FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED OCTOBER 31, 2005
(May 6, 2005 to October 31, 2005)
December 15, 2005
Kenedix Realty Investment Corporation is listed on the Tokyo Stock Exchange with the securities code number8972.（URL: http://www.kdx-reit.com）
Contact:

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

Board of directors meeting for approving financial results: December 15, 2005
This financial report has been prepared in accordance with Japanese accounting standards and Japanese law. Figures havebeen rounded down to eliminate amounts of less than one million yen.

1. PERFORMANCE FOR THE FIRST FISCAL PERIOD (MAY 6, 2005〜OCTOBER 31, 2005)(1) Business Results

First Fiscal(Millions of yen)

Operating

Percentage

Operating

Percentage

Ordinary

Percentage

Net

Percentage

Revenues

ChangeIncomeChangeIncomeChangeIncomeChange¥589−％¥243−％¥242−％¥1,196

Period−％(Yen)Net Income
per Unit

Return on
Unitholders’Equity (ROE)＜Reference＞

Ordinary Income＜Reference＞

Annualized

to Total Assets

Annualized

Ordinary

Income toOperating Revenues

First Fiscal¥5,302
0.6％
2.2％
0.3％
1.3％
20.3％
PeriodNotes:
1. Net income per unit is calculated using the average number of investment units for the first fiscal period: 45,683 units. Actual
investment management for the first period commenced on August 1,2005.
Accordingly, net income per unit calculated using the weighted average number of investment units outstanding for the period
commenced through August 1,2005 through October 31,2005 (78,722 units) was ¥3,077.
Furthermore, net income per unit calculated using the number of investment units outstanding as of October 31, 2005 (79,370units) was ¥3,052.
2. Changes in accounting policies: No
3. Percentage change figures are not shown for operating revenues, operating income, ordinary income and net income because thefiscal period is the first fiscal period.
4. Annualized percentage figures = Percentage figures for the first fiscal period / number of days in the actual period of investment
management (92days) × 365 days.
5. Return on unitholders’ equity and ordinary income to total assets are calculated using the averages of the respective balances ofunitholders’ equity and total assets as of the beginning and end of the fiscal period. The actual investment management
commencement date of August 1, 2005 is used in the aforementioned calculations.

(2) Distributions(Millions of yen, yen)

Distribution perUnit (Yen)

Total

Excluding Excess

Distributionsof Earnings
First Fiscal

Distribution in
Excess of Earnings
per Unit (Yen)¥3,052¥242−
PeriodNote:The payout ratio is rounded down to the nearest first decimal place.

Total
Distributions inPayout

Excess ofRatio

Earnings−

99.9％

Distribution Ratio
to Unitholders’Equity0.5％

(3) Financial Position(Millions of yen, yen)

Total Assets

Unitholders’ Equity

Unitholders’ Equity toUnitholders’ Equity per Share ofTotal Assets

Common Stock (Yen)First Fiscal¥77,325¥44,527
57.6％
PeriodNote: The number of investment units outstanding as of October 31,2005 totaled 79,370 units.

¥561,008

2. FORECAST OF RESULTS FOR THE SECOND FISCAL PERIOD(NOVEMBER 1, 2005〜APRIL 30, 2006)(Millions of yen, yen)
Distribution per Unit (Yen)

Operating
Ordinary Income

Net Income

Revenues

Excluding Excess ofEarnings

Distribution in Excess ofEarnings per Unit (Yen)

SecondFiscal￥2,814￥1,035￥1,034￥13,000−Period
Reference: Estimated net income per unit for the second fiscal period: ￥13,000
Note: Forecasts presented in this document are based on “Assumptions for Forecasts for the Second Fiscal Period (from November 1,2005 to April 30, 2006) and the Third Fiscal Period (from May 1, 2006 to October 31, 2006)” identified in a separate reference.
Forecasts for net income and distribution per unit may differ from actual results due to changes in operating conditions and avariety of factors. Accordingly, Kenedix Realty Investment Corporation does not guarantee any distribution amount.

The information above is translated from the first page of the Japanese “Kessan Tanshin”report, dated
December 15, 2005. Kenedix Realty Investment Corporation makes no assurance or warranty with respect
to the completeness or accuracy of this English translation. To guarantee complete and accurate
information, please refer to the original report in Japanese.