158
1.4%
4,235
4,050
1.5%
9
7,994.75
7,834.12

950
0.3%
1,054
1,030
0.4%
4
2,538.06
1,914.26

2,770
0.9%
2,812
3,320
1.3%
11
4,986.24
4,986.24

1,250
0.4%
1,155
973
0.4%
18
2,046.79
1,844.58

5,353
1.8%
4,893
4,600
1.7%
1
7,711.14
7,711.14

82.9%
77.7%
86.0%
94.7%
95.6%
83.1%
83.1%
84.4%
96.9%
91.6%

94.1%
100.0%
90.4%
94.3%
100.0%
100.0%
94.1%
82.1%
88.1%
91.2%

61.9%
67.5%
64.1%
64.6%
66.7%
65.4%
64.3%
62.2%
73.2%
76.2%

98.3%
99.2%
100.0%
99.2%
94.2%
93.2%
93.9%
86.1%
93.0%
98.1%

96.8%
93.8%
96.7%
87.4%
99.1%
98.7%
92.8%
96.6%
91.2%
86.2%

94.9%
93.3%
86.0%
79.3%
75.4%
80.6%
86.2%
94.4%
95.8%
95.4%

92.8%
92.8%
89.2%
84.4%
92.8%
96.4%
96.4%
96.4%
100.0%
88.1%

100.0%
100.0%
100.0%
100.0%
93.7%
90.3%
90.3%
72.3%
-

93.5%
91.3%
95.6%
95.6%
91.0%
-

94.4%
100.0%
100.0%
100.0%
100.0%-

100.0%
93.8%
92.8%
-

98.0%
98.0%
92.7%
-

75.4%
75.4%
75.4%
-

100.0%
95.5%
95.5%
-

90.1%
100.0%
95.2%
100.0%
91.3%
95.2%
95.2%
85.3%
96.1%
100.0%

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%

Operating periods

181days181days181days181days181days181days181days181days181days181days181days181days181days181days181days181days①Rental and other operating revenues (\ Thousands)

47,817

46,87151,647

209,70986,854

159,366

73,035

187,554

173,602

97,465314,934

196,990

52,511

130,22137,941

149,068

Rental revenues

37,371

37,15043,899183,674

74,352137,023

59,665

169,586

159,363

81,450271,101

174,450

44,266113,157

35,060132,064

Other operating revenues

10,446

9,721

7,747

26,034

12,501

22,342

13,36917,968

14,23916,01543,83322,5408,245

17,0632,881

17,00424,80817,522

27,86062,51829,58549,471

27,70355,07083,883

34,103

159,788

78,372

44,46630,366

11,022

41,546

Property management fees

6,585

5,413

10,97021,041

11,911

14,3307,597

18,12015,851

10,251

31,36526,753

5,417

9,832

2,866

16,683

Taxes

6,544

5,348

7,726

20,814

6,785

10,057

4,621

20,736

11,7008,605

34,997

26,781

6,875

6,244

2,989

9,948

Utilities

5,722

5,116

6,995

16,964

7,786

20,908

8,229

14,95913,39913,20925,41818,061

4,409

12,181885

1,638

Repairs and maintenance costs

3,675

805

859

717

885

2,049

1,402

665

1,367

893

61,456

5,420

26,979

363

1,700

4,560

115

100

174

315

152

322

125

271

288

161

397

393

107

209

70

303

Trust fees and other expenses

2,165

736

1,133

2,665

2,063

1,803

5,726

317

41,275

981

6,154

962

677

1,536

2,509

8,412

③ＮＯＩ （＝①-②） (\ Thousands)

23,00929,34923,786

147,190

57,268109,895

45,331

132,483

89,71863,362

155,146

118,617

8,045

99,854

26,919107,522④Depreciation (\ Thousands)

12,477

12,153

13,73130,173

19,52935,625

14,63771,36853,31016,57020,615

11,997

6,413

35,146

11,54645,870⑤Rental operating income （＝③-④） (\ Thousands)

10,532

17,195

10,055

117,01737,73874,26930,693

61,11536,40846,791

134,530

106,620

1,632

64,707

15,37361,651

650

678

4,615

4,273

1,740

20,048

-

-

702

1,278

225,777

24,855

990

120

1,115

-

⑦ＮＣＦ （＝③-⑥） (\ Thousands)

22,35928,671

19,171

142,91755,52889,84645,331

132,483

89,01662,084△70,631

93,761

7,055

99,73425,803

107,522

Expense ratio （＝②／①）

51.9%
12,850
1,445
3.02%

37.4%
10,187
1,555
3.32%

53.9%
14,990
1,539
2.98%

29.8%
41,418
7,283
3.47%

34.1%
13,221
2,941
3.39%

31.0%
20,081
5,495
3.45%

37.9%
9,115
2,415
3.31%

29.4%
41,108
6,531
3.48%

48.3%
22,609
5,373
3.10%

35.0%
16,929
3,282
3.37%

50.7%
71,183
9,593
3.05%

39.8%
52,828
6,440
3.27%

84.7%
13,683
1,235
2.35%

23.3%
23,160
4,695
3.61%

29.1%
5,979
1,323
3.49%

27.9%
19,897
4,542
3.05%

140,130
11,677

122,820
10,235219,160
18,263

262,560
21,880223,960
18,663

185,690
15,474

136,270
11,355

94,2707,855

87,3407,278

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

181,590
15,132

107,610
8,967

74,6506,220

170,810
14,234

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

Lease Information

As of April 30, 2013
As of October 31, 2012
As of April 30, 2012
As of October 31, 2011
As of April 30, 2011
As of October 31, 2010
As of April 30, 2010
As of October 31, 2009
As of April 30, 2009
As of October 31, 2008

Income and Retained Earnings Information for the 16th Fiscal Period②Property-related expenses (\ Thousands)

Insurance⑥Capital expenditures (\ Thousands)

Ｐroperty tax for the year 2013 or 2012 (\ Thousands)
Reference

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

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

A-58 KDX Nagoya Sakae Building: The land portion of KDX Nagoya Sakae Building was acquired on April 25, 2008.
A-69 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 ￥80.7 million until August 2014.

-51-

b0181
c0011
c0021
83
Earnings Performance for the Individual Properties for the 16th Fiscal Period (November 1, 2012 to April 30, 2013)：181days【Reference】

Residential
Properties
Other
Regional
Areas
B18

Type
Location
Property No.

Venus
Hibarigaoka

Property Name
Acquisition DateCentral Urban Retail Properties
Tokyo Metropolitan Area
C01

C02

Frame Jinnanzaka

KDX Yoyogi
Building

Total of 83
Properties

December 8, 2005 August 1, 2005 September 30, 2005

Price Information

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

1,800
0.6%
1,766
1,560
0.6%
114
12,829.64
12,355.43

9,900
3.4%
9,702
9,230
3.5%
12
4,653.40
4,653.40

2,479
0.8%
2,528
1,920
0.7%
11
1,182.14
1,182.14

292,553
100.0%
290,593
264,691
100.0%
1,034
347,853.97
326,571.96

96.3%
96.1%
95.0%
99.5%
96.7%
92.4%
96.3%
96.5%
98.9%
88.7%

100.0%
100.0%
100.0%
89.5%
100.0%
100.0%
100.0%
93.6%
96.0%
97.9%

100.0%
100.0%
100.0%
100.0%
100.0%
94.8%
87.2%
100.0%
75.9%
91.7%

93.9%
95.5%
95.4%
94.7%
94.6%
93.6%
94.4%
94.7%
95.7%
95.6%

Occupancy ratio
Lease Information

As of April 30, 2013
As of October 31, 2012
As of April 30, 2012
As of October 31, 2011
As of April 30, 2011
As of October 31, 2010
As of April 30, 2010
As of October 31, 2009
As of April 30, 2009
As of October 31, 2008

Income and Retained Earnings Information for the 16th Fiscal Period

Operating periods

181days181days181days①Rental and other operating revenues (\ Thousands)

92,433

266,141

69,435

9,218,015

Rental revenues

82,393

245,439

60,231

8,136,625

Other operating revenues

10,03920,702

9,203

1,081,389

37,29357,48015,207

3,051,606

Property management fees

8,148

18,205

4,509

943,225

Taxes

7,616

15,9884,287

809,097

Utilities

2,351

19,258

4,290

747,656

Repairs and maintenance costs

9,555

2,209

948

322,430

324

162

38

14,751

Trust fees and other expenses

9,296

1,656

1,132

214,444③ＮＯＩ （＝①-②） (\ Thousands)

55,140208,661

54,227

6,166,409④Depreciation (\ Thousands)

22,11058,6589,328

1,650,642⑤Rental operating income （＝③-④） (\ Thousands)

33,029150,00244,8994,515,766

546

1,755

-

769,663⑦ＮＣＦ （＝③-⑥） (\ Thousands)

54,593206,906

54,227

5,396,746

Expense ratio （＝②／①）

40.3%
14,833
3,011
3.26%

21.6%
31,977
9,689
3.64%

21.9%
8,574
2,523
3.63%

33.1%
1,719,855
314,975
3.42%

339,440
28,28682,3306,860

39,1603,263

13,783,293
1,148,607②Property-related expenses (\ Thousands)

Insurance⑥Capital expenditures (\ Thousands)

Ｐroperty tax for the year 2013 or 2012 (\ Thousands)
Reference

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

Reference： Percentage of rental and other operating revenues

180days *Total: Cost-weighted average management period (days)

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

※As of April 30, 2013-52-

【Reference】

a0231
d0011
85
Earnings Performance for the Individual Properties for the 16th Fiscal Period (November 1, 2012 to April 30, 2013)：181days

Type

Office Buildings

Other

Tokyo
Metropolitan
Area
A23

Other
Regional
Areas
D01

Property NameKDX Yotsuya
Building

Kanazawa Nikko
Building

Acquisition Date

May 1, 2006

December 26, 2011

1,950
75.1%
2,400
1,963
381
-

645
24.9%
780
677
80
-

2,595
100.0%
3,180
2,641
462
-

-

100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%

100.0%
100.0%---

Operating periods

175days

1days

132days①Rental and other operating revenues (\ Thousands)

88,071-

88,071

9,306,086

Rental revenues

81,255-

81,2558,217,881

Other operating revenues

6,815

-

6,815

1,088,205

25,544917

26,461

3,078,067

Property management fees

8,686

-7

8,679

951,904

Taxes

10,239821

11,060820,157

Utilities

5,290

100

5,391

753,048

Repairs and maintenance costs

221

-

221

322,651

Insurance

84

0

85

14,837

Trust fees and other expenses

1,021

2

1,023

215,467③ＮＯＩ （＝①-②） (\ Thousands)

62,527-917

61,6096,228,018④Depreciation (\ Thousands)

10,1701,202

11,372

1,662,015⑤Rental operating income （＝③-④） (\ Thousands)

52,356-2,12050,236

4,566,003⑥Capital expenditures (\ Thousands)

2,814

-

2,814

772,477⑦ＮＣＦ （＝③-⑥） (\ Thousands)

59,713-917

58,7955,455,541

Expense ratio （＝②／①）

29.0%
3,073
3.49%

-7
-

30.0%
3,066
3.48%

33.1%
318,041
3.42%

-

-

-

-

Location
Property No.

Price Information

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

Total of 85
Properties-

Occupancy ratio
Lease Information

As of April 30, 2013
As of October 31, 2012
As of April 30, 2012
As of October 31, 2011
As of April 30, 2011
As of October 31, 2010
As of April 30, 2010
As of October 31, 2009
As of April 30, 2009
As of October 31, 2008

Income and Retained Earnings Information for the 16th Fiscal Period②Property-related expenses (\ Thousands)

Ｐroperty tax for the year 2013 or 2012 (\ Thousands)
Reference

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

Reference： Percentage of rental and other operating revenues

180days *Total: Cost-weighted average management period (days)

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

Note:The Investment Corporation has sold KDX Yotsuya Building on April 24, 2013.
The Investment Corporation has sold Kanazawa Nikko Building on November 1, 2012.

※As of April 30, 2013

-53-

(Reference) Borrowings
Borrowings on a financial institution basis as of April 30, 2013 are as follows.
Classification
Short-Term
PayableLenderDrawndown Date

Balance at the
Beginning of
Period(\Thousands)

Mitsubishi UFJ Trust and Banking Corporation

January 31, 2012

1,200,000

-

0.828

Mitsubishi UFJ Trust and Banking Corporation

July 31, 2012

1,500,000

1,500,000

0.811

July 31, 2013

Mitsubishi UFJ Trust and Banking Corporation

October 31, 2012

3,000,000

3,000,000

0.761

October 31, 2013

Mitsubishi UFJ Trust and Banking Corporation

January 31, 2013-

1,200,000

0.743January 31, 2014

Sub Total

Balance at theEnd of Period(\Thousands)

Average
Interest
Rate(Note 1)

Last Repayment
Date
January 31, 2013

5,700,000

5,700,000

June 30, 2008

3,000,000-

2.263 December 28, 2012

Resona Bank, Ltd.

December 8, 2009

500,000-

1.671 December 8, 2012

Sumitomo Mitsui Trust Bank, Limited

January 13, 2010

1,000,000

-

1.901

Aozora Bank, Ltd.

February 18, 2010

1,500,000-

1.899 February 18, 2013

Mitsubishi UFJ Trust and Banking Corporation

April 28, 2011

1,000,000

-

1.496

Resona Bank, Ltd.

July 30, 2010

500,000

500,000

1.488

July 31, 2013

Development Bank of Japan Inc.

September 1, 2006

3,000,000

3,000,000

2.124

August 31, 2013

Aozora Bank, Ltd.

March 31, 2011

2,000,000

2,000,000

1.525

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

September 30, 2011

1,000,000

1,000,000

1.151

Resona Bank, Ltd.

October 29, 2010

Development Bank of Japan Inc.

Current Potion of Long-Term Payable

500,000

500,000

1,500,000

1,500,000

800,000

800,000

Aozora Bank, Ltd. (Note 3)

400,000

400,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd. (Note 3)

500,000

500,000

200,000

200,000

100,000

100,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd. (Note 3)
Sumitomo Mitsui Trust Bank, Limited (Note 3)

Sumitomo Mitsui Trust Bank, Limited (Note 3)

November 12, 2010

December 1, 2010

Aozora Bank, Ltd. (Note 3)

1.463 October 31, 2013
Full on
Unsecured/(Note 2)maturity
Unguaranteed

1.584
November 12, 2013
1.412

July 30, 2010

3,700,000

3,700,000

1.660

January 31, 2014

1,300,000

1,300,000

1.570

January 31, 2014

2,250,000

2,250,000

1,800,000

1,800,000

1,800,000

1,800,000

1.015

March 12, 2014

1.161

March 31, 2014

March 12, 2012

Sumitomo Mitsui Trust Bank, Limited (Note 3)

Full on
Unsecured/(Note 2)maturity
Unguaranteed

September 30, 2013

January 31, 2011

Sumitomo Mitsui Trust Bank, Limited (Note 3)

450,000

450,000

2,500,000

2,500,000

31,300,000

24,300,000

May 1, 2006

5,000,000

5,000,000

2.731

April 30, 2016

January 29, 2010

1,056,000

1,032,000

2.173

January 30, 2015

Full onmaturity(Note 4)

Sumitomo Mitsui Banking Corporation

1,955,000

1,897,500

Development Bank of Japan Inc.

1,445,000

1,402,500

850,000

825,000

2.190 February 18, 2015

(Note 5)(Note 6)

Sumitomo Mitsui Trust Bank, Limited (Note 3)

September 30, 2011

Sub Total
Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Trust Bank, Limited

February 18, 2010

Aozora Bank, Ltd.

425,000

412,500

Sumitomo Mitsui Banking Corporation

April 2, 2010

1,750,000

1,700,000

2.220

April 2, 2015

Sumitomo Mitsui Banking Corporation

July 30, 2010

3,700,000

3,700,000

1.731

July 31, 2014

1,200,000

1,200,000

800,000

800,000

2,300,000

2,300,000

800,000

800,000

200,000

200,000

700,000

700,000

2.206 November 12, 2017

800,000

800,000

1.939

3,000,000

3,000,000

1.912

August 31, 2015

500,000

500,000

1.952

January 29, 2016

2,700,000

2,700,000

1.630 September 22, 2014

2,000,000

2,000,000

1.905January 29, 2016

1,000,000

1,000,000

1.365

March 31, 2016

1,500,000

1,500,000

1.859 October 31, 2015

1,000,000

1,000,000

1.886January 29, 2016

1,000,000

1,000,000

1.535

July 14, 2014

2,200,000

2,200,000

1,000,000

1,000,000

300,000

300,000

Sumitomo Mitsui Banking Corporation
Resona Bank, Ltd.

November 12, 2010

Long-Term Payable

Development Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation
Resona Bank, Ltd.

December 1, 2010

Development Bank of Japan Inc.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Aozora Bank, Ltd.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Trust Bank, Limited
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Resona Bank, Ltd.
Aozora Bank, Ltd.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Mitsubishi UFJ Trust and Banking Corporation

January 31, 2011
February 28, 2011
March 22, 2011
March 31, 2011
April 28, 2011
July 13, 2011

Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited
Resona Bank, Ltd.

July 29, 2011

-54-

Remarks

April 30, 2013

Sumitomo Mitsui Banking Corporation (Note 3)
Development Bank of Japan Inc. (Note 3)

Usage

January 15, 2013

Sumitomo Mitsui Trust Bank, Limited (Note 3)
Aozora Bank, Ltd. (Note 3)

Payment
Method

1.789 November 12, 2015
2.023 November 12, 2017
1.512 November 12, 2015
(Note 2)

1.111
1.398

January 29, 2016

July 31, 2014

Full onmaturity

Unsecured/
UnguaranteedClassification

Drawndown Date

Balance at the
Beginning of
Period(\Thousands)

Balance at theEnd of Period(\Thousands)

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

August 31, 2011

1,500,000

1,500,000

1.054 February 27, 2015

Sumitomo Mitsui Trust Bank, Limited

September 1, 2011

1,000,000

1,000,000

1.149

1,000,000

1,000,000

1.270 September 30, 2014

2,500,000

2,500,000

1.289

Development Bank of Japan Inc.

2,500,000

2,500,000

1.239

Sumitomo Mitsui Banking Corporation

2,000,000

2,000,000

Resona Bank, Ltd.

2,000,000

2,000,000

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

1,000,000

1,000,000

Sumitomo Mitsui Banking Corporation

2,500,000

2,500,000

1.338

2,500,000

2,500,000

1.315 October 31, 2015

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

2,000,000

2,000,000

1.338

Sumitomo Mitsui Banking Corporation

2,500,000

2,500,000

1.439

Development Bank of Japan Inc.

2,500,000

2,500,000

1.415 October 31, 2016

Lender

The Mizuho Trust and Banking Co., Limited
Sumitomo Mitsui Banking Corporation

Development Bank of Japan Inc.

September 30, 2011

December 26, 2011

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

Average
Interest
Rate(Note 1)

Last Repayment
Date

2,000,000

1.439

2,500,000

2,500,000

1.269

January 29, 2016

Mitsubishi UFJ Trust and Banking Corporation

January 31, 2012

1,500,000

1,500,000

1.190

January 30, 2015

Mizuho Bank, Ltd.

March 12, 2012

1,000,000

1,000,000

1.075

March 12, 2015

500,000

500,000

1.364

March 28, 2017

1,400,000

1,400,000

1,000,000

1,000,000

1.770

March 28, 2019

Long-Term Payable

Development Bank of Japan Inc.

Full on

Sumitomo Mitsui Trust Bank, Limited

March 30, 2012

2,000,000

2,000,000

1.211 September 30, 2015 maturity

Aozora Bank, Ltd.

April 27, 2012

1,000,000

1,000,000

1.271 October 30, 2015

Resona Bank, Ltd.

June 29, 2012

1,500,000

1,500,000

1.286

5,000,000

5,000,000

Sumitomo Mitsui Banking Corporation
Development Bank of Japan Inc.

September 21, 2012

1.158 September 21, 2017

1,000,000

1,000,000

1,000,000

1,000,000

Aozora Bank, Ltd.

2,500,000

2,500,000

1.008

Aozora Bank, Ltd.

2,500,000

2,500,000

1.061

1,500,000

1,500,000

1.045

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

2,500,000

2,500,000

1.096 October 31, 2017

Aozora Bank, Ltd.

2,500,000

2,500,000

1.253 October 31, 2018-

500,000

0.983 December 12, 2016-

2,000,000

1.013 December 28, 2016-

500,000-

500,000

Resona Bank, Ltd.

October 31, 2012

December 10, 2012

Development Bank of Japan Inc.
The Bank of Fukuoka, Ltd.

December 28, 2012

The Mizuho Trust and Banking Co., Limited

1.086

April 30, 2015
October 31, 2016

December 28, 2017
December 29, 2017

Sumitomo Mitsui Trust Bank, Limited

January 15, 2013-

1,000,000

0.974

Aozora Bank, Ltd.

February 18, 2013-

1,500,000

0.840 February 18, 2016-

1,000,000-

1,000,000

Resona Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Mitsubishi UFJ Trust and Banking Corporation

March 26, 2013
April 30, 2013-

1,000,000

Sub Total

97,581,000

106,369,500

Total

134,581,000

136,369,500

Unsecured/
Unguaranteed

June 30, 2017

Mizuho Bank, Ltd.

Sumitomo Mitsui Trust Bank, Limited(Note 2)October 31, 2014

1.261

2,000,000

March 28, 2012

Remarks

March 31, 2015

January 10, 2012

Sumitomo Mitsui Banking Corporation

Usage

August 29, 2014

Sumitomo Mitsui Banking Corporation

The Bank of Fukuoka, Ltd.

Payment
MethodJanuary 16, 2017

1.036

March 26, 2018

0.730

April 28, 2016

Notes:
1. The average interest rate is the weighted-average interest rate for the fiscal period. The Investment Corporation entered into interest-rate swap transactions with the aim ofminimizing the risk of future increase in interest rates. The effect of interest-rate swap transactions has been incorporated into calculations for the weighted-average interest rate.
2. Funds procured through borrowings were used to acquire real estate or trust beneficiary interests in real estate and to repay borrowings.
3. Borrowings listed in the current potion of long-term payable were listed in long-term payable in the previous fiscal period.
4. Repayment Method: April 30, 2010 to October 31, 2014: repayment of 24,000 thousand yen every 6 months, and January 30, 2015: repayment of 960,000 thousand yen
5. Repayment Method: February 26, 2010 to August 31, 2014: repayment of 137,500 thousand yen every 6 months, and February 18, 2015: repayment of 4,125,000 thousand yen
6. Repayment Method: August 31, 2010 to February 28, 2015: repayment of 50,000 thousand yen every 6 months, and April 2, 2015: repayment of 1,500,000 thousand yen-55-