Kenedix Retail REIT Corporation (3453)

Translation of Japanese Original

FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED SEPTEMBER 30, 2021 (REIT)(April 1, 2021 to September 30, 2021)
November 16, 2021
Kenedix Retail REIT Corporation (“KRR”) is listed on the Tokyo Stock Exchange with the securities code number 3453.
(URL https://www.krr-reit.com/en/)
Representative:
Moyuru Watanabe, Executive Director
Asset Management Company: Kenedix Real Estate Fund Management, Inc.
Representative:
Masahiko Tajima, President & CEO
Inquiries:
Koichiro Nobata, Head of Strategic Planning, Retail REIT Department
TEL +81-3-5157-6013
Planned submission of semiannual securities report:
Planned start of distribution payments:
Preparing presentation material:
Hold a financial brief meeting:

December 23, 2021
December 16, 2021
Yes
No (Cancelled to prevent the spread of COVID-19 infection.
Presentation video of financial results is scheduled to be webcasted.)

1．PERFORMANCE FOR THE FISCAL PERIOD ENDED SEPTEMBER 30, 2021 (April 1, 2021 to September 30, 2021)(1) Business Results
Operating revenues
Fiscal period ended
September 30, 2021
March 31, 2021

Millions of yen
9,576
8,717

Operating income
%
9.8
3.8

Net income per unit
Fiscal period ended
September 30, 2021
March 31, 2021
Note:

(Amounts are rounded down to the nearest million yen)
(Percentages show period-on-period changes)
Ordinary income
Net income

Millions of yen
4,881
4.379

%
11.5
7.3

Return on net assets
Yen
7,384
7,084

Millions of yen
4,262
3,799

%
12.2
8.4

Ordinary income to total assets
%
3.3
3.1

Millions of yen
4,261
3,798

%
12.2
8.4

Ordinary income to operating
revenues

%
1.6
1.5

%
44.5
43.6

Net income per unit is calculated by dividing the net income by the weighted average number of units.

(2) Distribution
Total
Distribution ratio
distributions Total distributions Total distributions
Payout ratio
to net assets(including(excluding excess
in excess ofexcess ofof earnings)
earnings
earnings)
Fiscal period ended
Yen
Yen
Yen Millions of Yen Millions of Yen Millions of Yen%%
September 30, 2021
7,328
7,274
54
4,266
4,234
31
99.4
3.1
March 31, 2021
7,095
7,085
10
3,804
3,798
5
100.0
3.1
Note 1:
Total distributions in excess of earnings account for the distributions in regard to the allowance for temporary adjustment. There is no distribution by decreasing unitholders’capital on taxation. Please refer to “iv) Results of Operations” on page 3 for the distribution in excess of earnings.
Note 2:The payout ratio is 100.1% for the fiscal period ended March 31, 2021 and 100.1% for the fiscal period ended September 30, 2021 when calculated as follows.
Payout ratio = Total distributions (including excess of earnings) / Net income x 100
Distributions perunit (includingexcess of
earnings)

Distributions perDistributions inunit (excludingexcess of earnings
excess of
per unit
earnings)(3) Financial Position
Total assets
As of
September 30, 2021
March 31, 2021

Net assets

Net assets to total assets

Net asset per unit

Millions of yen
272,622251,773

Millions of yen
137,052
124,701

%
50.3
49.5

Yen
235,414232,575

Cash flows fromoperating activities
Millions of yen
8,757
7,047

Cash flows frominvesting activities
Millions of yen-22,416-3,111

Cash flows fromfinancing activities
Millions of yen
15,571-3,510Cash and cash equivalents
at the end of the period
Millions of yen
24,143
22,230(4) Cash Flows
Fiscal period ended
September 30, 2021
March 31, 2021

This is an English-language translation of the original Japanese announcement on our website released on November 16, 2021. 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 the case of discrepancies between this translation and the Japanese original.

Kenedix Retail REIT Corporation (3453)

2．EARNINGS FORECASTS FOR THE FISCAL PERIODS ENDING MARCH 31, 2022 (October 1, 2021 to March 31, 2022)
AND SEPTEMBER 30, 2022 (April 1, 2022 to September 30, 2022)(Percentages show period-on-period changes)
Operatingrevenues(Millions of yen)
Fiscal period ending
March 31, 2022
September 30, 2022

9,308
9,062

%
-2.8
-2.6

Operatingincome(Millions of yen)

4,702
4,435

%
-3.7
-5.7

Ordinary income(Millions of yen)

4,077
3,809

%
-4.3
-6.6

Net income(Millions of yen)

4,076
3,808

%
-4.3
-6.6

Distributions
per unit(excludingexcess of
earnings)
Yen
7,001
6,541

Distributions
in excess ofearnings per
unit
Yen
9
9

Reference:

Forecasted net income per unit (Forecasted net income / Forecasted average number of investment units during the period)
7,001 yen for the fiscal period ending March 31, 2022 and 6,541 yen for the fiscal period ending September 30, 2022

Note:

Distributions per unit are calculated based on the number of investment units issued and outstanding totaled 582,177 as of the date of this material.

Distributions
per unit(includingexcess of
earnings)
Yen
7,010
6,550

*OTHERS(1) Changes in Accounting Policies/Changes in Accounting Estimate/Retrospective Restatement(a) Changes in accounting policies accompanying revisions to accounting standards: Yes(b) Changes in accounting policies other than (a): None(c) Changes in accounting estimates: None(d) Retrospective restatement: None
(2) Number of Investment Units Issued and Outstanding (including treasury investment units)(a) Number of investment units issued and outstanding at the end of the period (including treasury investment units)
As of September 30, 2021: 582,177 units
As of March 31, 2021: 536,177 units(b) Number of treasury investment units at the end of the period
As of September 30, 2021: 0 units
As of March 31, 2021: 0 units
Note: Please refer to “Notes to Per Unit Information” on page 27 for the number of investment units used as the basis for calculating net income per unit.

* Status of audit procedures
As of the time of disclosure of this financial report, audit procedures for the financial statements pursuant to the Financial Instruments andExchange Act of Japan are incomplete.
* Remarks on appropriate use of forecasts of performance and other special notes
Forward-looking statements presented in this financial report, including forecasts of performance, are based on information currently available to
KRR and on certain assumptions KRR deems to be reasonable. As such, actual operating and other results may differ materially from these
forecasts as a consequence of numerous factors. The following are important factors that may affect the actual operation status. The abovementioned forecasts are based on “Assumptions for the Earnings Forecasts of Financial Results for the Fiscal Periods Ending March 31, 2022 andSeptember 30, 2022” on page 8 for calculation, and our judgment as of November 16, 2021. Actual operating revenues, operating income, ordinary
income, net income, distributions per unit and distributions in excess of earnings per unit may vary according to changes in market conditions.
These forecasts do not guarantee the distribution amount.
Decrease in rent revenues due to the further spread of COVID-19 and prolonged impact, and non-payment of rent or bankruptcy of tenants.

This is an English-language translation of the original Japanese announcement on our website released on November 16, 2021. 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 the case of discrepancies between this translation and the Japanese original.

Kenedix Retail REIT Corporation (3453)

Contents of Attachments
1. Status of Asset Management …………………………………………………….……………………………………………………. 2(1)

Status of Asset Management …………………………………………………………………………………………………… 2(2)

Investment Risks …………………………………………………………………………………………………………………10

2. Financial Statements(1) Balance Sheets ...…………………………………………………………………………………………………………………11(2)

Statements of Income and Retained Earnings ……………………………………………………………………………………. 13(3)

Statements of Changes in Net Assets …………………………………………………………………………………………… 14(4)

Statements of Cash Distributions …………………………………………………………………………………………………16(5)

Statements of Cash Flows ……………………………………………………………………………………………………… 17(6)

Notes on Assumption of Going Concern ………………………………………………………………………………………… 18(7)

Summary of Significant Accounting Policies …………………………………………………………………………………… 18(8)

Notes to Financial Statements …………………………………………………………………………………………………… 20(9)Changes in Investment Units Issued and Outstanding ……………………………………………………………………………. 28

3. Reference Information …………………………………………………………………………………………………………29(1)

Information on Price of the Managed Assets ……………………………………………………………………………………. 29(2)

Capital Expenditures on the Managed Assets…………………………………………………………………………………… 50(3)

Information Concerning Major Tenants ………………………………………………………………………………………… 51(Reference) Earnings Performance of the Properties ………………………………………………………………………………… 53(Reference) Borrowings …………………………………………………………………………………………………………… 60

Kenedix Retail REIT Corporation (3453)

1. Status of Asset Management(1) Status of Asset Management(Overview of the Period ended September 30, 2021)
i) Transition of KRR
KRR was established on October 3, 2014, under the Act on Investment Trusts and Investment Corporations of Japan (the “Investment TrustAct”). On October 30, 2014, KRR was registered with the Director-General of the Kanto Local Finance Bureau (registration number:
Director-General of the Kanto Local Finance Bureau No. 97). KRR was listed on the Real Estate Investment Trust Securities (“J-REIT”)
Market of Tokyo Stock Exchange, Inc. (the “Tokyo Stock Exchange”) (Securities code: 3453) on February 10, 2015. Subsequently, KRR
raised funds through public offerings, including an international offering. As a result, the number of investment units issued at the end of theperiod ended September 30, 2021 was 582,177 units.
KRR seeks to invest primarily in neighborhood, community and other shopping centers that cater to the day-to-day needs of local area
customers and have stable demand from retailers and customers, and also seeks to invest in distribution centers, which supplement shopping
centers in providing goods to consumers, in order to provide stable investment returns over the long term. Sponsored by Kenedix, Inc., KRR
entrusts its asset management and investment operations to Kenedix Real Estate Fund Management, Inc. (“KFM”), with the following
strategies.
Note: For our management purposes and ease of classification, we define shopping centers for daily needs as retail properties that generally have the following characteristics:
a. Retail trade area of approximately a one to ten km radius (and generally, a three to five km radius), with customers predominantly from local areas surrounding theretail property
b. Operational capacity to accommodate certain daily local retail needs and strong customer traffic on both weekdays and weekends
c. Composed of various specialty stores to meet a range of day-to-day needs such as groceries, clothing and other daily goods and servicesii) Investment Environment
During the fiscal year under review, the Japanese economy continued to show signs of recovery, including improvements in corporate capitalspending. However, conditions remained challenging with weak consumer spending, particularly in service spending, due to the impact of
COVID-19 and the accompanying state of emergency declarations.
Shopping centers for daily needs, in which KRR focuses its investment, sales of service-oriented tenants including restaurants and someapparel stores have been declining amid the COVID-19 pandemic, but specialty stores such as supermarkets and home & garden stores thatcater to the day-to-day needs of customers are expected to maintain steady demand. However, there have been some signs of instability,
partly due to expectations of tapering of monetary easing in the United States.
In the real estate trading market, some investors initially took a cautious stance toward real estate investment due to the spread of the COVID19. However, investors' willingness to invest in real estate has been recovering against the backdrop of monetary easing policies in Japan andoverseas, and active transactions are taking place.
iii) Management Performance(A) Acquisition of Assets
KRR acquired four assets (Unicus Urawamisono (Land) with acquisition price (Note 1) of 732 million yen, Kitera Town Chofu withacquisition price of 10,500 million yen, Merado Daikai with acquisition price of 5,440 million yen and Apita Terrace Yokohama Tsunashima(49% trust beneficiary quasi co-ownership interests) with acquisition price of 5,667 million yen). KRR disposed of three assets (Daikanyama
Address Dixsept (30% trust beneficiary quasi co-ownership interests) with sale price (Note 2) of 1,993 million yen (acquisition price was
1,617 million yen), Unicus Ina (20% trust beneficiary quasi co-ownership interests) with sale price of 1,048 million yen (acquisition pricewas 894 million yen) and Hankyu Oasis Hirakatadeguchi with sale price of 1,500 million yen (acquisition price was 1,280 million yen)).
As a result, the portfolio at the end of the period under review (September 30, 2021) consists of 66 properties with the total acquisition priceof 245,274 million yen.
Note 1: “Acquisition price” represents the amount specified in the purchase and sale agreement for the trust beneficiary interests, exclusive of the various expenses (acquisition
expenses, property tax, city planning tax, consumption tax, etc.) required in the acquisition of the asset.
Note 2: “Sale price” represents the amount specified in the purchase and sale agreement for the trust beneficiary interests, exclusive of the various expenses (sale expenses, property
tax, etc.) required in the sale of the asset.

(B) Management and Operation of Assets
KFM provides property management services for all of the properties owned by KRR at the end of the period under review (September 30,2021) (Note 1). By using the same company for both asset management and property management services, KRR aims to build stronger
relationships with tenants and increase returns from its portfolio. Furthermore, by implementing retail property and distribution centersmanagement that better reflects the needs of our tenants, KRR strives to accumulate know-how and improve tenant satisfaction.
KRR invests primarily in neighborhood and community shopping centers that cater to the day-to-day needs of customers. The portfolio isdiversified in terms of properties, tenants and other characteristics with a goal to generate consistent long-term cash flows. At the same time,2

Kenedix Retail REIT Corporation (3453)

KRR seeks to explore the upside potential (Note 2) for rental income by optimization of tenant composition and property expansion. By
using these measures, KRR aims to pursue a portfolio that achieves both stability and growth.
As of the end of the period under review, portfolio as a whole performed well with an overall occupancy ratio of 99.6%. Furthermore, theportfolio is diversified in terms of tenants as there are 528 end-tenants (Note 3) in KRR’s retail properties and distribution centers.
Note 1:
Note 2:
Note 3:On December 1, 2020, KRR disposed of a quasi-co-ownership interest (40% interest) in the trust beneficiary interest of Daikanyama Address Dixsept, andaccordingly, the PM business of the property has been entrusted to a third-party other than the Asset Manager.
“Upside potential” represents feasibility of rental income or cash flow growth.
The number of end-tenants is the sum of the number of end-tenants in a pass-through type master lease and the number of master lessees in a sublease type master
lease.

(C) Financing
When financing to acquire properties, KRR seeks to achieve the proper balance between financial stability and the cost of the funds with theobjectives to achieve stable medium- to long-term returns and consistent growth of assets under management.
(Equity Finance)
In the fiscal period under review, KRR issued a total of 43,800 new units offered on April 20, 2021, and raised 11,350 million yen that wasused to partially fund the acquisition of properties. In addition, 2,200 units were issued through third party allotment on May 18, 2021, raising
570 million yen, which is retained and will be used to fund part of the acquisition of properties or repayment of borrowings in the future. Dueto these activities, unitholders’ capital increased to 133,103 million yen as of September 30, 2021.
(Debt Finance)
During the fiscal period under review, KRR borrowed 7,500 million yen for the acquisition of properties and 7,200 million yen forrefinancing. Consequently, borrowings totaled 112,300 million yen and interest-bearing debt including investment corporation bonds(excluding interest-bearing tenant leasehold and security deposits) totaled 120,300 million yen at the end of the fiscal period under review(September 30, 2021).
When undertaking borrowings, KRR seeks to spread out repayment dates and lengthen borrowing periods. KRR may use swaps to fix theinterest payments to hedge against the risk of a rise in interest rates.
As a result, the average maturity of debt is 4.4 years, the weighted average interest rate is 0.98%, the long-term debt ratio (Note 1) is 100.0%
and the LTV ratio (Note 2) is 44.1%.
Note 1:
Note 2:Long-term debt ratio = (Long-term borrowings + Investment corporation bonds) / (Borrowings + Investment corporation bonds)
LTV ratio = (Loans payable + Investment corporation bonds) / Total assets(Credit Ratings)
The status of the credit ratings as of September 30, 2021 is as follows.
Credit rating agency
Details of the ratings
Long-term issuer rating
A+ (Outlook: Positive)
Japan Credit Rating Agency, Ltd. (JCR)
Rating on bonds
A+(Shelf Registration)
KRR filed a shelf registration statement for investment corporation bonds (excluding short-term investment corporation bonds) on October
1, 2020. Details are as follows.
Planned issue amount

100,000,000,000 yen

Planned issuance period October 9, 2020 to October 8, 2022
Use of proceeds

Acquisition funds for specified assets (as defined in Article 2, Paragraph 1 of the Investment
Trust Law), repayment funds for borrowings, repayment funds for investment corporation
bonds (including short-term investment corporation bonds), refund funds for lease andguarantee deposits, funds to pay for repairs and maintenance, working capital, etc.

iv) Results of Operations
For this period, revenue was 9,576 million yen, operating income was 4,881 million yen, ordinary income was 4,262 million yen and net
income was 4,261 million yen.
Furthermore, in accordance with the distribution policy in the KRR Articles of Incorporation, KRR made a distribution (excluding excess ofearnings) of 4,234,755,498 yen which is almost equivalent to the earnings (as defined in Article 136-1 of Act of Investment Trust and3

Kenedix Retail REIT Corporation (3453)

Investment Corporation) for the fiscal period. The distribution per unit (excluding excess of earnings) was 7,274 yen. Cash distributions arepaid in accordance with Article 67-15 of the Special Taxation Measures Law (Law No. 26 of 1957, including subsequent amendments).
Furthermore, in accordance with the policy for “Distribution of Money in Excess of Profits” as stated in the KRR Articles of Incorporation,
KRR made a distribution in excess of earnings for the 31,437,558 yen allowance for temporary adjustment (as defined in Article 2-2-30 of
the Ordinance on Accountings of Investment Corporations (Cabinet Office Ordinance No.47 of 2006, including subsequent amendments.))
for the purpose of reflecting the effect on distributions of the difference in earnings calculated under Japanese GAAP and Japanese tax laws
in association with the amortization of fixed-term land lease rights (as defined in Article 2-2-30 (a) of the Ordinance on Accountings ofInvestment Corporations) and the item deduced from net asset (as defined in Article 2-2-30 (b) of the Ordinance on Accountings ofInvestment Corporations) in association with deferred losses on hedges. This resulted in a distribution in excess of earnings per unit of 54
yen.
Consequently, the distribution per unit was 7,328 yen (of which the distribution in excess of earnings per unit was 54 yen).
(Outlook)i) Outlook for Asset Management
It is considered necessary to pay attention to the uncertainties in the Japanese economy, such as stagnation of economic activities due to apossible rebound in COVID-19 cases, despite the reduction in the number of COVID-19 cases and the lifting of the fourth state of emergency
declaration in September 2021.
As for Japan’s retail environment, sales at service-oriented stores including restaurants, and some apparel stores have declined due to the
COVID-19 pandemic, and continued caution is needed in this environment. On the other hand, even in an environment marked by the
pandemic, specialty stores such as supermarkets and home & garden that cater to the day-to-day needs of customers are expected to maintainsteady demand.
Under these circumstances, based on the following management policies, KRR will implement appropriate management with the aim of
securing stable rental income, steadily growing assets, and building an appropriate financial base from a medium-to long-term perspective.
(A) Investment Strategy for New Properties and Disposition Policy
We receive a variety of support from many sources in order to achieve the steady growth of our assets and increase the value of our assets.
One source is the Kenedix Group (Note), including Kenedix, Inc., the parent company of KFM. We also receive support from our Alliance
Companies: Sumitomo Mitsui Finance and Leasing Co., Ltd., SMFL MIRAI Partners Co., Ltd., both of which are also KFM’s parent
companies, Nippon Commercial Development Co., Ltd., and P&D Consulting Co., Ltd. We are implementing a growth strategy that takes
full advantage of the external growth opportunities created by the large and diverse acquisition pipeline made possible by the support of thesecompanies.
When acquiring properties, we make decisions based on all applicable factors with emphasis on four parameters: the retail property’s
attractiveness, location, profitability and the tenant mix. By using this selection process, we invest in retail properties with a competitive edge,
and good prospects for consistent rental revenue and growth in asset value. We also invest in carefully selected distribution centers, which
supplement retail facilities in providing goods to consumers. In addition, we invest in land ownership interests underlying retail properties.
Regarding land-only properties, we make these investments after examining the terms of the land leasing agreement, the characteristics ofthe tenant, the asset value of the land, and the proportion of land-only properties in our portfolio. We may also consider making an equity
investment in a tokumei kumiai (silent partnership) for the acquisition of preferential negotiation rights and opportunities for additional
revenues, provided that we are given an opportunity to acquire them in the future.
Regarding disposition of a portfolio property, we make decisions based primarily on the significance of these properties in the context of theportfolio. This is assessed by comprehensive evaluation of the outlook for future profitability and asset value determined based on its current
profitability and market trends.
Note:

The Kenedix Group consists of Kenedix, Inc. and its subsidiaries and affiliates.

(B) Management Strategy for Existing Properties
KRR is committed to building a portfolio that can pursue both stability and growth. We believe that implementing integrated asset andproperty management services makes it possible to properly manage retail properties and distribution centers and pursue internal growth.
Furthermore, this integrated management framework facilitates activities to enliven local communities where our properties are located,enabling us to aim for medium to long-term growth in asset value.
To accomplish these goals, KFM oversees properties owned by KRR while placing priority on the following themes.
・“One-stop” asset management and property management services
・Continuously implementing a retail property management cycle through our in-house property management services
・Pursuit of internal growth through management of retail properties
・Directing investments and management policies to enliven local communities in the medium to long-term
4Kenedix Retail REIT Corporation (3453)

・Implementing distribution center management“One-stop” asset management and property management services
KRR plans to use the integrated asset management and property management services of KFM for strengthening relationships with tenants
and making the portfolio more profitable.
Continuously implementing a retail property management cycle through our in-house property management services
KFM provides property management services for all of KRR’s properties. We do this for the purposes of performing retail property
management that better reflects the needs of the tenants as well as accumulating know-how and improving tenant satisfaction. Specifically,
we use direct contact with tenant companies at our properties in order to strengthen tenant relationships and make properties more profitable.
To this end, we maintain periodic communication with tenants and perform questionnaire surveys etc., to customers for monitoring of market
conditions, so that we can identify the needs of tenants and the customers visiting their sites. This process makes it possible to find issues thatstand in the way of achieving greater satisfaction for tenants and their customers. Once we have discovered points that require attention, we
take actions that take full advantage of the resources and knowledge regarding retail properties within the Kenedix Group. Solutions include
measures such as the effectively utilizing capital expenditures, optimizing tenant mix, realizing growth in asset value by pursuing property
expansions, and cutting costs, to improve tenant satisfaction and acquire more know-how.
Pursuit of internal growth through management of retail properties
KRR seeks to use the proper management of retail properties to achieve the goals of consistent revenue, higher profitability and growth inasset value.
i. Effectively utilize capital expenditure
We will use proper and well-timed capital expenditures to increase the satisfaction of tenants and make our properties more competitive.
ii. Optimize tenant mix
We will constantly work on attracting new tenants that are highly appealing to shoppers and replace tenants with others, optimizing tenantcomposition, in order to seek stable revenue and higher profitability by attracting more customers.
iii. Realize growth in asset value by pursuing property expansions
We will use the extensive knowledge involving retail properties to utilize the underutilized space (Note) at properties and expand properties.
These measures will take into account the competitive position of each property, the effect on our financial position and other factors. By
increasing space that can be leased, we would like to increase revenue and asset value.
Note:

The underutilized space is defined as the area that is calculated by multiplying the floor space ratio, or the ratio of total area of the building to the site area, which isprescribed in Article 52 of the Building Standards Act (Act No. 201 of 1950, including subsequent amendments.) and applied to each property in accordance with the
Building Standards Act, City Planning Act (Act No. 100 of 1968, including subsequent amendments.) and other laws and regulations, by the land area that is allowed to
be used as a property site, and subtracting from this figure the actual gross floor area of the building.

Directing investments and management policies to enliven local communities in the medium to long-term
At our properties, we seek tenants that provide services, hold community involved events and use other measures to help enliven the local
communities where our properties are located. We believe these activities will contribute to the medium to long-term growth in the asset
value of these properties.
Implementing distribution center management
Since tenants of distribution centers that we invest may belong to the same business sectors as the tenants occupying our retail properties, we
utilize our relationship with our retail tenants in building up our relationship with tenants of distribution centers. We believe these tenant
relationships will contribute to the long-term management of these distribution centers.
(C) Financing
We will establish a suitable financial foundation by examining numerous financing methods and selecting the optimum ones. These decisions
will reflect interest rates and other elements of the financial environment. Our goal is to select financing methods that result in the optimum
balance between financial stability and the financing cost.
(D) Disclosure of Information
Our policy concerning disclosure activities is to use extensive investor relations activities to distribute a broad range of information toinvestors and other related parties as well as to announce information as soon and as accurately as we can. We also distribute information
with awareness on ESG (Environmental, Social and Governance) for sustainable growth of unitholder interest. We use TDnet (Timely
Disclosure network) and press releases to meet the timely-disclosure requirements of the Tokyo Stock Exchange. In addition, we proactively
post information on our website (https://www.krr-reit.com/en/).
5

Kenedix Retail REIT Corporation (3453)(E) Conflicts of Interests
In managing KRR’s assets, we have established Retail REIT Department Related-party Transactions Rules, and we abide by the rules in
conducting related-party transactions. In addition to managing the assets of KRR, KFM provides asset management services to other REITs,
which may incur conflicts of interests in acquisition of assets. In order to prevent the improper allocation of acquisition opportunities, KFM
uses a “preferential right for acquisition opportunities” system for the property acquisition process. KFM has a pipeline committee, which
includes a compliance officer, and operates in accordance with rules. This system is structured to prevent improper allocation of acquisition
opportunities, and thus, managing conflicts of interests among the REITs managed by KFM. Through these measures, KFM is taking suitableactions regarding conflicts of interests.
(F) Important Subsequent Events
Not applicable6Kenedix Retail REIT Corporation (3453)(Reference Material)(A) Acquisition of Assets
KRR acquired following asset.
Property
numberF-4
Note 1:
Note 2:
Note 3:

Property
type(Note 1)

Property nameLocation

SellerAcquisition price(million yen)
(Note 3)

Appraisal value(million yen)
(Note 4)

Acquisition date

Kitera Town Fukuoka
G.K. FRP
6,000
6,100 October 1, 2021
Fukuoka, Fukuoka
Nagahama
Properties are categorized into the following six types of properties: NSC (Neighborhood Shopping Center), SM (Supermarket), CSC (Community Shopping Center),Urban Station-Front SC (Urban Station-Front Shopping Center), SS (Specialty Store) and L (Logistics facility).
“Acquisition price” represents the amount specified in the purchase and sale agreement for the trust beneficiary interests, exclusive of the various expenses (acquisition
expenses, property tax, city planning tax, consumption tax, etc.) required in the acquisition of the asset.
Appraisal values are as of September 1, 2021.
NSC(B) Disposition of Assets
KRR disposed of the following asset.
Property
numberT-4
Note 1:
Note 2:

Property type

Property nameLocation

Buyer

Sale price(million yen) (Note 1)

Sale date

Daikanyama Address Dixsept
Undisclosed
1,993 October 1, 2021
(30% quasi co-ownership
Shibuya ward, Tokyo(Note 2)interests)“Sale price” represents the amount specified in the purchase and sale agreement for the trust beneficiary interests, exclusive of the various expenses (sale expenses,
property tax, etc.) required in the sale of the asset.
Undisclosed as KRR has not obtained consent from the seller.
Urban
Station-Front SC(C) Financing
KRR borrowed 3,000 million yen (Series 43) on October 1, 2021 for the acquisition of assets.

7

Kenedix Retail REIT Corporation (3453)

ii) Earnings Forecasts
For the fiscal period ending March 31, 2022 (from October 1, 2021 to March 31, 2022) and the fiscal period ending September 30, 2022
(from April 1, 2022 to September 30, 2022), the earnings forecasts are estimated as set forth below.
Fiscal period ending March 31, 2022
Operating revenues

9,308 million yen

Operating Income

4,702 million yen

Ordinary income

4,077 million yen

Net Income

4,076 million yen

Distributions per unit

7,010 yen

Of the above, distributions in excess of earnings

9 yen

Fiscal period ending September 30, 2022
Operating revenues

9,062 million yen

Operating Income

4,435 million yen

Ordinary income

3,809 million yen

Net Income

3,808 million yen

Distributions per unit

6,550 yen

Of the above, distributions in excess of earnings

9 yen

Please refer to “Assumptions for the Earnings Forecasts for the Fiscal Periods Ending March 31, 2022 and September 30, 2022” set forth
below for information on current assumptions for the forecasts of operating results.
Note:

The above forecasts are based on certain assumptions for calculation, and our judgment as of today. Actual operating revenues, operating income, ordinary income,net income, distributions per unit and distributions in excess of earnings per unit may vary due to changes in market conditions. These forecasts do not guarantee the
distribution amount.

Assumptions for the Earnings Forecasts for the Fiscal Periods Ending March 31, 2022 and September 30, 2022
Item
Calculation period

Property portfolio

Operating revenues

Operating expenses

Assumptions
・The 14th fiscal period: October 1, 2021 to March 31, 2022 (182 days)
・The 15th fiscal period: April 1, 2022 to September 30, 2022 (183 days)
・Earnings forecasts for the fiscal period ending March 31, 2022 and September 30, 2022 are based on 66
properties (as of September 30, 2021) which consist of properties and trust beneficiary interest (66 properties
in total) owned by KRR as of September 30, 2021 and Kitera Town Fukuoka Nagahama acquired on
October 1, 2021, less Daikanyama Address Dixsept (30% quasi-co-ownership interest) disposed of on
October 1, 2021.
・Forecasts are based on the assumption that portfolio assets other than the above are not subject to change(such as acquisition of new properties and disposition of owned properties).
・The actual property portfolio may change due to the acquisition of new properties or the disposal of owned
properties.
・Operating revenues are based on the leasing agreements as of September 30, 2021, and other factors,
including expectations based on market trends.
・Operating revenues from the assets acquired in the 14th period are based on the information provided by thesellers, the leasing agreements on the properties that are effective on the acquisition dates, and other factors,
including expectations based on market trends.
・Gains on the sale of 350 million yen is assumed for the fiscal period ending March 31, 2022 by disposing
Daikanyama Address Dixsept.
・Due to the effects of the COVID-19 pandemic, negative impact of 20 million yen is assumed in FP ending
March 31, 2022 (14th fiscal period) as a certain risk, taking into account possible risk of further increase in
the number of COVID-19 cases and another state of emergency declaration.
・Forecasts are based on the assumption that there will be no rent in arrears or non-payments by tenants.
・Property-related operating expenses other than depreciation are calculated based on historic data, etc., andthese expenses reflect fluctuations in costs, including leasing costs based on the leasing agreements.
・Depreciation expenses of 1,197 million yen, and 1,210 million yen are assumed for the fiscal periods ending
March 31, 2022 and September 30, 2022, respectively, using the straight-line depreciation method.
・Property-related taxes are assumed at 722 million yen and 813 million yen for the fiscal periods ending March
31, 2022 and September 30, 2022, respectively. When a property is sold, the purchaser of the property
typically reimburses the seller, pursuant to the purchase agreement, for the pro rata portion of the propertyrelated taxes that relates to the period from the acquisition date to the end of the calendar year in which theacquisition occurs. As is customary for property transactions in Japan and in accordance with Japanese
GAAP, KRR intends to capitalize the portions of the property-related taxes on the properties to be acquired.
・With respect to building repair expenses, the amount assumed to be necessary for each property is based on
the repair plan of KFM for each fiscal period. However, repair expenses may be substantially different from8

Kenedix Retail REIT Corporation (3453)
Item

Assumptions
the expected amount due to certain unexpected factors.

・The amortization of offering-related costs are expected to be expensed 15 million yen and 15 million yen for
the fiscal periods ending March 31, 2022 and September 30, 2022. It is assumed that the offering-related
Non-operating expenses
costs are amortized using the straight-line method over three years.
・For interest expenses and other debt-related costs, 609 million yen and 610 million yen are expected for the
fiscal periods ending March 31, 2022 and September 30, 2022, respectively.
・As of today, KRR has an outstanding balance of 116,300 million yen in borrowings and 7,000 million yen
in investment corporation bonds.
・LTV ratios at the end of the period ending March 31, 2022 and September 30, 2022 are estimated to be
Borrowings andapproximately 44.8% (rounded to the nearest tenth).
investment corporation bonds
・LTV ratios are calculated according to the following formula:
LTV ratio = (Outstanding borrowings + Outstanding investment corporation bonds) / Total assets
・The forecasts are based on our assumption of 582,177 units issued as of today. It is assumed that there will
be no changes in the number of investment units due to the new issuance of units until the end of the fiscal
period ending September 30, 2022.
・Distributions per unit (excluding excess of earnings per unit) are calculated in accordance with the distribution
policy outlined in KRR’s Articles of Incorporation.
assumes that there is no effect from the changes in market value of swaps on the distributions per unit
・KRR
Distributions per unit
forthefiscal periods ending March 31, 2022 and September 30, 2022.
(excluding excess of earnings
per unit)・Actual distributions per unit (excluding excess of earnings per unit) may fluctuate due to various factors
including movements in investment assets, fluctuations in rental revenues caused by tenant replacements or
unexpected repairs.
・KRR expects to record Allowance for Temporary Adjustment (ATA) to adjust the temporary differences
between treatment of certain transactions under Japanese GAAP and Japanese tax laws in relation to SunnyNoma, which results from the depreciation of fixed term land lease right for business purposes, the expensed
interest from asset retirement obligations and deprecation of buildings, during the relevant period (30 years
Distributions in excess ofstarting from March 16, 2007). Although we assume no effect from the changes in the fair value of swaps
earnings per unit
on the distributions per unit, we may not record ATA, depending on the fair value, which may change dueto the fluctuations in the interest rate market.
・KRR has a policy to distribute the amount of increase in ATA, in excess of its earnings. Distributions inexcess of earnings are expected to be 9 yen per unit in each period ending March 31, 2022 and September
30, 2022.
・Forecasts are based on the assumption that there will be no amendments to the law, taxation system,
accounting standards, public listing regulations, requirements of the Investment Trusts Association, Japan,
Othersetc. which may affect the aforementioned forecast figures.
・Forecasts are based on the assumption that there will be no unexpected significant changes in general
economic trends and real estate market trends or other conditions.
Investment units

9Kenedix Retail REIT Corporation (3453)(2) Investment Risks
There are no significant changes to the “Investment Risks” in the most recent Securities Registration Statement (submitted on June 24, 2021;
prepared in Japanese only). The disclosure is omitted.

10Kenedix Retail REIT Corporation (3453)

2. Financial Statements(1) Balance Sheets(in thousands of yen)

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Land
Buildings in trust
Accumulated depreciation
Buildings in trust, net
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property, plant and equipment, net
Intangible assets
Leasehold right in trust
Other
Total intangible assets
Investments and other assets
Lease and guarantee deposits
Lease and guarantee deposits in trust
Long-term prepaid expenses
Long-term deposits
Other
Total investments and other assets
Total non-current assets
Deferred assets
Investment corporation bond issuance costs
Investment unit issuance costs
Total deferred assets
Total assets

*1

*1

*1

11

12th Fiscal Period(As of March 31, 2021)

13th Fiscal Period(As of September 30, 2021)

9,187,157
13,251,126
146,876
29,604
2,235
22,617,000

10,026,355
14,309,262
181,400
153,774
343,985
6,645
25,021,425

746,570(61,444)685,125
46,777(4,023)42,753
2,956,465
62,521,244(8,450,403)
54,070,840
3,491,216(600,741)
2,890,475
261,479(53,675)
207,804
166,797(63,530)
103,267
162,816,625
6,177
223,779,535

755,598(77,533)
678,064
46,777(5,425)41,351
2,956,465
67,921,666(9,332,397)
58,589,268
3,491,894(644,494)
2,847,400
248,014(58,898)
189,115
179,449(75,697)
103,751
176,754,774
7,254
242,167,446

4,300,847
8,223
4,309,070

4,296,869
6,938
4,303,807

10,00060,236824,049
108,478
7,668
1,010,431
229,099,037

10,00060,236870,267
102,079
3,602
1,046,184
247,517,438

34,191
23,17957,371
251,773,409

29,851
53,832
83,683
272,622,547

Kenedix Retail REIT Corporation (3453)(in thousands of yen)

Liabilities
Current liabilities
Operating accounts payable
Current portion of investment corporation bonds
Current portion of long-term loans payable
Accounts payable-otherAccrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Deposits received
Other
Total current liabilities
Non-current liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits
Tenant leasehold and security deposits in trust
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
Deduction from unitholders' capital
Allowance for temporary difference adjustments
Total deduction from unitholders' capital
Unitholders' capital, net
Surplus
Unappropriated retained earnings
Total surplus
Total unitholders' equity
Valuation and translation adjustments
Deferred gains or losses on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

*1

*3

*4

12

12th Fiscal Period(As of March 31, 2021)

13th Fiscal Period(As of September 30, 2021)

759,6101,000,000
16,950,000
544,740
44,153873
77,715
1,320,786
16,610150,000
20,864,489

815,1392,000,000
11,800,000
631,767
58,268
1,177
53,674
1,420,317
22,202563
16,803,109

7,000,000
87,850,000
148,083
10,900,443
24,534283,966
106,207,028
127,071,517

6,000,000
100,500,000
148,083
11,789,113
24,688
304,728
118,766,613
135,569,722

121,183,494

133,103,750(384,773)(384,773)
120,798,721(285,940)(285,940)
132,817,810

4,153,672
4,153,672
124,952,393

4,511,908
4,511,908
137,329,718(250,501)(250,501)
124,701,892
251,773,409(276,894)(276,894)
137,052,824
272,622,547

Kenedix Retail REIT Corporation (3453)(2) Statements of Income and Retained Earnings
12th Fiscal Period(From October 1, 2020
to March 31, 2021)
Operating revenues
Rent revenue-real estate
Other lease business revenue
Gain on sale of real estate property
Total operating revenues
Operating expenses
Expenses related to rent business
Asset management fees
Asset custody fees
Administrative service fees
Directors' compensation
Other operating expenses
Total operating expenses
Operating income
Non-operating income
Interest income
Gain on forfeiture of unclaimed dividends
Other
Total non-operating income
Non-operating expenses
Interest expenses
Interest expenses on investment corporation bonds
Financing-related expenses
Amortization of investment corporation bond issuance costs
Amortization of investment unit issuance costs
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes
Current
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings(in thousands of yen)
13th Fiscal Period(From April 1, 2021
to September 30, 2021)

*1
*1
*2

7,336,375
927,293454,2448,717,914

7,829,366
1,072,230
674,513
9,576,109*1

3,377,837
808,051
10,17832,9034,500
105,424
4,338,895
4,379,018

3,662,177
873,967
10,18233,9364,500
109,9454,694,708
4,881,401

58
425
29
513

58
343
402

449,947
21,65996,325
4,340
7,726
579,999
3,799,531
3,799,531

470,736
21,540107,352
4,340
15,402
619,373
4,262,430
4,262,430

882
882
3,798,649
355,023
4,153,672

1,186
1,186
4,261,244
250,664
4,511,908

13

Kenedix Retail REIT Corporation (3453)(3) Statements of Changes in Net Assets

12th Fiscal Period (From October 1, 2020 to March 31, 2021)(in thousands of yen)
Unitholders' equity

Unitholders' capital
Deduction from unitholders' capital
Allowance for Total deduction
temporaryfromdifference
unitholders'adjustments
capitalUnitholders'
capitalBalance at the beginning of
the period
Changes of items during theperiod121,183,494(236,788)(236,788)

Surplus
Unitholders'
capital, net

Unappropriatedretainedearnings

Total
surplusTotal
unitholders'equity120,946,706

3,716,853

3,716,853

124,663,559(3,361,829)(3,361,829)(3,361,829)

Dividends from surplus
Distributions in excess ofearnings from allowancefor temporary difference
adjustments(147,984)(147,984)(147,984)

Net income
Net changes of items otherthan unitholder’s equity
Total changes of items
during the period
Balance at the end of theperiodBalance at the beginning of
the period
Changes of items during theperiod3,798,649

3,798,649

3,798,649-(147,984)(147,984)(147,984)

436,819436,819

288,834*1 21,183,494(384,773)(384,773)

120,798,721

4,153,672

4,153,672

124,952,393

Valuation and translation
adjustments
Total valuation
Deferred gains or
and translation
losses on hedges
adjustments

Total net assets(354,696)(354,696)

124,308,863

Dividends from surplus(3,361,829)

Distributions in excess ofearnings from allowancefor temporary difference
adjustments(147,984)

Net income

3,798,649

Net changes of items otherthan unitholder’s equity
Total changes of items
during the period
Balance at the end of theperiod(147,984)

104,194

104,194

104,194

104,194

104,194

393,028(250,501)(250,501)

124,701,892

14Kenedix Retail REIT Corporation (3453)

13th Fiscal Period (From April 1, 2021 to September 30, 2021)(in thousands of yen)
Unitholders' equity

Unitholders'
capitalBalance at the beginning of theperiodChanges of items during theperiodIssuance of new investment
units

121,183,494

Unitholders' capital
Deduction from unitholders' capital
Allowance for
Total deduction
temporaryfrom unitholders'difference
capitaladjustments(384,773)(384,773)

11,920,256

Surplus
Unitholders'
capital, net

Unappropriatedretained earnings

120,798,721

4,153,672

Balance at the end of the period

Balance at the beginning of theperiodChanges of items during theperiodIssuance of new investment
units(5,361)(5,361)(5,361)

104,194

104,194

104,194(3,798,814)(3,798,814)(5,361)(104,194)(104,194)-4,261,244

4,261,244

4,261,244

98,832

98,832

12,019,088

358,235

358,235

12,377,324*1 133,103,750(285,940)(285,940)

132,817,810

4,511,908

4,511,908

137,329,718

Valuation and translation
adjustments
Total valuation
Deferred gains or
and translation
losses on hedges
adjustments

Total net assets(250,501)(250,501)

124,701,892

11,920,256(3,798,814)

Distributions in excess ofearnings from allowance fortemporarydifference
adjustments
Reversal of allowance fortemporarydifference
adjustments(5,361)-

Net income

Balance at the end of the period

124,952,393

11,920,256

Dividends from surplus

Net changes of items otherthan unitholder’s equity
Total changes of items during
the period

4,153,672

11,920,256(3,798,814)

Net income
Net changes of items otherthan unitholder’s equity
Total changes of items during
the period

Totalunitholders'equity11,920,256

Dividends from surplus
Distributions in excess ofearnings from allowance fortemporarydifference
adjustments
Reversal of allowance fortemporarydifference
adjustments

Total
surplus4,261,244(26,392)(26,392)(26,392)(26,392)(26,392)

12,350,932(276,894)(276,894)

137,052,824

15

Kenedix Retail REIT Corporation (3453)(4) Statements of Cash Distributions(in yen)
12th Fiscal Period(From October 1, 2020 to March 31, 2021)
I.

Retained earnings at the end of period

II.

III.

IV.

13th Fiscal Period(From April 1, 2021 to September 30, 2021)

4,153,672,573

4,511,908,436

Distributions in excess of earnings

5,361,770

31,437,558

Of which, allowance for temporary difference
adjustments

5,361,770

31,437,558

Incorporation into unitholders’ capital

104,194,502-

Of which, reversal of allowance for temporary
difference adjustments

104,194,502-

Total distributions

3,804,175,815

4,266,193,056

7,095

7,328

3,798,814,045

4,234,755,498

7,085

7,274

5,361,770

31,437,558

10

54250,664,025

277,152,938

In accordance with the policy described in Article 39-1
of its Articles of Incorporation, KRR determines that theamount of distribution shall exceed the amount equivalent
to 90% of its distributable profit as stipulated in Article 6715 of the Special Taxation Measures Law and shall be up
to its profits as the maximum amount. Following thispolicy, KRR has decided that it shall distribute¥3,798,814,045 which is almost the entire amount ofincome as defined in Article 136-1 of the Investment Trust
Act after deduction of reversal of allowance for temporary
difference adjustments (as defined in Article 2-2-30 of theOrdinance on Accountings of Investment Corporations).
Furthermore, in accordance with the policy for“Distribution of Money in Excess of Profits” as stated in
Article 39-2 of KRR’s Articles of Incorporation, KRR
made a distribution in excess of earnings of ¥5,361,770 for
allowance for temporary difference adjustments (asdefined in Article 2-2-30 of the Ordinance on Accountingsof Investment Corporations) for the purpose of reflecting
the effect on distributions of the difference in earnings
calculated under Japanese GAAP and Japanese tax laws
(as defined in Article 2-2-30 (a) of the Ordinance on
Accountings of Investment Corporations) in association
with the amortization of fixed-term land leasehold rights .

In accordance with the policy described in Article 39-1
of its Articles of Incorporation, KRR determines that theamount of distribution shall exceed the amount equivalent
to 90% of its distributable profit as stipulated in Article 6715 of the Special Taxation Measures Law and shall be up
to its profits as the maximum amount. Following thispolicy, KRR has decided that it shall distribute¥4,234,755,498 which is almost the entire amount ofincome as defined in Article 136-1 of the Investment Trust
Act.
Furthermore, in accordance with the policy for“Distribution of Money in Excess of Profits” as stated in
Article 39-2 of KRR’s Articles of Incorporation, KRR
made a distribution in excess of earnings of ¥31,437,558
for allowance for temporary difference adjustments (asdefined in Article 2-2-30 of the Ordinance on Accountingsof Investment Corporations) for the purpose of reflecting
the effect on distributions of the difference in earnings
calculated under Japanese GAAP and Japanese tax laws
(as defined in Article 2-2-30 (a) of the Ordinance on
Accountings of Investment Corporations) in association
with the amortization of fixed-term land leasehold rights
and of the item deducted from net asset (as defined in
Article 2-2-30 (b) of the Ordinance on Accountings ofInvestment Corporations) in association with deferredlosses on hedges .

Distributions per unit
Of which, distributions of earnings
Of which, distributions of earnings per unit
Of which, allowance for temporary difference
adjustments
Of which, distributions in excess of earnings perunit (allowance for temporary difference
adjustments)
V.
Retained earnings brought forward to the next
periodMethod of calculating distribution amount16

Kenedix Retail REIT Corporation (3453)(5) Statements of Cash Flows(in thousands of yen)
13th Fiscal Period(From April 1, 2021
to September 30, 2021)

12th Fiscal Period(From October 1, 2020
to March 31, 2021)
Net cash provided by (used in) operating activities
Income before income taxes

3,799,531

4,262,430

Depreciation and amortization

1,069,574

1,167,650

Amortization of investment corporation bond issuance costs

4,340

4,340

Amortization of investment unit issuance costs

7,726

15,402

Interest income

(58)

(58)

Interest expenses

471,606

492,277

Decrease (increase) in operating accounts receivable

45,247(34,523)-(343,985)

Decrease (increase) in prepaid expenses

133,675(124,170)

Increase (decrease) in operating accounts payable

16,50460,978

Increase (decrease) in accounts payable-other(11,382)

85,723

Increase (decrease) in accrued consumption taxes

Decrease (increase) in consumption taxes receivable(285,444)(24,041)

Increase (decrease) in advances received

45,103

99,530

Increase (decrease) in deposits received(9,430)5,591

Decrease (increase) in long-term prepaid expenses(80,467)(46,218)

Decrease (increase) in long-term deposits
Decrease in net property, plant and equipment held in trust due to sale

8,532

6,399

2,146,120

3,765,046

Other148,564(155,716)

Subtotal

7,509,745

9,236,657

58

58

Interest expenses paid

(461,205)(478,202)

Income taxes paid

(1,112)(882)

7,047,485

8,757,631

Interest income received

Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities(6,484)(8,026)

Purchase of property, plant and equipment in trust(3,187,223)(23,312,613)

Repayments of tenant leasehold and security deposits in trust(236,364)(262,886)

Proceeds from tenant leasehold and security deposits in trust

303,544

1,151,556

Proceeds from restricted bank deposits in trust

15,00015,000(3,111,527)(22,416,969)

Purchase of property, plant and equipment

Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Repayments of short-term loans payable(2,750,000)-

Proceeds from long-term loans payable

15,950,000

14,700,000

Repayments of long-term loans payable(13,200,000)(7,200,000)-

11,874,201

Dividends paid

(3,510,170)(3,802,528)

Net cash provided by (used in) financing activities(3,510,170)

15,571,672

Proceeds from issuance of investment units

Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period*117425,787

1,912,335

21,804,996

22,230,783

22,230,783

24,143,118

Kenedix Retail REIT Corporation (3453)（6）Notes on Assumption of Going Concern
Not applicable（7）Summary of Significant Accounting Policies
1.Method of depreciation of noncurrent assets(1) Property, plant and equipment (including trust assets)
The straight-line method is applied.
Useful lives of the assets ranging are as follows:
Buildings: 2 to 70 years
Structures: 8 to 59 years
Machinery and equipment: 2 to 25 years
Tools, furniture and fixtures: 3 to 15 years(2) Intangible assets (including trust assets)
The straight-line method is applied.
(3) Long-term prepaid expenses
The straight-line method is applied.

2. Accounting for deferred assets(1) Investment unit issuance costs
Investment unit issuance costs are amortized over a period of 3 years under the straight-line method.
(2) Investment corporation bond issuance costs
Investment corporation bond issuance costs are amortized over a maturity period under the straight-line method.

3. Accounting for revenues andexpenses(1)Accounting for property-related taxes
Property-related taxes including property taxes, city planning taxes and depreciable property taxes are imposed on properties on acalendar year basis. These taxes are generally charged to operating expenses for the period, for the portion of such taxes
corresponding to said period. Under Japanese tax regulations, the seller of the property is liable for these taxes on the property
from the date of disposal to the end of the calendar year in which the property is disposed. The seller, however, is reimbursed by
the purchaser for these accrued property-related tax liabilities.
When KRR purchases properties, it typically allocates the portion of the property-related taxes related to the period following thepurchase date of each property through the end of the calendar year. The amounts of those allocated portions of the propertyrelated taxes are capitalized as part of the acquisition costs of the related properties. Capitalized property-related taxes amounted
to 198 thousand yen and 106,958 thousand yen as of March 31, 2021 and September 30, 2021, respectively.
(2) Accounting for revenues
The details of main performance obligations concerning revenue generated from contracts between KRR and its customers andthe ordinary time to fulfil said performance obligations (ordinary time to recognize revenue) are as follows.
a. Sale of real estate property
Revenue from sale of real estate properties is recorded as revenue when a buyer who is a customer obtains control over a realestate property following the seller’s fulfilment of its obligation to hand over the property which is stipulated in the contract
associated with the sale of real estate property.
b. Utility charge reimbursements
Recording of utility charge reimbursements as revenue is conducted according to the supply of electric power, water, etc. tolessees who are customers based on lease agreements of real estate properties and details of incidental agreements.
With regard to utility charge reimbursements which KRR deems to fall under that for an agent, the net amount sought by
subtracting the amount paid to another party from the amount that is received as charge for electric power, gas, etc. which issupplied by another concerned party is recognized as revenue.

4. Method of hedge accounting(1) Hedge accounting method
Deferral hedge accounting is applied. However, the special treatment is applied for the interest-rate swap agreements that meet thecriteria for special treatment.
(2) Hedging instruments and hedged items
Hedge instruments
Interest-rate swap transactions
Hedged items
Interest payments on debts(3) Hedging policy
KRR enters into derivative transactions based on its risk management policies with the objective of hedging risks provided in its
Articles of Incorporation.
(4) Method of assessing the effectiveness of hedging
As for the method of assessment of the effectiveness of the hedge in the period from the inception of the hedge to the time of
judgment of its effectiveness, the cumulative changes in cash flow of the hedged items and hedging instruments are compared
and a judgment is made based on changed amount, etc. However, an assessment of the effectiveness of hedging activities isomitted in the case of interest rate swaps that meet the requirements for special treatment.

5. Scope of cash and cash
equivalents on statements of cash
flows

Cash and cash equivalents consist of cash on hand, deposits placed with banks and short-term investments which are highly liquid,readily convertible to cash and with insignificant risk of market value fluctuation, with maturities of three months or less from the dateof purchase.

6. Other accounting policies for 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 realestate and other assets are recorded in full in KRR’s balance sheet and statement of income and retained earnings.
Of the assets in trust accounted for under the respective account items, the following significant items are separately indicated on
the balance sheet.
1. Cash and deposits in trust
2. Buildings in trust, structures in trust, machinery and equipment in trust, tools, furniture and fixtures in trust, land in trust,construction in progress in trust
3. Leasehold right in trust
4. Lease and guarantee deposits in trust
5. Tenant leasehold and security deposits in trust(2) Accounting method for consumption taxes
Consumption taxes are separately recorded. Non-deductible consumption taxes applicable to the acquisition of assets are includedin the cost of acquisition for each asset.

18

Kenedix Retail REIT Corporation (3453)(Notes concerning the change of accounting policy)
1. Application of Accounting Standard for Revenue Recognition
The Accounting Standard for Revenue Recognition (Accounting Standards Board of Japan (“ASBJ”) Statement No. 29, March 31, 2020), etc. have been applied since the beginning of
the fiscal period under review. In accordance with this accounting standard, KRR recognizes revenue as the amount expected to be received in exchange for the promised goods or services
when the control of the goods or services is transferred to the customer.
The application of the Accounting Standard for Revenue Recognition is pursuant to the transitional treatment stipulated in the proviso of Paragraph 84 of the Accounting Standard for
Revenue Recognition. The cumulative effect when applying the new accounting policy retrospectively from before the beginning of the fiscal period under review is added to or subtracted
from the retained earnings at the beginning of the fiscal period under review before applying the new accounting policy from the beginning-of-period balance. The impact of these changes
on the financial statement of the fiscal period under review is minor.
Furthermore, in accordance with the transitional treatment stipulated in Paragraph 89-3 of the Accounting Standard for Revenue Recognition, the note on revenue recognition relationshipconcerning the previous fiscal period is not shown.
2. Application of Accounting Standard for Fair Value Measurement, Etc.
The “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, July 4, 2019), etc., have been applied since the beginning of the fiscal period under review. In accordancewith the transitional treatment prescribed in Paragraph 19 of the Accounting Standard for Fair Value Measurement and Paragraph 44–2 of the Accounting Standard for Financial Instruments(ASBJ Statement No. 10, July 4, 2019), KRR has decided to apply the new accounting policies set forth by the Accounting Standard for Fair Value Measurement, etc. in the future. The
impact of these changes on the financial statement of the fiscal period under review is minor.

(Additional Information)(Notes to Allowance for Temporary Difference Adjustments Additions and Reversals)
12th Fiscal Period (From October 1, 2020 to March 31, 2021)
1. Reasons, related assets and allowance
Related assets, etc.
Buildings in trust,
Leasehold right in trust(in thousands of yen)
Allowance for temporary
difference adjustments

ReasonAmortization of leasehold right in trust and the amount in excess ofdepreciation

5,361

2. Reasons, related assets and reversal of allowance
Related assets, etc.
Deferred gains or losses onhedges(in thousands of yen)
Reversal of allowance for temporary
difference adjustments

ReasonChanges in the fair value of derivative instruments

104,194

3. Method of reversal
Method of reversal
Buildings in trust,
Leasehold right in trust
Deferred gains or losses onhedgesUpon sale, the corresponding amount is scheduled to be reversed.
Based on changes in the fair value of the hedging instruments, the corresponding amount is scheduled to be reversed.

13th Fiscal Period (From April 1, 2021 to September 30, 2021)
1. Reasons, related assets and allowance
Related assets, etc.
Buildings in trust,
Leasehold right in trust
Deferred gains or losses onhedges(in thousands of yen)
Allowance for temporary
difference adjustments

ReasonAmortization of leasehold right in trust and the amount in excess ofdepreciation

5,045

Loss on interest-rate swaps recognized at the end of the fiscal period

26,392

2. Method of reversal
Method of reversal
Buildings in trust,
Leasehold right in trust
Deferred gains or losses onhedgesUpon sale, the corresponding amount is scheduled to be reversed.
Based on changes in the fair value of the hedging instruments, the corresponding amount is scheduled to be reversed.

19

Kenedix Retail REIT Corporation (3453)(8) Notes to Financial Statements(Notes to Balance Sheets)* 1. Assets pledged as collateral and related secured liabilities:(in thousands of yen)
Assets pledged as collateral

12th Fiscal Period
As of March 31, 2021

13th Fiscal Period
As of September 30, 2021

Buildings in trust

650,807

Structures in trust

21,582

20,3792,709,001

2,709,001

3,381,391

3,370,278

Land in trust
Total
Secured liabilities

640,897

12th Fiscal Period
As of March 31, 2021

Tenant leasehold and security deposits in trust
Total

13th Fiscal Period
As of September 30, 2021
414,070

392,072

414,070

392,072

2. Commitment line contracts
KRR has commitment line contracts with the banks with which it does business.
(in thousands of yen)
12th Fiscal Period
As of March 31, 2021
Total amount of commitment line contracts

13th Fiscal Period
As of September 30, 2021
3,000,000

Balance of loans payable outstanding
Remaining amount

3,000,000--

3,000,000

3,000,000* 3. Allowance for temporary difference adjustments
12th Fiscal Period (As of March 31, 2021)
1. Reasons, related assets, initial amount, allowance and reversal

Related assets, etc.
Buildings in trust,
Leasehold right in trust
Deferred gains orlosses on hedges

Reason for allowance
Amortization of leasehold rightin trust and the amount inexcess of depreciation
Loss on interest-rate
swaps recognized at theend of the fiscal period
Total(in thousands of yen)
Balance at
Reason for
the end of thereversal
periodInitialamountBalance atthe beginningof the period

Allowance
during theperiodReversalduring theperiod30,11524,937

5,178-

30,115-354,657

211,851

142,806-

354,657-

384,773

236,788

147,984-

384,773-

2. Method of reversal
Method of reversal
Buildings in trust,
Leasehold right in trust

Upon sale, the corresponding amount is scheduled to be reversed.

Deferred gains or losses on hedges

Based on changes in the fair value of the hedging instruments, the corresponding amount is scheduled to be reversed.

13th Fiscal Period (As of September 30, 2021)
1. Reasons, related assets, initial amount, allowance and reversal(in thousands of yen)
Related assets, etc.

Reason for allowance

InitialamountBalance atthe beginningof the period

Buildings in trust,
Leasehold right in trust

Amortization of leasehold
right in trust and the amountin excess of depreciation

35,47730,115

Deferred gains or losses
on hedges

Loss on interest-rate
swaps recognized at theend of the fiscal period
Total

Allowance
during theperiodReversalduring theperiod5,361

Balance at theend of theperiod-Reason forreversal

35,477-354,657

354,657-(104,194)

250,463

Changes infair value ofderivativetransactions

390,135

384,773

5,361(104,194)285,940-20

Kenedix Retail REIT Corporation (3453)
2. Method of reversal
Method of reversal
Buildings in trust,
Leasehold right in trust

Upon sale, the corresponding amount is scheduled to be reversed.

Deferred gains or losses on hedges

Based on changes in the fair value of the hedging instruments, the corresponding amount is scheduled to be reversed.

* 4. Minimum net assets prescribed in Article 67-4 of the Investment Trust Act(in thousands of yen)
12th Fiscal Period
As of March 31, 2021

13th Fiscal Period
As of September 30, 2021
50,00050,000(Notes to Statements of Income and Retained Earnings)* 1. Breakdown of real estate rental revenues and expenses(in thousands of yen)
12th Fiscal Period
From October 1, 2020
to March 31, 2021

13th Fiscal Period
From April 1, 2021
to September 30, 2021

A. Rental and other operating revenues:
Rent revenue-real estate:
Rental revenues

6,092,542

6,572,739

Rental revenues from limited proprietary rights of land

990,413

1,008,625

Common area charges

253,420

248,000

7,336,375

7,829,366

Parking space rental revenues

192,921

197,192

Utility charge reimbursement476,555

625,364

Miscellaneous

257,816

249,673

Subtotal

927,293

1,072,230

8,263,669

8,901,596

Property management fees and facility management fees

679,143

693,617

Utilities

408,770

543,389

Taxes

735,593

729,881

Repairs and maintenance

185,140

247,928

Insurance

14,27914,642Trust fees

25,811

26,482

Depreciation

1,068,289

1,166,365

Others260,808

239,869

3,377,837

3,662,177

4,885,831

5,239,419

Subtotal
Other lease business revenue:

Total rental and other operating revenues
B. Property-related expenses:
Expenses related to rent business:

Total property-related expenses
C. Net operating income from real estate rental business（A-B）* 2. Gain on sale of real estate property

12th Fiscal Period (From October 1, 2020 to March 31, 2021)(in thousands of yen)
Daikanyama Address Dixsept(40.0% quasi co-ownership interest)
Revenue from sale of real estate property

2,657,600

Cost of real estate property

2,146,120

Other sales expenses

57,234Gain on sale of real estate property

454,24421

Kenedix Retail REIT Corporation (3453)
13th Fiscal Period (From April 1, 2021 to September 30, 2021)(in thousands of yen)
Daikanyama Address Dixsept(30.0% quasi co-ownership interest)
Revenue from sale of real estate property

1,993,200

Cost of real estate property

1,607,332

Other sales expenses

40,216

Gain on sale of real estate property

345,651

Unicus Ina (20.0% quasi co-ownership interest)
Revenue from sale of real estate property

1,048,000

Cost of real estate property

872,862

Other sales expenses

7,443

Gain on sale of real estate property

167,694

Hankyu Oasis Hirakatadeguchi
Revenue from sale of real estate property

1,500,000

Cost of real estate property

1,284,851

Other sales expenses

53,981Gain on sale of real estate property

161,167(Notes to Statements of Changes in Net Assets)* 1. Total number of authorized investment units and total number of investment units issued and outstanding
12th Fiscal Period
From October 1, 2020
to March 31, 2021

13th Fiscal Period
From April 1, 2021
to September 30, 2021

Total number of authorized investment units

5,000,000 units

5,000,000 units

Total number of investment units issued and outstanding

536,177 units

582,177 units(Notes to Statements of Cash Flows)* 1. Reconciliation of balance sheet items to cash and cash equivalents at the end of period in the cash flows statements(in thousands of yen)
12th Fiscal Period
From October 1, 2020
to March 31, 2021

13th Fiscal Period
From April 1, 2021
to September 30, 2021

Cash and deposits

9,187,157

10,026,355

Cash and deposits in trust

13,251,126

14,309,262

Restricted bank deposits in trust (Note)(207,500)(192,500)

Cash and cash equivalents

22,230,783

24,143,118

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

(Notes to Lease Transactions)Operating lease transactions (Lessee)
Future minimum lease payments
12th Fiscal Period
From October 1, 2020
to March 31, 2021

(in thousands of yen)
13th Fiscal Period
From April 1, 2021
to September 30, 2021

Due within 1 year

10,50010,500Due after 1 year

157,048

151,798

Total

167,548

162,29822

Kenedix Retail REIT Corporation (3453)
Operating lease transactions (Lessor)
Future minimum lease income(in thousands of yen)
12th Fiscal Period
From October 1, 2020
to March 31, 2021

13th Fiscal Period
From April 1, 2021
to September 30, 2021

Due within 1 year

9,922,641

10,388,223

Due after 1 year

59,207,166

59,556,245

Total

69,129,807

69,944,468（Notes to the Financial Instruments）
1. Overview(1) Policy for financial instruments
KRR procures funds for asset acquisitions, repairs, payment of distributions, repayment of loans, etc. through loans from financial institutions, issuance of investment corporation bonds,
issuance of investment units and other means. With regard to the procurement of interest-bearing debts, KRR ensures that it can effectively combine stable long-term funds with flexible
short-term funds. Management of surplus funds is undertaken through various bank deposits focusing on safety, liquidity and effectiveness. KRR uses derivatives for the purpose ofhedging its exposure to changes in interest rates and other risks and does not enter into derivative transactions for speculative or trading purposes.
(2) Types of financial instruments and related risk
Bank deposits are for managing KRR’s surplus funds and are exposed to credit risk such as the bankruptcy of financial institutions at which funds are deposited.
Loans payable and investment corporation bonds, which are made or issued primarily for the purpose of procuring funds for the acquisition of real estate and trust beneficiary interests
in real estate and have a repayment date of a maximum of 9 years and 7 months for loans payable and also have a redemption date of a maximum of 6 years and 7 month for investment
corporation bonds as of September 30, 2021, the end of the 13th fiscal period, are exposed to liquidity risk where alternative funds may not be procured by the repayment date. Also,loans payable with floating interest rates are exposed to interest rate fluctuation risk. Derivatives are used for the purpose of hedging interest rate fluctuation risk for a certain portion of
the loans payable.
Tenant leasehold and security deposits are deposits received from tenants, which are exposed to liquidity risks when the tenants vacate the properties.
(3) Risk management for financial instrumentsa.
Credit risk
While bank deposits are exposed to credit risk such as the bankruptcy of financial institutions at which funds are deposited, such risk is monitored by deposits in non-interest bearing
ordinary savings accounts or with financial institutions with credit ratings above a certain level. In utilizing derivatives, KRR aims to mitigate counterparty risk such as by transactingwith financial institutions with favorable ratings.
b.
Market risk
While loans payable with floating rates are exposed to interest rate fluctuation risk, such risk is monitored by adjusting the rate of the balance of loans payable with floating rates
against the total loans payable according to the financial environment, interest rate forecasts by continuous monitoring, etc. and by using derivatives, etc. A risk management policy
is established with regard to the execution and management of derivatives and such transactions are conducted based on this policy.
c.
Liquidity risk
Though loans payable are subject to liquidity risk, KRR reduces such risk by spreading out payment due dates and by diversifying financial institutions. Liquidity risk is also managed
by such means as regularly checking the balance of cash reserves.
Though tenant leasehold and security deposits are subject to liquidity risk, in principle, KRR reduces such risk by retaining funds that would enable KRR to return necessary amounts
to tenants.
(4) Supplementary explanation of the estimated fair value of financial instruments
Since various assumptions and factors are reflected in estimating the fair value, different assumptions and factors could result in a different fair value.
2. Estimated fair value of financial instruments
The carrying value of financial instruments on the balance sheets and estimated fair value are shown in the following table. Furthermore, “cash and deposits” and “short-term loans
payable” are omitted as they are settled with cash and in a short span of time and are therefore similar in fair value to the book value. Also, “tenant leasehold and security deposits intrust” is omitted as it lacks in significance.
12th Fiscal Period
As of March 31, 2021
(1) Current portion of investment corporation bonds(2) Current portion of long-term loans payable(3) Investment corporation bonds(4) Long-term loans payable
Total
Derivative transactions

Carrying amount
1,000,000
16,950,000
7,000,000
87,850,000
112,800,000(250,501)

Estimated fair value
998,600
16,974,527
6,969,900
88,207,532
113,150,560(250,501)(in thousands of yen)
Difference(1,400)24,527(30,100)
357,532
350,560-*The value of assets and liabilities arising from derivatives is shown at net value and with the amount in parentheses representing the net liability position.

23

Kenedix Retail REIT Corporation (3453)
13th Fiscal Period
As of September 30, 2021
Carrying amount
2,000,000
11,800,000
6,000,000
100,500,000
120,300,000(276,894)(1) Current portion of investment corporation bonds(2) Current portion of long-term loans payable(3) Investment corporation bonds(4) Long-term loans payable
Total
Derivative transactions

Estimated fair value
1,998,700
11,798,045
5,991,000
100,837,304
120,625,049(276,894)(in thousands of yen)
Difference(1,300)(1,954)(9,000)337,304
325,049-*The value of assets and liabilities arising from derivatives is shown at net value and with the amount in parentheses representing the net liability position.
Note 1: Methods to determine the estimated fair value of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of investment corporation bonds and (3) Investment corporation bonds
The fair value of investment corporation bonds is based on quoted market prices.
(2) Current portion of long-term loans payable and (4) Long-term loans payable
Among these items, the fair value of loans payable with fixed interest rates is calculated based on the present value, which is the total amount of principal and interest discounted by theestimated interest rate to be applied in the event that KRR conducts new loans of the same type. As for the fair value of loans payable with floating interest rates, it is based on the carrying
amount since market interest rates are reflected in the short term and the fair value is believed to approximate the carrying amount as the credit standing of KRR has not changed
significantly since the loans were made. (However, the fair value of long-term loans payable subject to the special treatment for interest-rate swaps is based on the present value of thetotal of principal and interest, accounted for together with the applicable interest-rate swaps, discounted by the estimated interest rate to be applied in the event that KRR conducts newloans payable of the same type.)
Derivative transactions
Please refer to “Notes to Derivative Transactions”.
Note 2: Redemption of long-term loans payable and other interest-bearing debt scheduled to be due after the balance sheet date
12th Fiscal Period
As of March 31, 2021
(in thousands of yen)

Investment corporation bonds
Long-term loans payable
Total

Due in 1 year or
less
1,000,000
16,950,000
17,950,000

Due after 1 year
through 2 years
1,000,000
9,050,000
10,050,000

Due after 2 years
through 3 years

Due after 3 years
through 4 years

7,500,000
7,500,000

8,810,000
8,810,000

Due in 1 year or
less
2,000,000
11,800,000
13,800,000

Due after 1 year
through 2 years

Due after 2 years
through 3 years

7,500,000
7,500,000

9,490,000
9,490,000

Due after 3 years
through 4 years
1,000,000
15,320,000
16,320,000

Due after 4 years
through 5 years
1,000,000
16,090,000
17,090,000

Due after 5 years
5,000,000
46,400,000
51,400,000

13th Fiscal Period
As of September 30, 2021
(in thousands of yen)
Investment corporation bonds
Long-term loans payable
Total

Due after 4 years
through 5 years

Due after 5 years

19,850,000
19,850,000

5,000,000
48,340,000
53,340,000(Notes to Derivative Transactions)(1) Transactions not subject to hedge accounting
12th Fiscal Period (As of March 31, 2021) and 13th Fiscal Period (As of September 30, 2021): Not applicable(2) Transactions subject to hedge accounting

12th Fiscal Period
As of March 31, 2021
Hedge
accounting
methodType of derivativetransactions

Hedged items

Contract amount(in thousands of yen)
Maturing after 1
year

Fair value(in thousands of yen)Calculation method for
applicable fair value

Interest rate swap
Based on the amounttransaction:
Long-term loans
Principle method
51,110,000
47,010,000(250,501) provided by counterparty
Receive/floating andpayablefinancial institutions
pay/fixed
Interest rate swap
Special treatment
transaction:
Long-term loansof interest-rate
26,400,000
21,000,000*
Receive/floating andpayableswaps
pay/fixed
Total
77,510,000
68,010,000(250,501)*Interest rate swaps for which the special treatment is applied are accounted for together with the underlying hedged item. As a result, their fair value is included in the fair value of thehedged long-term loans payable. (Please refer to “Notes to Financial Instruments” (Note 1) Methods to determine the estimated fair value of financial instruments and matters related toderivative transactions; Liabilities (2) Current portion of long-term loans payable and (4) Long-term loans payable.)
13th Fiscal Period24Kenedix Retail REIT Corporation (3453)
As of September 30, 2021
Hedge
accounting
methodType of derivativetransactions

Hedged items

Contract amount(in thousands of yen)
Maturing after 1
year

Fair value(in thousands of yen)Calculation method for
applicable fair value

Interest rate swap
Based on the amounttransaction:
Long-term loans
Principle method
60,210,000
58,160,000(276,894) provided by counterparty
Receive/floating andpayablefinancial institutions
pay/fixed
Interest rate swap
Special treatment
transaction:
Long-term loansof interest-rate
26,400,000
21,000,000*
Receive/floating andpayableswaps
pay/fixed
Total
86,610,000
79,160,000(276,894)*Interest rate swaps for which the special treatment is applied are accounted for together with the underlying hedged item. As a result, their fair value is included in the fair value of thehedged long-term loans payable. (Please refer to “Notes to Financial Instruments” (Note 1) Methods to determine the estimated fair value of financial instruments and matters related toderivative transactions; Liabilities (2) Current portion of long-term loans payable and (4) Long-term loans payable.)(Notes to the Related-Party Transactions)
1．Parent Company, major corporate unitholders and other12th Fiscal Period (From October 1, 2020 to March 31, 2021) and 13th Fiscal Period (From April 1, 2021 to September 30, 2021): Not applicable
2．Affiliated companies and other12th Fiscal Period (From October 1, 2020 to March 31, 2021) and 13th Fiscal Period (From April 1, 2021 to September 30, 2021): Not applicable
3．Fellow subsidiary companies and other12th Fiscal Period (From October 1, 2020 to March 31, 2021) and 13th Fiscal Period (From April 1, 2021 to September 30, 2021): Not applicable
4．Directors, major individual unitholders and other12th Fiscal Period (From October 1, 2020 to March 31, 2021) and 13th Fiscal Period (From April 1, 2021 to September 30, 2021): Not applicable(Notes to the Tax-Effect Accounting)
1. The significant components of deferred tax assets and liabilities:(in thousands of yen)
13th Fiscal Period
As of September 30, 2021

12th Fiscal Period
As of March 31, 2021
Deferred tax assets:
Enterprise tax payable13

27

15,437

16,6885,556
7,718
78,807
107,533

6,007
7,767
87,110117,601

Valuation allowance(107,533)(117,601)

Total deferred tax assets--

Amortization of leasehold right in trust
Depreciation
Asset retirement obligations
Deferred gains or losses on hedges
Subtotal deferred tax assets

2. The significant differences between the statutory tax rate and the effective tax rate:(unit: %)13th Fiscal Period
As of September 30, 2021

12th Fiscal Period
As of March 31, 2021
Statutory tax rate

31.46

31.46

Deductible cash distributions(31.50)(31.49)Others0.06

0.05

Effective tax rate

0.02

0.02

(Notes to Asset Retirement Obligations)
Asset retirement obligations reported on balance sheets
1. Summary of the asset retirement obligations
KRR has recognized the original state restoration obligations assumed under the fixed-term business-purpose land leasehold agreement as the asset retirement obligations in connection
with Sunny Noma acquired on February 10, 2015.
2. Method of calculating asset retirement obligations
Asset retirement obligations are calculated based on a discount rate of 1.256% after the useful life has been estimated to be 22 years and two months based on the time period from thedate of acquisition to the expiration of the agreement.
3. Changes in the amount of applicable asset retirement obligations consisted of the following(in thousands of yen)
12th Fiscal Period
13th Fiscal Period
From October 1, 2020
From April 1, 2021
to March 31, 2021
to September 30, 2021
Balance at the beginning of the period
24,381
24,534
Accretion adjustment
153
154
Balance at the end of the period
24,534
24,68825

Kenedix Retail REIT Corporation (3453)(Notes on Revenue Recognition)
1. Information from analysis of revenues generated from contracts with customers
13th Fiscal Period (From April 1, 2021 to September 30, 2021)(in thousands of yen)
Revenues generated from contracts withcustomers *1

Sales to external customers

Revenue from sale of real estate property

2,548,000*2

328,862

Utility charge reimbursements

625,364

625,364

Other-

8,621,883

Total

3,173,364

9,576,109*1 Rental revenues, etc. which are subject to Accounting Standard for Lease Transactions (ASBJ Statement No. 13) and the transfer of real estate properties which are subject to the“Practical Guidelines on Accounting by Transferors for Securitization of Real Estate Using Special Purpose Companies” (Accounting System Committee Report No.15 of the JapaneseInstitute of Certified Public Accountants) are not included in the above amounts as they are excluded from revenue recognition accounting standards. Furthermore, revenue generated fromcontracts with major customers comprise of revenue from sale of real estate properties and utility charge reimbursements.
*2 As proceeds from sale of real estate property is recorded as gain on sale of real estate property in the statements of income and retained earnings, the amount sought by deducting thecost of real estate property sales and other sales expenses from proceeds from sale of real estate property is indicated.
2．Foundational information for understanding revenues generated from contracts with customers
13th Fiscal Period (From April 1, 2021 to September 30, 2021)
The foundational information for understanding revenues generated from contracts with customers is as indicated in the Summary of Significant Accounting Policies.
3．Information on relationship of fulfillment of performance obligations based on contracts with customers with cashflow generated from said contracts and amount and period of revenue
expected to be recognized in the next fiscal period or thereafter from contracts with customers existing at the end of the fiscal period under review(1) Balance of contract assets and contract liabilities, etc.
(in thousands of yen)
13th Fiscal Period
From April 1, 2021
to September 30, 2021
Claims generated from contracts with customers(balance at beginning of fiscal year)
Claims generated from contracts with customers(balance at end of fiscal year)

95,208138,197

Contract assets (balance at beginning of fiscal year)-

Contract assets (balance at end of fiscal year)-

Contract liabilities (balance at beginning of fiscal year)-

Contract liabilities (balance at end of fiscal year)-(2) Transaction value allocated to remaining performance obligations
Not applicable.
KRR does not include contracts whose terms are initially expected to be less than one year as a target of the note on transaction value allocated to remaining performance obligations as an
expedient in practice.
Also, with regard to utility charge reimbursements, as KRR has the right to receive from customers an amount directly corresponding to the value for the lessees who are customers ofsections for which performance is complete by the end of the fiscal period, the amount it has the right to claim according to Paragraph 19 of the Application Guidelines of the AccountingStandard for Revenue Recognition is recognized as revenue. Accordingly, such is not included in the note on transaction value allocated to remaining performance obligations throughapplication of the provisions of Paragraph 80-22 (2) of the Accounting Standard for Revenue Recognition.
(Notes to the Segment Information)(Segment information)
Disclosure is omitted because the real estate leasing business is KRR’s sole business and it has no reportable segment subject to disclose.
(Related information)
12th Fiscal Period (From October 1, 2020 to March 31, 2021)
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 the statement of income and retained
earnings.
2. Information about each geographic area
(1) Net sales
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating revenue on the statement of income and retained earnings.
(2) Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of the amount of property, plant and equipment on the balance sheets.
3. Information about each major customer
Disclosure is omitted because no net sales to a single external customer accounts for more than 10% of the operating revenue on the statements of income and retained earnings.
13th Fiscal Period (From April 1, 2021 to September 30, 2021)
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 the statement of income and retained
earnings.

26

Kenedix Retail REIT Corporation (3453)
2. Information about each geographic area
(1) Net sales
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating revenue on the statement of income and retained earnings.
(2) Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of the amount of property, plant and equipment on the balance sheets.
3. Information about each major customer
Disclosure is omitted because no net sales to a single external customer accounts for more than 10% of the operating revenue on the statements of income and retained earnings.

(Notes to Investment and Rental Properties)
KRR owns retail properties and logistics facility for rental purposes mainly in the four major metropolitan areas and other regional areas of Japan.
The book value and fair value concerning the above real estate for rental purposes are as follows.

(in thousands of yen)
13th Fiscal Period
From April 1, 2021
to September 30, 2021

12th Fiscal Period
From October 1, 2020
to March 31, 2021
Book value
228,266,280

Balance at the beginning of the period
Balance at the end of the period

228,086,747(179,533)

18,382,952

228,086,747

246,469,699

Changes during the period

Fair value at the end of the period
244,270,400
264,092,200
Note 1: Book value is acquisition cost less accumulated depreciation.
Note 2: Among changes in the amount of real estate for rental purposes that occurred during the 12th fiscal period, the principal increase was the acquisition of real estate trust
beneficiary interest in 2 properties totaling 2,106,845 thousand yen and additional acquisition of 2 real estate trust beneficiary interests amounting to 372,441 thousand
yen and the principal decrease was the sales of real estate trust beneficiary interests in 1 property totaling 2,146,120 thousand yen and depreciation of 1,068,136 thousand
yen and during the 13th fiscal period, the principal increase was the acquisition of real estate trust beneficiary interest in 3 properties totaling 16,922,833 thousand yen
and additional acquisition of 1 real estate trust beneficiary interests amounting to 5,761,375 thousand yen and the principal decrease was the sales of real estate trust
beneficiary interests in 3 properties totaling 3,765,046 thousand yen and depreciation of 1,167,191 thousand yen.
Note 3: The fair value at the end of the period is the appraisal value determined by outside appraisers. The fair value of Daikanyama Address Dixsept(60.0% quasi co-ownershipinterest) , Hankyu Oasis Hirakatadeguchi and Unicus Ina(20.0% quasi co-ownership interest) as of March 31, 2021 are based on the sales price (3,986,400 thousand yen,
1,500,000 thousand yen, and 1,048,000 thousand yen) under the trust beneficiary interest sales contracts entered on November 17, 2020, February 25, 2021, and April 7,
2021, respectively. The fair value of Daikanyama Address Dixsept(30.0% quasi co-ownership interest) as of September 30, 2021 is based on the sales price (1,993,200
thousand yen) under the trust beneficiary interest sales contracts entered on November 17, 2020.
The profit or loss for the period under review concerning investment and rental properties is indicated under “Notes to Statements of Income and Retained Earnings.”(Notes to Per Unit Information)
12th Fiscal Period
From October 1, 2020
to March 31, 2021
Net asset value per unit

13th Fiscal Period
From April 1, 2021
to September 30, 2021

232,575 yen

235,414 yen

Net income per unit
7,084 yen
7,384 yen
Note 1: Net income per unit is calculated by dividing net income by the day-weighted average number of investment units outstanding during the period. Net income per unit after
adjusting for residual units is not included because there were no residual investment units.
Note 2: The basis for calculating net income per unit is as follows:
12th Fiscal Period
13th Fiscal Period
From October 1, 2020
From April 1, 2021
to March 31, 2021
to September 30, 2021
3,798,649

4,261,244--

Net income attributable to ordinary unitholders (in thousands of yen)

3,798,649

4,261,244

Weighted average number of units during the period (units)536,177

577,064

Net income (in thousands of yen)
Net income not attributable to ordinary unitholders (in thousands of yen)

(Notes to Significant Subsequent Events)
Not applicable.

(Omission of Disclosure)Notes to Securities, Equity-Method Income and Retained Earnings, and Retirement Payment are omitted as immaterial to disclose.

27

Kenedix Retail REIT Corporation (3453)(9) Changes in Investment Units Issued and Outstanding
Changes in the number of investment units issued and outstanding and unitholders’ capital since its corporation are summarized in the following table.
Total number of units issued andUnitholders’ capital
outstanding (units)(in million yen) (Note 7)
Date
Type of issue
Notes
Increase
Balance
Increase
Balance
April 18, 2017

Public offering

81,250503,700

18,244

112,500(Note 1)

May 17, 2017

Capital increase throughthird-party allocation

4,000

507,700

898

113,399(Note 2)October 23, 2019

Public offering

27,300535,000

7,462

120,861(Note 3)

November 14, 2019

Capital increase throughthird-party allocation

1,177

536,177

321

121,183(Note 4)

April 20, 2021

Public offering

43,800579,977

11,350132,533(Note 5)

May 18, 2021

Capital increase throughthird-party allocation

2,200

582,177570

133,103(Note 6)Note 1:
Note 2:
Note 3:Note 4:Note 5:Note 6:Note 7:

Issued at issue price of 232,537 yen per unit (issue amount of 224,547 yen per unit) for acquisition of new properties.
Issued at issue amount of 224,547 yen per unit for repayment of borrowings.
Issued at issue price of 282,847 yen per unit (issue amount of 273,360 yen per unit) for acquisition of new properties.
Issued at issue amount of 273,360 yen per unit for part of future purchase funds for specified assets or repayment of borrowings.
Issued at issue price of 267,930 yen per unit (issue amount of 259,136 yen per unit) for acquisition of new properties.
Issued at issue amount of 259,136 yen per unit for part of future purchase funds for specified assets or repayment of borrowings.
Distributions in excess of earnings for the allowance for temporary difference adjustments are not considered.

28

Kenedix Retail REIT Corporation (3453)

3. Reference Information(1) Information on Price of the Managed Assetsi) Component of Assets
Type ofspecified asset

Areas(Note 1)

Property type

Shopping centers
for daily needs
Trust beneficiaryinterest in real estate

12th fiscal period
as of March 31, 2021
Total amount held
Ratio
(Millions of Yen)(%)
(Note 2)
(Note 3)Tokyo
metropolitan area
Greater Osaka
area
Greater Nagoya
area

13th fiscal period
as of September 30, 2021
Total amount held
(Millions of Yen)
(Note 2)

Ratio(%)
(Note 3)

94,73637.6

109,23640.1

46,03618.3

50,22718.4

21,9598.7

21,8598.0

Fukuoka area

7,855

3.1

7,815

2.9

Ordinancedesignated cities,
core cities andother areas

43,76517.4

43,671

16.0

Other retailproperties

-

-

-

－

－

Logistics facilities-

10,049

4.0

9,983

3.7

Total of trust beneficiary interests in real estate

224,402

89.1

242,793

89.1

3,684

1.5

3,675

1.3

Total of real estate

3,684

1.5

3,675

1.3

Bank deposits and other assets

23,686

9.4

26,152

9.6

Total assets

251,773

100.0

272,622100.0

Real estate

Logistics facilities-

12th fiscal period
as of March 31, 2021
Ratio
Amount(%)(Millions of Yen)
(Note 3)13th fiscal period
as of September 30, 2021
Ratio
Amount(%)(Millions of Yen)
(Note 3)

Total liabilities (Note 4)

127,07150.5

135,569

49.7

Total net assets (Note 4)

124,701

49.5

137,05250.3

251,773

100.0

272,622100.0

Total assets

Note 3:“Areas” are categorized to the Tokyo metropolitan area, the Greater Osaka area, the Greater Nagoya area, the Fukuoka area and Ordinance-designated cities, core cities andother areas. References to “Tokyo metropolitan area” are to the area that consists of Tokyo, Kanagawa, Saitama and Chiba prefectures. References to the “Greater Osakaarea” are to the area that consists of Osaka, Kyoto, Hyogo, Nara and Shiga prefectures. References to the “Greater Nagoya area” are to the area that consists of Aichi, Gifu
and Mie prefectures. References to the “Fukuoka area” are to the area that consists of Fukuoka prefecture. “Ordinance-designated cities, core cities and other areas” refers
to cities designated by government ordinance, which have populations of 500,000 persons or more, core cities, which have populations of 200,000 persons or more, and toother areas with a population fewer than 200,000 persons, which we believe will have suitable customer traffic from surrounding areas.
“Total amount held” is the amount allocated in the balance sheets as of the end of fiscal period (figures are on a net book value basis after deducting depreciation), and isrounded down to the nearest million.
“Ratio” is the ratio of the amount allocated in the balance sheets to the total assets rounded to the nearest tenth.

Note 4:“Total liabilities” and “Total net assets” are those on the balance sheets.

Note 1:

Note 2:29

Kenedix Retail REIT Corporation (3453)
ii) Overview of the Portfolio(A) Overview of Assets Owned
The following summarizes the real estate or the real estate properties in trust owned by KRR as of September 30, 2021.
Property
number

T-2

T-3

T-4

Property
type(Note 1)
Urban
Station-Front
SC
Urban
Station-Front
SC
Urban
Station-Front
SC

Trust beneficiaryinterest in real estate

9,070

9,700

8,063

3.3

Passaggio Nishiarai

Adachi ward, Tokyo

Trust beneficiaryinterest in real estate

5,657

6,570

5,850

2.4

Daikanyama Address
Dixsept (Note 6)

Shibuya ward, Tokyo

Trust beneficiaryinterest in real estate

1,602

1,872

1,617
(Note 7)

0.7

3,468

4,216

3,576
(Note 7)

1.5

3,839

4,350

4,000

1.6

3,488

3,870

3,600

1.5

2,428

2,770

2,586

1.1

4,890

5,560

4,815

2.0

3,210

3,450

3,169

1.3

3,043

3,050

3,000

1.2

1,726

1,790

1,700

0.7

1,462

1,380

1,442

0.6

3,290

3,740

3,360

1.4

1,725

1,780

1,724

0.7

1,475

1,480

1,450

0.6

4,228

4,340

4,170

1.7

3,355

3,480

3,416

1.4

3,104

3,250

3,097

1.3

2,995

2,820

2,820

1.1

1,827

1,950

1,880

0.8

1,268

1,340

1,263

0.5

3,603

3,380

3,400

1.4

11,601

12,10011,567

4.7

5,974

6,050

5,980

2.4

2,841

2,940

2,753

1.1

2,403

2,410

2,300

0.9

Kitaadachi-gun,
Saitama

T-6

NSC

Yorktown Kita-Kaname

Hiratsuka, Kanagawa

T-7

NSC

Unicus Yoshikawa

Yoshikawa, Saitama

T-8

SS

Nerima ward, Tokyo

T-9

NSC

Saitama, Saitama

T-10

SS

Sports Club Renaissance
Fujimidai
Super Viva Home
Iwatsuki (Land)
K’s Denki
Shonan-Fujisawa (Land)

T-11

NSC

Unicus Kamisato (Land)

Kodama-gun, Saitama

T-12

NSC

Unicus Konosu (Land)

Konosu, Saitama

T-13

SM

Inageya Yokohama
Minamihonjuku (Land)

Yokohama, Kanagawa

T-15

NSC

Nakamachidai Tokyu Store Yokohama, Kanagawa

T-16

SS

Central Wellness Club
Nagatsuta Minamidai

Yokohama, Kanagawa

T-17

SM

Life Kameido

Koto ward, Tokyo

T-18

NSC

Yokohama, Kanagawa

T-19

NSC

Totsuka-Fukaya Shopping
Center (Land)
Yumemachi Narashinodai
Mall

T-20

NSC

Kawamachi Yahagi Mall

Chiba, Chiba

T-21

SS

Prime Square Jiyugaoka

Meguro-ward, Tokyo

T-22

SS

Round1 Ichikawa-Onitaka

Ichikawa, Chiba

T-23

SM

Ozeki Tokiwadai

Itabashi ward, Tokyo

T-24

SS

T-25

NSC

T-26

NSC

Kalsa Hiratsuka

Hiratsuka, Kanagawa

T-27

NSC

Monenosato Mall

Yotsukaido, Chiba

T-29

NSC

T-30

SM

T-31

NSC

T-32

Share
(%)
(Note 5)

Urayasu, Chiba

Unicus Ina

NSC

Acquisition
price(in millions)(Note 4)MONA Shin-Urayasu

NSC

T-28

Evaluation value(in millions)(Note 3)

Property nameT-5

Konami Sports Club
Shibuya
Apita Terrace Yokohama
Tsunashima

KDX Chofu Building(Retail wing)
Across Plaza Urayasu
Higashino (Land)
Comfort Market NishiMagome

Fujisawa, Kanagawa

Funabashi, Chiba

Shibuya ward, Tokyo
Yokohama, Kanagawa

Chofu, Tokyo

Ownership
formBook value(in millions)

Location(Note 2)Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate

Urayasu, Chiba

Trust beneficiaryinterest in real estate

2,283

2,310

2,248

0.9

Ota ward, Tokyo

Trust beneficiaryinterest in real estate

1,997

2,040

1,920

0.8

Kitera Town Chofu

Chofu, Tokyo

Trust beneficiaryinterest in real estate

10,621

11,40010,5004.3

NSC

Unicus Urawamisono(Land)

Saitama, Saitama

Trust beneficiaryinterest in real estate

748

817

732

0.3

O-1

NSC

Blumer Maitamon

Kobe, Hyogo

8,372

9,600

8,389

3.4

O-2

SM

Life Takadono (Land)

Osaka, Osaka

2,727

3,200

2,685

1.1

O-3

NSC

DCM Kahma MEGADon Quijote UNY

Omihachiman, Shiga

2,101

2,590

2,140

0.9

Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate30

Kenedix Retail REIT Corporation (3453)

Property
number

Property
type(Note 1)

Location(Note 2)

Property name

Ownership
formBook value(in millions)

Evaluation value(in millions)(Note 3)Acquisition
price(in millions)(Note 4)

11,154

11,10011,000

4.5

6,875

7,320

6,555

2.7

6,140

6,450

6,450

2.6

1,525

1,720

1,505

0.6

3,772

4,070

3,723

1.5

2,054

2,020

2,000

0.8

5,502

5,790

5,440

2.2

2,351

2,690

2,311

0.9

2,099

2,360

2,174

0.9

6,806

7,510

7,140

2.9

8,013

7,050

7,911

3.2

2,587

2,560

2,551

1.0

1,367

1,650

1,497

0.6

4,908

5,800

5,020

2.0

1,538

1,840

1,515

0.6

9,622

12,00010,046

4.1

1,423

1,520

1,469

0.6

854

912

898

0.4

4,406

4,930

4,180

1.7

3,210

2,570

3,252

1.3

920

982

830

0.3

4,130

4,350

4,010

1.6

Share
(%)
(Note 5)

Omihachiman
Blumer HAT Kobe

Kobe, Hyogo

Carino Esaka

Suita, Osaka

COMBOX Komyoike

Izumi, Osaka

Life Nishi-Tengachaya

Osaka, Osaka

Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate

O-4

NSC

O-5
O-6

Urban StationFront SC
Urban StationFront SC

O-9

SM

O-10

NSC

O-11

NSC

O-12

NSC

Merado Daikai

Kobe, Hyogo

N-1

SS

DCM Kahma
Nakagawa Tomita (Land)

Nagoya, Aichi

N-2

NSC

Valor Ichinomiya-Nishi

Ichinomiya, Aichi

N-4

SS

N-6

NSC

N-7

SM

F-1

SM

F-2

SS

F-3

NSC

R-1

NSC

R-2

SS

R-3

SS

R-4

NSC

Ashico Town Ashikaga

Ashikaga, Tochigi

R-5

NSC

Sendai, Miyagi

R-6

SM

Yorktown
Shinden-Higashi
Kasumi Technopark
SakuraR-8

NSC

P-1 Plaza Tenno

Hamamatsu, Shizuoka

R-9

NSC

Seiyu Rakuichi Moriya(Land)Moriya, Ibaraki

Trust beneficiaryinterest in real estate

4,320

4,280

4,111

1.7

R-10

NSC

Sun Street Hamakita

Hamamatsu, Shizuoka

Trust beneficiaryinterest in real estate

10,57010,98010,746(Note 7)

4.4

R-11

SS

Costco Wholesale Sapporo
Sapporo, Hokkaido
Warehouse

Trust beneficiaryinterest in real estate

4,212

4,430

4,210

1.7

L-1

L

Zama Distribution Center

Zama, Kanagawa

Real estate

1,467

1,750

1,400

0.6

L-2

L

Yokosuka, Kanagawa

Real estate

1,339

1,650

1,300

0.5

L-3

L

3,762

4,250

3,879
(Note 7)

1.6

L-4

L

964

1,040

918

0.4

L-5

L

3,178

3,590

3,160

1.3

L-6

L

869

842

810

0.3

L-7

L

1,253

1,340

1,250

0.5

L-8

L

825

1,030

800

0.3

246,469

263,971245,274

100.0

Million Town Tsukaguchi(Land)
Habikigaoka Shopping
CenterHomecenter Kohnan
Sunadabashi
Resora Obu Shopping
Terrace
Valor Nakashidami(Land)

Amagasaki, Hyogo
Habikino, Osaka

Nagoya, Aichi
Obu, Aichi
Nagoya, Aichi

Sunny Noma

Fukuoka, Fukuoka

Round1 Stadium HakataHanmichibashi
Kurume-Nishi Shopping
CenterRoseo Mito

Fukuoka, Fukuoka
Kurume, Fukuoka
Mito, Ibaraki

K’s Denki Aomori
HontenSuper Sports Xebio
Aomori-Chuo

Aomori, Aomori
Aomori, Aomori

Tsukuba, Ibaraki

Oppama Distribution
CenterMusashi Ranzan
Distribution Center
Yokohama Kamigo
Distribution Center

Hiki-gun, Saitama
Yokohama, Kanagawa

Gyoda Distribution Center
Shinjuku Nishiochiai
Distribution Center
Chiba-Kita Distribution
Center
Sapporo Shiroishi
Distribution Center

Gyoda, Saitama

Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate

Shinjuku ward, Tokyo
Chiba, Chiba
Sapporo, Hokkaido

Real estate
Trust beneficiaryinterest in real estate
Trust beneficiaryinterest in real estate

Total
Note 1:

Properties are categorized into the following six types of properties: NSC (Neighborhood Shopping Center), SM (Supermarket), CSC (Community Shopping Center), Urban
Station-Front SC (Urban Station-Front Shopping Center), SS (Specialty Store) and L (Logistics facility).
31Kenedix Retail REIT Corporation (3453)
We categorize shopping centers for daily needs as follows.
Features

Type of shopping centers for daily needs
NSC (Neighborhood Shopping Centers)

3km-5km

SM (Supermarkets)

Stand-alone stores that primarily provide groceries, with a retail trade area

3km

CSC (Community Shopping Centers)

Larger shopping centers than NSC, which have a supermarket as an anchor or core tenant inaddition to specialty store tenants

5km-10km

Urban Station-Front Shopping Centers

Shopping centers that are located in the immediate vicinity of an urban public transportation
station, which take advantage of stable foot traffic

3km-10km

Single- or multiple-tenant shopping centers that specialize in a single type of merchandise orservice, such as drug stores, convenience stores, health clubs or electronic appliance stores“Location” indicates the residential address. For those without a residential address, the building or land address on the registry is shown.
SS (Specialty Stores)

Note 2:
Note 3:Note 4:Note 5:Note 6:Note 7:

Trade area

Shopping centers with a supermarket as an anchor or core tenant and several specialty store
tenants

1km-10km“Evaluation value” shows the appraisal value stated on the real estate appraisal report created by the real estate appraisers of Daiwa Real Estate Appraisal Co., Ltd., Japan Real
Estate Institute and The Tanizawa Sōgō Appraisal Co., Ltd. In accordance with the methods and standards for asset valuation as stipulated in the KRR Articles of Incorporation
as well as the regulations as stipulated by The Investment Trusts Association, Japan.
“Acquisition price” indicates the transfer price of the property to be acquired designated in each sale and purchase agreement (excluding the acquisition expenses, property
taxes, city planning taxes and consumption taxes, and rounded down to the nearest million yen). (As for the properties with building expansion, the price includes the amountdescribed in the construction contract and construction design/supervision outsourcing contracts (excluding expenses and taxes and rounded down to the nearest million yen)).
“Share” represents the percentage of the acquisition price for each property in the total acquisition price, rounded to the nearest tenth.
KRR disposed of a quasi-co-ownership interest (40% a quasi-co-ownership interest) in the trust beneficiary interest of Daikanyama Address Dixsept on December 1, 2020, a
quasi-co-ownership interest (30% a quasi-co-ownership interest) on April 1, 2021, and a quasi-co-ownership interest (30% a quasi-co-ownership interest) on October 1, 2021.
The amount and proportion of quasi co-ownership interests that KRR owns are shown.

32

Kenedix Retail REIT Corporation (3453)(B) Overview of tenants as of September 30, 2021
The following summarizes leasable area, leased area, occupancy rate, number of tenants, annual rent, and amount of security deposits.
Property
number

Property nameLeasable area(m2)
(Note 1)

Leased area(m2)
(Note 2)

Occupancy
rate(%)(Note 3)

Number oftenants(Note 4)

Annual rent
(thousands)(Note 5)

Amount of
security deposits(millions)(Note 6)

T-2

MONA Shin-Urayasu

9,955.84

9,352.76

93.9

1(52)

606,861

578

T-3

Passaggio Nishiarai

10,530.60

10,341.41

98.2

1(41)

438,535

263

T-4

Daikanyama Address Dixsept1(24)Unicus Ina

100.0

1

T-6

Yorktown Kita-Kaname

1,423.10(Note 7)
10,770.16(Note 7)(Note 8)

93.8

T-5

1,516.92(Note 7)
10,770.16(Note 7)(Note 8)100.0

1104,595(Note 7)223,202(Note 7)(Note 8)92
(Note 7)
113
(Note 7)(Note 8)

T-7

Unicus Yoshikawa

10,648.27

10,648.27

100.0

1(10)

262,863

205

T-8

Sports Club Renaissance Fujimidai

3,120.87

3,120.87

100.0

1(Note 8)(Note 8)

T-9

Super Viva Home Iwatsuki (Land)

67,325.95

67,325.95

100.0

1

T-10

K’s Denki Shonan-Fujisawa (Land)

15,578.58

15,578.58

100.0

1

T-11

Unicus Kamisato (Land)

67,854.47

67,854.47

100.0

1

150,595

70

T-12

Unicus Konosu (Land)

19,329.00

19,329.00

100.0

1

86,063

39

T-13

Inageya Yokohama Minamihonjuku (Land)

4,405.41

4,405.41

100.0

1

T-15

Nakamachidai Tokyu Store

5,968.71

5,968.71

100.0

1

T-16

Central Wellness Club Nagatsuta Minamidai

3,996.68

3,996.68

100.0

2

T-17

Life Kameido

2,929.58

2,929.58

100.0

1

T-18

Totsuka-Fukaya Shopping Center (Land)

14,092.51

14,092.51

100.0

2

T-19

Yumemachi Narashinodai Mall

7,827.96

7,827.96

100.0

1(14)

226,829

155

T-20

Kawamachi Yahagi Mall

6,397.05

6,397.05

100.0

1(12)

193,105

106

T-21

Prime Square Jiyugaoka

3,512.55

3,512.55

100.0

2

T-22

Round1 Ichikawa-Onitaka

11,963.61

11,963.61

100.0

1

T-23

Ozeki Tokiwadai

1,217.02

100.0

1

100.0

1

1,217.02(Note 8)(Note 8)141

(Note 8)(Note 8)(Note 8)(Note 8)

T-24

Konami Sports Club Shibuya

T-25

Apita Terrace Yokohama Tsunashima

44,568.05

44,568.05

100.0

1

(Note 8)(Note 8)T-26

Kalsa Hiratsuka

14,195.00

14,195.00

100.0

3

(Note 8)(Note 8)

T-27

Monenosato Mall

6,861.59

6,861.59

100.0

1(11)

168,496

104

T-28

KDX Chofu Building (Retail wing)

12,119.00

12,119.00

100.0

3

150,41957

T-29

Across Plaza Urayasu Higashino (Land)

6,229.32

6,229.32

100.0

1

T-30

Comfort Market Nishi-Magome

1,456.86

1,456.86

100.0

196,00080

T-31

Kitera Town Chofu

10,665.73

10,280.31

96.4

1(26)

650,441

638

T-32

Unicus Urawamisono (Land)3,533.59

3,533.59

100.0

138,48419

O-1

Blumer Maitamon

30,290.85

29,948.33

98.9

50

712,941

433

O-2

Life Takadono (Land)

4,437.07

4,437.07

100.0

1

O-3

DCM Kahma MEGA Don Quijote UNY
Omihachiman

14,313.00

14,313.00

100.0

2

O-4

Blumer HAT Kobe

23,775.88

23,261.53

97.8

1(39)

33

(Note 8)(Note 8)712,962(Note 8)(Note 8)812

Kenedix Retail REIT Corporation (3453)

Property
number

Property nameLeasable area(m2)
(Note 1)

Leased area(m2)
(Note 2)

Occupancy
rate(%)(Note 3)

Number oftenants(Note 4)

Annual rent
(thousands)(Note 5)

Amount of
security deposits(millions)(Note 6)O-5

Carino Esaka

7,542.69

7,440.84

98.6

1(29)

302,441230

O-6

COMBOX Komyoike

25,530.44(Note 9)25,530.44

100.0

1

452,060(Note 10)339
(Note 11)O-9Life Nishi-Tengachaya

2,679.52

2,679.52

100.0

189,740199

O-10

Million Town Tsukaguchi (Land)8,264.46

8,264.46

100.0

1

O-11

Habikigaoka Shopping Center

6,447.81

6,447.81

100.0

2

O-12

Merado Daikai

11,922.77

11,922.77

100.0

7

N-1

DCM Kahma Nakagawa Tomita (Land)

100.0

1

N-2

Valor Ichinomiya-Nishi

9,447.48

9,447.48

100.0

1

N-4

Homecenter Kohnan Sunadabashi

20,329.07

20,329.07

100.0

1

N-6

Resora Obu Shopping Terrace

19,909.33

19,634.11

98.6

1(42)

N-7

Valor Nakashidami (Land)

13,480.42

13,480.42

100.0

1

F-1

Sunny Noma

2,814.67

2,814.67

100.0

1

F-2

Round1 Stadium Hakata-Hanmichibashi

28,026.61

28,026.61

100.0

1

F-3

Kurume-Nishi Shopping Center

4,641.10

4,641.10

100.0

4104,61762

R-1

Roseo Mito

48,296.15

48,296.15

100.0

1(23)

703,420464

R-2

K’s Denki Aomori Honten

10,083.41

10,083.41

100.0

1

R-3

Super Sports Xebio Aomori-Chuo

100.0

1

R-4

Ashico Town Ashikaga

65,181.05

64,646.98

99.2

1(29)

R-5

Yorktown Shinden-Higashi

12,768.77

12,768.77

100.0

2

R-6

Kasumi Technopark Sakura

2,228.04

2,228.04

100.0

1

R-8

P-1 Plaza Tenno

12,030.83

12,030.83

100.0

1(7)

R-9

Seiyu Rakuichi Moriya (Land)

1

Sun Street Hamakita(Note 8)48,004.76(Note 7)

100.0

R-10

(Note 8)48,697.31(Note 7)

98.6

1(49)

R-11

Costco Wholesale Sapporo Warehouse

24,006.16

24,006.16

100.0

1

L-1

Zama Distribution Center

5,479.92

5,479.92

100.0

1

L-2

Oppama Distribution Center

6,543.87

6,543.87

100.0

1

L-3

Musashi Ranzan Distribution Center

32,935.55(Note 7)32,935.55(Note 7)

100.0

1

L-4

Yokohama Kamigo Distribution Center

2,040.05

2,040.05

100.0

2

L-5

Gyoda Distribution Center

21,956.09

21,956.09

100.0

1

L-6

Shinjuku Nishiochiai Distribution Center

790.52790.52

100.0

1

L-7

Chiba-Kita Distribution Center

5,684.13

5,684.13

100.0

1

L-8

Sapporo Shiroishi Distribution Center

11,181.15

11,181.15

100.0

1

Total

997,493.50

993,761.43

99.6

528

Note 1:
Note 2:(Note 8)(Note 8)(Note 8)(Note 8)(Note 8)(Note 8)297,906

312(Note 8)(Note 8)405,927(Note 8)(Note 8)257

(Note 8)174
(Note 8)392,247(Note 8)331
(Note 8)31

265,920245(Note 8)846,556(Note 7)(Note 8)493
(Note 7)(Note 8)(Note 8)(Note 7)(Note 8)(Note 7)(Note 8)(Note 8)(Note 8)5,462,97811,937“Leasable area” is equivalent to gross floor area of space that we consider to be available for lease in each property, rounded to the nearest tenth. For land-only properties,
leasable area is equivalent to land area as described in the property registry.
“Leased area” indicates the total leased area based on the lease agreements for each property as of September 30, 2021. As for lease agreements of buildings, the leased areaof warehouses and land are excluded. As for pass-through type master leases, the leased area based on the lease agreements between the master lessee and the end-tenants asof September 30, 2021 is shown. As for sublease type master leases, the leased area to the master lessee is shown.
34

Kenedix Retail REIT Corporation (3453)
Note 3:Note 4:Note 5:Note 6:Note 7:Note 8:Note 9:Note 10:Note 11:“Occupancy rate” is calculated by dividing leased area by leasable area as of September 30, 2021, rounded to the nearest tenth. The “Total” of “Occupancy rate” represents
the average occupancy rate of all properties in the initial portfolio.
“Number of tenants” is based upon the number of lease agreements with respect to the building(s) (or land in the case of land-only properties with leasehold interest) on eachsuch property used mainly as stores and offices, as of September 30, 2021. Where one lessee leases more than one section of the property, the lessee is counted as a tenant foreach section leased within the property. Where pass-through type master lease agreements are entered into, the number of master lessees is with the number of end-tenants
indicated in parentheses. Where sublease type master lease agreements are entered into, the indicated, number of master lessee is shown. The “Total” of “Number of tenants”
shows the total number of tenants. As for pass-through type master leases, the number of end-tenants is used for calculation. As for sublease type master leases, the number ofmaster lessee is used for calculation.
“Annualized fixed rent” is generally calculated by multiplying the monthly fixed rent and common area charges under a leasing contract with tenants at portfolio properties asof September 30, 2021 (excluding warehouses in the case of retail building lease agreements) by twelve and rounding down to the nearest thousand yen. For master leases,
where the master lease company subleases space to other tenants, the fixed monthly rent under the master lease contract is multiplied by twelve, rounded down to the nearest
thousand yen.
“Tenant leasehold and security deposits” indicates the outstanding balance of any tenant leasehold and security deposit from the relevant end-tenant(s) set forth in leaseagreement(s) effective as of September 30, 2021 (excluding warehouses in the case of building lease agreements), rounded down to the nearest million yen.
The area and amount as proportion to the quasi co-ownership interests that KRR owns are shown. The figures are reflected in total even if the figures are undisclosed.
We have not obtained consent from the tenant(s) to release this information.
The total area that we own exclusively as a compartmentalized ownership interest (retail space) is shown.
Calculated by multiplying the monthly rent and common area charges for September 2021 under the leasing contract by twelve and also taking into consideration the ownership
ratio (93.20%) under the compartmentalized ownership agreement.
Calculated by multiplying the tenant leasehold and security deposits for the whole building as of September 2021 by the ownership ratio (93.20%).

35

Kenedix Retail REIT Corporation (3453)(C) Overview of the appraisal reports
The following show the summaries of the appraisal reports is the appraisal value of the acquired properties described in each real estate appraisal report
prepared by real estate appraisers, including Daiwa Real Estate Appraisal Co., Ltd., Japan Real Estate Institute, and The Tanizawa Sōgō Appraisal Co., Ltd.
as requested by KRR, based on an important notice concerning real estate appraisal in the context of the Act on Investment Trusts and Investment
Corporations, Act on Real Estate Appraisal (Act No. 152 of 1963, including subsequent revisions) and real estate appraisal standards. The appraisal value isthe judgment and opinion of the appraiser at a fixed point in time, with no guarantees as to the validity or accuracy of the report, nor to the possibility oftransactions at the appraised value. There are no special relations of interest between Daiwa Real Estate Appraisal Co., Ltd., Japan Real Estate Institute, and
The Tanizawa Sōgō Appraisal Co., Ltd. and KRR or KFM.
Estimated value
Cash flow-based method
Property
number

Property nameAppraiser

Appraisal
Evaluation
Direct capitalization method
value
Cost methoddate(in millions)(in millions) Estimatedvalue
Cap rate (%)(in millions)Japan Real Estate
Institute
Daiwa Real Estate
T-3 Passaggio Nishiarai
Appraisal Co.,Ltd.
Daikanyama Address
Japan Real Estate
T-4
InstituteDixsept (Note 5)
Japan Real Estate
T-5 Unicus Ina (Note 5)
Institute
Daiwa Real Estate
T-6 Yorktown Kita-Kaname Appraisal Co.,Ltd.
Daiwa Real Estate
T-7 Unicus Yoshikawa
Appraisal Co.,Ltd.
Daiwa Real Estate
Sports Club
T-8
Appraisal Co.,
Renaissance FujimidaiLtd.
The Tanizawa
Super Viva Home
T-9
Sōgō Appraisal
Iwatsuki (Land)
Co., Ltd.
The Tanizawa
K’s Denki ShonanT-10
Sōgō Appraisal
Fujisawa (Land)
Co., Ltd.
The Tanizawa
T-11 Unicus Kamisato (Land) Sōgō Appraisal
Co., Ltd.
The Tanizawa
T-12 Unicus Konosu (Land)
Sōgō Appraisal
Co., Ltd.
Japan Real Estate
Inageya Yokohama
T-13
Minamihonjuku (Land)
Institute
Daiwa Real Estate
Nakamachidai Tokyu
T-15
Appraisal Co.,
Store
Ltd.
Daiwa Real Estate
Central Wellness Club
T-16
Appraisal Co.,
Nagatsuta Minamidai
Ltd.
Daiwa Real Estate
T-17 Life Kameido
Appraisal Co.,Ltd.
Daiwa Real EstateTotsuka-Fukaya
T-18
Appraisal Co.,
Shopping Center (Land) Ltd.
Daiwa Real Estate
Yumemachi
T-19
Appraisal Co.,
Narashinodai MallLtd.
Daiwa Real Estate
T-20 Kawamachi Yahagi Mall Appraisal Co.,Ltd.
Daiwa Real Estate
T-21 Prime Square Jiyugaoka Appraisal Co.,Ltd.
Daiwa Real Estate
Round1 IchikawaT-22
Appraisal Co.,
OnitakaLtd.
Daiwa Real Estate
T-23 Ozeki Tokiwadai
Appraisal Co.,Ltd.
The Tanizawa
Konami Sports Club
T-24
Sōgō Appraisal
ShibuyaCo., Ltd.
Apita Terrace Yokohama Daiwa Real Estate
T-25
Appraisal Co.,
Tsunashima
Ltd.
Japan Real Estate
T-26 Kalsa Hiratsuka
Institute
T-2

MONA Shin-Urayasu

Appraisal
NOI yield
Appraisal(%)
NOI(Note 2)
Terminal(in millions)capitalization(Note 1)rate (%)

DCF method
Estimated value(in millions)

Discount rate(%)

Sep.30
2021

9,700

8,120

9,800

4.6

9,590

4.3

4.8

517

6.4

Sep.30
2021

6,570

9,840

6,660

4.3

6,530

4.1

4.5

294

5.0

1,872

5,870

6,370

3.3

6,110

3.1

3.5

66

4.1

4,216

3,940

5,290

4.5

5,250

4.2

4.7

201

5.6

Sep.30
2021

4,350

2,280

4,380

4.9

4,330

4.7

5.1

216

5.4

Sep.30
2021

3,870

4,360

3,920

4.7

3,850

4.5

4.9

186

5.2

Sep.30
2021

2,770

1,880

2,800

4.6

2,750

4.4

4.8

129

5.0

Sep.30
2021

5,560

－

－

－

5,560

(year 1-11)(year 12-31.2)

4.6
4.7

－

197

4.1

Sep.30
2021

3,450

－

－

－

3,450

(year 1-6)
(year 7-26.1)

4.3
4.4

－

159

5.0

Sep.302021(year 1-9)

3,050

－

－

－

3,050 (year 10-24)

－

138

4.6

Sep.30
2021

1,790

－

－

－

4.6
4.7
4.8
4.5
4.6
4.7

－

77

4.6

Sep.30
2021

1,380

－

－

－

1,380

4.0

－

64

4.5

Sep.30
2021

3,740

2,730

3,780

4.6

3,720

4.4

4.8

182

5.4

Sep.30
2021

1,780

2,370

1,790

5.0

1,780

4.8

5.2

91

5.3

Sep.30
2021

1,480

2,040

1,500

4.2

1,470

3.9

4.4

63

4.4

Sep.30
2021

4,340

－

4,320

4.7
(Note 3)

4,340

4.6

－

191

4.6

Sep.30
2021

3,480

3,290

3,510

4.9

3,460

4.7

5.1

173

5.1

Sep.30
2021

3,250

3,440

3,310

4.8

3,220

4.6

5.0

159

5.2

Sep.30
2021

2,820

2,880

2,860

3.6

2,800

3.4

3.8

115

4.1

Sep.30
2021

1,950

3,390

1,960

4.8

1,950

4.6

5.0

97

5.2

Sep.30
2021

1,340

1,550

1,370

4.2

1,330

4.0

4.4

57

4.6

Sep.30
2021

3,380

3,720

3,460

3.8

3,340

3.8

4.0

135

4.0

Sep.302021

12,10015,00012,200

4.3

12,000

4.1

4.5

543

4.7

Sep.30
2021

6,050

6,180

6,120

4.4

5,980

4.1

4.6

280

4.7

Sep.302021
Sep.302021

36(year 25-34)(year 1-9)
1,790 (year 10-24)(year 25-34)

Kenedix Retail REIT Corporation (3453)
Estimated value
Cash flow-based method
Property
number

Property nameAppraiser

Appraisal
Evaluation
Direct capitalization method
value
Cost methoddate(in millions)(in millions) Estimatedvalue
Cap rate (%)(in millions)

T-27
T-28

T-29

T-30

T-31

T-32

Monenosato Mall
KDX Chofu Building(Retail wing)
Across Plaza Urayasu
Higashino (Land)
Comfort Market NishiMagome
Kitera Town Chofu
Unicus Urawamisono(Land)

O-1

Blumer Maitamon

O-2

Life Takadono (Land)

O-3

DCM Kahma MEGADon Quijote UNY
Omihachiman

O-4

Blumer HAT Kobe

O-5

Carino Esaka

O-6

COMBOX Komyoike

O-9

Life
Nishi-Tengachaya

O-10

Million Town
Tsukaguchi (Land)

O-11

Habikigaoka Shopping
CenterO-12 Merado Daikai

N-1
N-2
N-4

N-6

N-7
F-1

Appraisal
NOI yield
Appraisal(%)
NOI(Note 2)
Terminal(in millions)capitalization(Note 1)rate (%)

DCF method
Estimated value(in millions)

Discount rate(%)

Japan Real Estate
Institute

Sep.30
2021

2,940

2,640

2,990

4.9

2,880

4.7

5.2

146

5.3

Japan Real Estate
Institute

Sep.30
2021

2,410

2,400

2,420

4.6

2,400

4.2

4.8

124

5.4

Daiwa Real Estate Sep.30
Appraisal Co.,
2021

2,310

－

2,330

4.2
(Note3)

2,300

4.1

－

89

4.0

The Tanizawa
Sōgō Appraisal
Co., Ltd.

Sep.30
2021

2,040

2,000

2,080

4.1

2,020

4.1
4.2

4.3

84

4.4

Japan Real Estate
Institute

Sep.302021

11,40011,40011,4004.8

11,300

4.5

5.0

549

5.2

Japan Real Estate
Institute

Sep.30
2021

817

－

821

4.1

812

4.0

4.1

33

4.6

Sep.30
2021

9,600

9,670

9,590

5.2

9,600

5.3

5.4

511

6.1

Sep.30
2021

3,200

－

－

－

(year 1-3)
3,200 (year 4-14)(year 15-33.8)

3.8
3.9
4.0

－

128

4.8

Sep.30
2021

2,590

2,330

2,610

5.8

2,570

5.5

6.0

152

7.1

Sep.302021

11,10017,300

11,2004.9

11,000

4.7

5.1

559

5.1

Sep.30
2021

7,320

7,400

7,380

4.3

7,250

4.0

4.5

341

5.2

Sep.30
2021

6,450

7,490

6,810

5.3

6,290

4.9

5.4

385

6.0

Sep.30
2021

1,720

1,780

1,750

4.5

1,700

4.6

4.7

79

5.3

Sep.30
2021

4,070

－

－

－

4,070

(year 1-14)(year 15-34.4)

3.9
4.1

－

157

4.2

Sep.30
2021

2,020

1,720

2,040

5.1

2,010

(year 1-8)
(after year 9)

5.1
5.2

5.3

106

5.3

Sep.30
2021

5,790

5,510

5,830

4.9

5,740

4.6

5.1

291

5.4

Sep.30
2021

2,690

－

－

－

2,690

4.3
4.4

－

116

5.0

Sep.30
2021

2,360

1,790

2,370

5.1

2,340

4.8

5.3

130

6.0

Sep.30
2021

7,510

7,220

7,620

4.9

7,460

4.7

5.1

389

5.5

Sep.30
2021

7,050

7,400

7,250

4.9

6,960

5.0

5.1

365

4.6

Sep.30
2021

2,560

－

－

－

2,560

4.1

－

119

4.7

Sep.30
2021

1,650

1,610

1,690

4.4

1,600

4.2

4.8

78

5.3

The Tanizawa
Sōgō Appraisal
Co., Ltd.
The Tanizawa
Sōgō Appraisal
Co., Ltd.
Japan Real Estate
Institute
Daiwa Real EstateAppraisal Co.,
Ltd.
Japan Real Estate
Institute
Daiwa Real EstateAppraisal Co.,Ltd.
The Tanizawa
Sōgō Appraisal
Co., Ltd.
The Tanizawa
Sōgō Appraisal
Co., Ltd.
The Tanizawa
Sōgō Appraisal
Co., Ltd.
Japan Real Estate
Institute

The Tanizawa
DCM Kahma Nakagawa
Sōgō Appraisal
Tomita (Land)
Co., Ltd.
Japan Real Estate
Valor Ichinomiya-Nishi
Institute
Daiwa Real Estate
Homecenter Kohnan
Appraisal Co.,
Sunadabashi
Ltd.
The Tanizawa
Resora Obu Shopping
Sōgō Appraisal
TerraceCo., Ltd.
The Tanizawa
Valor Nakashidami
Sōgō Appraisal(Land)
Co., Ltd.
Japan Real Estate
Sunny Noma
Institute(year 1-10)(year 11)(year 1-12)(year 13-31.7)

F-2

Round1 Stadium Hakata- Japan Real Estate
InstituteHanmichibashi

Sep.30
2021

5,800

5,640

5,840

4.9

5,750

4.6

5.1

285

5.7

F-3

Kurume-Nishi Shopping
CenterJapan Real Estate
Institute

Sep.30
2021

1,840

1,550

1,850

4.8

1,820

4.5

5.0

92

6.1

R-1

Roseo Mito

Japan Real Estate
Institute

Sep.302021

12,0009,270

12,1004.8

11,900

4.5

5.0

593

5.9

R-2

K’s Denki Aomori
HontenJapan Real Estate
Institute

Sep.30
2021

1,520

1,690

1,530

5.5

1,510

5.2

5.7

91

6.2

R-3

Super Sports Xebio
Aomori-Chuo

Japan Real Estate Sep.30
Institute
2021
Daiwa Real Estate
Sep.30Appraisal Co.,
2021
Ltd.

912

855

917

5.5

906

5.2

5.7

56

6.3

4,900

5.3
(Building)
5.0

4,940

5.1
(Building)
5.0

259

6.2

R-4

Ashico Town Ashikaga

4,930

7,160

37

5.5

Kenedix Retail REIT Corporation (3453)
Estimated value
Cash flow-based method
Property
number

Property nameAppraiser

Appraisal
Evaluation
Direct capitalization method
value
Cost methoddate(in millions)(in millions) Estimatedvalue
Cap rate (%)(in millions)

Estimated value(in millions)

Discount rate(%)

(Land)(Note 4)R-5

Yorktown ShindenHigashi

R-6

Kasumi Technopark
SakuraR-8

P-1 Plaza Tenno

R-9

Seiyu Rakuichi Moriya(Land)

R-10

Sun Street Hamakita(Note 5)

R-11

Costco Wholesale
Sapporo Warehouse

L-1

L-2

L-3

L-4

L-5
L-6
L-7

L-8

Daiwa Real EstateAppraisal Co.,Ltd.
Daiwa Real EstateAppraisal Co.,
Ltd.
Japan Real Estate
Institute
Daiwa Real EstateAppraisal Co.,
Ltd.
Japan Real Estate
InstituteJapan Real Estate
Institute
The Tanizawa
Zama Distribution Center Sōgō Appraisal
Co., Ltd.
The Tanizawa
Oppama Distribution
Sōgō Appraisal
CenterCo., Ltd.
The Tanizawa
Musashi Ranzan
Distribution Center
Sōgō Appraisal(Note 5)
Co., Ltd.
The Tanizawa
Yokohama Kamigo
Sōgō Appraisal
Distribution Center
Co., Ltd.
The Tanizawa
Gyoda Distribution
Sōgō Appraisal
CenterCo., Ltd.
Japan Real Estate
Shinjuku Nishiochiai
Distribution Center
Institute
Daiwa Real Estate
Chiba-Kita Distribution
Appraisal Co.,
CenterLtd.
Daiwa Real Estate
Sapporo Shiroishi
Appraisal Co.,
Distribution Center
Ltd.Co., Ltd.
Total/Average

Note 1:

Note 2:
Note 3:Note 4:Note 5:Note 6:

5.6

Appraisal
NOI yield
Appraisal(%)
NOI(Note 2)
Terminal(in millions)capitalization(Note 1)rate (%)

DCF method(Land)

5.4

5.8(Note 6)(Note 6)

977

4.9

5.1

4,300

4,320

4.3
(Note 3)

10,00012,300

4,430

3,590

Sep.302021

1,750

Sep.302021

Sep.30
2021

2,570

3,830

2,580

Sep.30
2021

982

938

992

5.1

Sep.30
2021

4,350

4,410

4,390

Sep.30
2021

4,280

－

Sep.302021

10,980

Sep.30
2021

154

4.8

5.3

51

6.2

4.8

5.3

231

5.8

4,260

4.2

－

166

4.1

5.4

12,000

5.1

5.7

626

5.8

4,460

4.5

4,390

4.2

4.7

204

4.8

1,740

1,740

4.5

1,760

4.5

4.7

84

6.0

1,650

1,610

1,640

4.6

1,660

4.7

4.8

85

6.6

Sep.30
2021

4,250

4,630

4,730

5.0

4,720

5.0
5.1

5.2

222

5.7

Sep.30
2021

1,040

1,020

1,060

4.3

1,030

4.4

4.5

46

5.1

Sep.30
2021

3,590

3,440

3,550

4.8

3,600

4.7
4.8

5.0

180

5.7

Sep.30
2021

842

858

847

4.0

837

3.6

4.1

35

4.4

Sep.30
2021

1,340

996

1,350

4.1

1,330

3.9

4.3

57

4.6

Sep.30
2021

1,030

360

1,040

5.4

1,020

5.2

5.6

58

7.3

263,971---

269,062--

12,874

5.2(Note 6)

2,570

(year 1-3)
(year 4-11)(year 1-6)
(year 7-11)“Appraisal NOI” is the Net Operating Income calculated by subtracting the amount of operating expenses from the operating revenues described in relevant appraisal reports,
and it is the income before depreciation and differs from NCF (Net Cash Flow) which is calculated by adding investment gains from such as deposits and subtracting capexfrom NOI. The above appraisal NOI is calculated using the direct capitalization method. However, where the direct capitalization method is not applicable, appraisal NOI
indicates the net operating income for the first year based on the DCF method. The amounts are rounded down to the nearest one million yen.
“Appraisal NOI yield” indicates the value calculated using the following formula and rounded to the nearest tenth. The “Total/average” of “Appraisal NOI yield” indicatesthe average appraisal NOI yield which is a weighted average of appraisal NOI yields of the acquired properties (rounded to the nearest tenth).
Appraisal NOI of each property / Acquisition price for each property.
Inwood method discount rate is shown for discount rate of land-only portion.
Inwood method discount rate is shown for discount rate of land-only properties.
“Appraisal value” and “Appraisal NOI” are calculated in proportion to the co-ownership interest. Other figures refer to the entire land and building.
Figures are rounded to the nearest tenth.

38

Kenedix Retail REIT Corporation (3453)(D) Overview of building condition investigation reports
KRR has obtained engineering reports, containing the diagnosis of building deteriorations, short- and long-term repair and maintenance plans, the assessmentof legal compliance with the Building Standard Act and other laws and regulations, the investigation of hazardous substances in a building and soil
environment for the acquired properties and the to-be acquired properties. These reports represent judgement and opinion of the appraisers for a fixed pointof time, with no guarantees as to the validity or accuracy of the report.
Property
Number

Property name

Investigation company

Investigation
performed in

Repairs, maintenance and renovation
expensesRequired over the
next 12 years
Required within one year
(thousand yen)
(Note 1)
(Note 1)

T-2

MONA Shin-Urayasu

Tokio Marine dR Co., Ltd.

Sep. 2019

1,193,651-

T-3

Passaggio Nishiarai

Tokio Marine dR Co., Ltd.

Mar. 2020

192,726

40,697

T-4

Daikanyama Address Dixsept

Tokio Marine dR Co., Ltd.

Sep. 2019249,446(Note 2)

(Note 2)

T-5

Unicus Ina

Tokio Marine dR Co., Ltd.

Jul. 2019245,170

750

T-6

Yorktown Kita-Kaname

Tokio Marine dR Co., Ltd.

Mar. 2020

20,469-

T-7

Unicus Yoshikawa

Tokio Marine dR Co., Ltd.

Sep. 201969,782-

T-8

Sports Club Renaissance Fujimidai

HI International Consultant
Co., Ltd.

Jan. 201937,3408,650

T-9Super Viva Home Iwatsuki (Land)(Note 3)

-

-

-

T-10

K’s Denki Shonan-Fujisawa (Land)(Note 3)

-

-

-

T-11

Unicus Kamisato (Land)(Note 3)

-

-

-

T-12

Unicus Konosu (Land)(Note 3)

-

-

-

T-13

Inageya Yokohama Minamihonjuku (Land)(Note 3)

-

-

-

T-15

Nakamachidai Tokyu Store

Tokio Marine dR Co., Ltd.

Feb. 2021

35,691-

T-16

Central Wellness Club Nagatsuta Minamidai

Tokio Marine dR Co., Ltd.

Feb. 2021

28,717-

T-17

Life Kameido

Tokio Marine dR Co., Ltd.

Feb. 2021

22,463-

T-18

Totsuka-Fukaya Shopping Center (Land)

-

-

T-19

Yumemachi Narashinodai Mall

Tokio Marine dR Co., Ltd.

Aug. 2021

48,372

4668

T-20

Kawamachi Yahagi Mall

Tokio Marine dR Co., Ltd.

Aug. 2021

54,613-

T-21

Prime Square Jiyugaoka

Tokio Marine dR Co., Ltd.

Mar. 2017

190,542

91,365

T-22

Round1 Ichikawa-Onitaka

Tokio Marine dR Co., Ltd.

Sep. 2021

38,887-

T-23

Ozeki Tokiwadai

Tokio Marine dR Co., Ltd.

Oct. 2017

6,968

-

T-24

Konami Sports Club Shibuya

Tokio Marine dR Co., Ltd.

Mar. 201883,179-

T-25

Apita Terrace Yokohama Tsunashima

Tokio Marine dR Co., Ltd.

Sep. 2019

114,471-

T-26

Kalsa Hiratsuka

Tokio Marine dR Co., Ltd.

Sep. 2019

182,100-

A: 13,569
B: 3,264-(Note 3)-

T-27

Monenosato Mall (Note 4)

Tokio Marine dR Co., Ltd.

A: Sep. 2019
B: Mar. 2021

T-28

KDX Chofu Building (Retail wing)

Tokio Marine dR Co., Ltd.

Sep. 2019

233,991-

T-29

Across Plaza Urayasu Higashino (Land)

Jun. 2019

-

-

T-30

Comfort Market Nishi-Magome

Tokio Marine dR Co., Ltd.

Mar. 2020

7,723

-

T-31

Kitera Town Chofu

Tokio Marine dR Co., Ltd.

Mar. 2021

117,649-

T-32

Unicus Urawamisono (Land)

-

-

O-1

Blumer Maitamon

250,277-

O-2

Life Takadono (Land)

-

-

O-3

DCM Kahma MEGA Don Quijote UNY
Omihachiman

HI International Consultant
Co., Ltd.

Sep. 2019

64,6106,310

O-4Blumer HAT Kobe

Tokio Marine dR Co., Ltd.

Mar. 2020

375,840

131,342

O-5

Carino Esaka

Tokio Marine dR Co., Ltd.

Sep. 2020

483,536-

O-6

COMBOX Komyoike

Tokio Marine dR Co., Ltd.

Sep. 2020

401,052-(Note 3)(Note 3)
Tokio Marine dR Co., Ltd.
(Note 3)39

Mar. 2020-

Kenedix Retail REIT Corporation (3453)

Property
Number

Property name

Investigation company

Investigation
performed in

Tokio Marine dR Co., Ltd.

Sep. 2020

O-9

Life Nishi-Tengachaya

O-10

Million Town Tsukaguchi (Land)

O-11

Habikigaoka Shopping Center

Tokio Marine dR Co., Ltd.

O-12

Merado Daikai

Tokio Marine dR Co., Ltd.

N-1

DCM Kahma Nakagawa Tomita (Land)(Note 3)(Note 3)

20,783---

Sep. 2019

71,998-Mar. 2021

88,117 (South wing)
54,633 (North wing)

-

-

-

-

-

N-2

Valor Ichinomiya-Nishi

HI International Consultant
Co., Ltd.

N-4

Homecenter Kohnan Sunadabashi

Tokio Marine dR Co., Ltd.

Feb. 2021

341,724-

N-6

Resora Obu Shopping Terrace

Tokio Marine dR Co., Ltd.

Jul. 2017

224,228-

N-7

Valor Nakashidami (Land)(Note 3)Jan. 2019

162,380

1,790

Jun. 2019--

Sep. 201977,860100

F-1

Sunny NomaHI International Consultant
Co., Ltd.

F-2

Round1 Stadium Hakata-Hanmichibashi

Tokio Marine dR Co., Ltd.

Mar. 201757,758

7,042

F-3

Kurume-Nishi Shopping Center

Tokio Marine dR Co., Ltd.

Mar. 2017

68,712

19,811

R-1

Roseo Mito

HI International Consultant
Co., Ltd.

Jan. 2019

321,090

46,630R-2

K’s Denki Aomori Honten

Tokio Marine dR Co., Ltd.

Mar. 2020

148,577

46,078

R-3

Super Sports Xebio Aomori-Chuo

Tokio Marine dR Co., Ltd.

Mar. 2020

108,213

22,021

R-4

Ashico Town Ashikaga

Tokio Marine dR Co., Ltd.

Sep. 2020

376,331-

R-5

Yorktown Shinden-Higashi

Tokio Marine dR Co., Ltd.

Sep. 2020

198,785-

R-6

Kasumi Technopark Sakura

Tokio Marine dR Co., Ltd.

May 2021

25,451-R-8

P-1 Plaza Tenno

Tokio Marine dR Co., Ltd.

Feb. 2021

183,656

13,072

R-9

Seiyu Rakuichi Moriya (Land)(Note 5)--(Note 2)

R-10

Sun Street Hamakita

Tokio Marine dR Co., Ltd.

Sep. 2021

569,307(Note 2)

R-11

Costco Wholesale Sapporo Warehouse

Tokio Marine dR Co., Ltd.

Mar. 201880,3093,175

L-1

Zama Distribution Center

Tokio Marine dR Co., Ltd.

Jan. 2019

100,053-

L-2

Oppama Distribution Center

Tokio Marine dR Co., Ltd.

Jan. 2019

168,261-

L-3

Musashi Ranzan Distribution Center

Tokio Marine dR Co., Ltd.

Jan. 201927,511(Note 6)

L-4

Yokohama Kamigo Distribution Center (Note 7)

Tokio Marine dR Co., Ltd.

A: Feb. 2019
B: Sep. 2020
C: Feb. 2021

153,587(Note 6)
A:13,874
B: 3,748
C: 326

L-5

Gyoda Distribution Center

Tokio Marine dR Co., Ltd.

Sep. 2019

184,472-

L-6

Shinjuku Nishiochiai Distribution Center

Tokio Marine dR Co., Ltd.

Nov. 201927,658-

L-7

Chiba-Kita Distribution Center

Tokio Marine dR Co., Ltd.

Nov. 2020

38,503

1,529

L-8

Sapporo Shiroishi Distribution Center

Tokio Marine dR Co., Ltd.

Dec. 2020

55,252

15,2958,646,804

487,836

Total
Note 1:.

Repairs, maintenance and renovation
expensesRequired over the
next 12 years
Required within one year
(thousand yen)
(Note 1)
(Note 1)

Note 2:
Note 3:Note 4:Note 5:Note 6:Note 7:-Of the “Repairs, maintenance and renovation expenses,” “Required over the next 12 years” indicates the total expenses required during the next 12 years from the date of
the investigation report and “Required within one year” indicates the total expenses required within 1 year from the date of the investigation report. All figures are truncatedto thousands of yen as in the investigation reports.
Amount for the whole building is shown.
Since these are land-only properties, KRR did not obtain the engineering report but obtained history survey report on the land use from Field Partners.
“A” refers to the main wing and the service wing. “B” refers to the restaurant building and the clinic building.
Since this is a land-only property, KRR did not obtain the engineering report but obtained history survey report on the land use from Tokio Marine dR Co., Ltd.
The figures of the amount as proportion to the quasi-co-ownership interests that KRR owns are shown.
“A” refers to the distribution center building. “B” refers to the restaurant building. “C” refers to the employee lounge building.

40Kenedix Retail REIT Corporation (3453)(E) Overview of seismic PML evaluation report
The following summary is based on the Portfolio Earthquake PML Evaluation Report created by Sompo Risk Management Inc. However, KRR does notguarantee the accuracy of evaluations in the report. The report only represents judgement and opinion of the appraiser for a fixed point of time, with noguarantees as to the validity or accuracy of the report. There is no special interest between Sompo Risk Management Inc. and KRR or KFM.
Property
Property name
PML value in seismic review (%)
numberRetail building 12.0
T-2
MONA Shin-Urayasu
Parking building 9.5
T-3
Passaggio Nishiarai
8.8
T-4

Daikanyama Address Dixsept

5.9Mall building 4.2
Restaurant building 6.6
7.8

T-5

Unicus Ina

T-6

Yorktown Kita-Kaname

T-7

Unicus Yoshikawa

6.6

T-8

Sports Club Renaissance Fujimidai

6.7

T-9

Super Viva Home Iwatsuki (Land)

-

T-10

K’s Denki Shonan-Fujisawa (Land)

-

T-11

Unicus Kamisato (Land)

-

T-12

Unicus Konosu (Land)

-

T-13

Inageya Yokohama Minamihonjuku (Land)

T-15

Nakamachidai Tokyu Store

T-16

Central Wellness Club Nagatsuta Minamidai

T-17

Life Kameido

T-18

Totsuka-Fukaya Shopping Center (Land)

T-19

Yumemachi Narashinodai Mall

T-20

Kawamachi Yahagi Mall

T-21

Prime Square Jiyugaoka

T-22

Round1 Ichikawa-Onitaka

T-23

Ozeki Tokiwadai

T-24

Konami Sports Club Shibuya

5.3

T-25

Apita Terrace Yokohama Tsunashima

11.3

T-26

Kalsa Hiratsuka

T-27

Monenosato Mall

T-28

KDX Chofu Building (Retail wing)

T-29

Across Plaza Urayasu Higashino (Land)

T-30

Comfort Market Nishi-Magome

8.5

T-31

Kitera Town Chofu

8.0

T-32

Unicus Urawamisono (Land)

O-1

Blumer Maitamon

2.0

O-2

Life Takadono (Land)-

O-3

DCM Kahma MEGA Don Quijote UNY
Omihachiman

9.1
Retail building 8.5
Parking building 7.2
6.7
7.2
Main building 7.3
Uniqlo building 7.3
Holiday building 7.4
8.4
Main / Tenant building 8.3
Parking building 9.0
7.0

9.4
Main building 5.6
Service building 5.7
Restaurant building 5.4
Clinic building 5.6
6.3
-

-

MEGA Don Quijote UNY building 3.1
DCM Kahma building 3.2
3.6

O-4

Blumer HAT Kobe

O-5

Carino Esaka

1.7

O-6

COMBOX Komyoike

4.3
5.5

O-9

Life Nishi-Tengachaya

O-10

Million Town Tsukaguchi (Land)

O-11

Habikigaoka Shopping Center

O-12

Merado Daikai

Sunplaza A building 3.6
Sunplaza B building 3.4
Joshin building 3.5
South wing 2.3
North wing 2.8
41

Kenedix Retail REIT Corporation (3453)
Property
numberN-1

Property name

PML value in seismic review (%)-

DCM Kahma Nakagawa Tomita (Land)

N-2

Valor Ichinomiya-Nishi

4.8

N-4

Homecenter Kohnan Sunadabashi

5.2

N-6

Resora Obu Shopping Terrace

8.9

N-7

Valor Nakashidami (Land)-

F-1

Sunny Noma

F-2

Round1 Stadium Hakata-Hanmichibashi

F-3

Kurume-Nishi Shopping Center

R-1

Roseo Mito

R-2

K’s Denki Aomori Honten

R-3

Super Sports Xebio Aomori-Chuo

R-4

Ashico Town Ashikaga

R-5

Yorktown Shinden-Higashi

R-6

Kasumi Technopark Sakura

1.1
Main building 0.4
Parking building 0.3
Tenant building A 0.1
Tenant building B 0.1
M building 1.6
AB building 1.6
C building 2.5
Coffee shop building 5.4
Mall building 4.7
Sports facility building 5.9
Hardware store building 5.8
Secondhand shop building 5.5
K’s Denki building 1.6
TSUTAYA/ Hard-off building 1.5
1.6
Shopping mall building 1.8
Extensions 1.7
Cinema building 1.5
Road-side building 2.1
2.9
4.2
A building 12.1
B building 6.1
C building 10.9
D building 6.9
E building 8.9
F building 8.7
G building 9.6
H building 8.7

R-8

P-1 Plaza Tenno

R-9

Seiyu Rakuichi Moriya (Land)

R-10

Sun Street Hamakita

R-11

Costco Wholesale Sapporo Warehouse

L-1

Zama Distribution Center

6.2

L-2

Oppama Distribution Center

8.6

L-3

Musashi Ranzan Distribution Center

L-4

Yokohama Kamigo Distribution Center

L-5

Gyoda Distribution Center

L-6

Shinjuku Nishiochiai Distribution Center

L-7

Chiba-Kita Distribution Center

L-8

Sapporo Shiroishi Distribution Center

Main building 7.0
Mall building 9.6
Colore building 6.2
Wing building 6.2
1.8

1.0
Distribution center building 5.3
Restaurant building 7.7
Employee Lounge building 4.8
3.7
4.7
6.6
Building 1 2.1
Building 2 2.5
3.0

Portfolio PML value (Note)
Note:“Portfolio PML value” is the portfolio PML value of 53 properties that KRR owns as of September 30, 2021, excluding land with leasehold interest, based on the
Portfolio Earthquake PML Evaluation Report dated September 2021, created by Sompo Risk Management Inc. In July 2021, Sompo Risk Management Inc.
notified us of the renewal of the Earthquake PML Evaluation System. The Portfolio Earthquake PML Evaluation Report dated September 2021 is based on therevised system.

42

Kenedix Retail REIT Corporation (3453)(F) Architect, structural engineer, construction company and construction confirmation authority
Property
number

Property name

Architect

Structural engineer

Construction company

Construction confirmation
authority

T-2

MONA ShinUrayasu

Haseko Corporation,
Engineering Division

Haseko Corporation,
Engineering Division

Haseko Corporation

T-3

Passaggio Nishiarai

Yamashita Sekkei Inc.

Yamashita Sekkei Inc.

Nishimatsu Construction Co.,Tokyo Prefecture
Ltd.

T-4

Daikanyama Address Nihon Sekkei, Inc.
Dixsept

Nihon Sekkei, Inc.

Kajima Corporation

Tokyo Prefecture

T-5

Unicus Ina

Taisei Corporation,
Registered architect office

Taisei Corporation,
Registered architect office

Taisei Corporation

Bureau Veritas Japan Co.,
Ltd.

T-6

Yorktown KitaKaname

CB Richard Ellis Asset
Services K.K.

Sankyoline Corporation

Asanuma Corporation

K.K. Building
Navigation

T-7

Unicus Yoshikawa

Obayashi Corporation

Obayashi Corporation

Obayashi Corporation

Saitama Housing
Inspection Center

T-8

Sports Club
Renaissance Fujimidai

K.K. Axs Engineering

K.K. Axs Engineering

Ichiken Co., Ltd.

Nerima ward

T-9

Super Viva Home
Iwatsuki (Land)

-

-

-

-

T-10

K’s Denki ShonanFujisawa (Land)

-

-

-

-

T-11

Unicus Kamisato(Land)

-

-

-

-

T-12

Unicus Konosu(Land)

-

-

-

-

T-13

Inageya Yokohama
Minamihonjuku(Land)

-

-

-

-

T-15

Nakamachidai Tokyu Kyouritsu Associates
Store
Architects & Engineers

Espace Architect Office

Tokyu Construction Co., Ltd. The Japan Building
Equipment and Elevator
Yokohama BranchCenter Foundation

T-16(Retail building)Daiwa House Industry Co.,
Central Wellness Club Ltd.
Nagatsuta Minamidai (Parking building)Daiwa House Industry Co.,Ltd.

(Retail building)
Konishi Sekkei Co., Ltd.,(Parking building)
Vega Sekkei Co., Ltd.

(Retail building)Daiwa House Industry Co.,
Ltd.,
(Parking building)Daiwa House Industry Co.,
Ltd.

T-17

Life Kameido

T-18

Totsuka-Fukaya
Shopping Center(Land)

T-19

Yumemachi
Narashinodai Mall

Sumitomo Construction Co., Sumitomo Construction Co., Sumitomo Construction Co.,
Ltd.
Ltd.
Ltd.
-

-

First-Class Architect Office
HKT Construction Design
Architects Construction
Planning Division(Main building)(Main building)First-Class Architect Office
ADX Architects Office
HKT Construction Design(Uniqlo building)(Uniqlobuilding)
Akasaka Architects Office
Uerusuton Design Co., Ltd.
(Holiday building)
Akashi architect & associates (Holiday building)Bros., Inc.
ADX Architects Office-

Chiba Prefecture

Japan ERI Co., Ltd.

Koto ward-

Asahi Construction Co., Ltd.

Japan ERI Co., Ltd.

(Main building / Uniqlo
building)
Asahi Construction Co., Ltd.
(Holiday building)Fujiko Co., Ltd.

(Main building / Uniqlo
building)
Japan ERI Co., Ltd.
(Holiday building)Japan ERI Co., Ltd.

T-20

Kawamachi Yahagi
Mall

T-21

Prime Square
Jiyugaoka

Daiken Sekkei Inc. Tokyo
OfficeDaiken Sekkei Inc. Tokyo
OfficeToda Corporation

Meguro Ward

T-22

Round1 IchikawaOnitaka

Axxis Inc. First-Class
Architect Office

Axxis Inc. First-Class
Architect Office

Asanuma Corporation K.K.
Tokyo Main Office

Japan ERI Co., Ltd.

T-23

Ozeki Tokiwadai

Choeihands Co., Ltd. FirstClass Architect Office

Okamura Kenchikusekkei
Ltd.

Choeihands Co., Ltd.

Away Building Evaluation
Network Inc.

T-24

Konami Sports Club
Shibuya

Institute of New Architecture Institute of New Architecture
Okumura Corporation
Inc.
Inc.

43

Tokyo Prefecture

Kenedix Retail REIT Corporation (3453)
Property
number

Property name

Architect

Structural engineer

Construction company

Construction confirmation
authority

T-25

Apita Terrace
Yokohama
Tsunashima

Kiuchi Construction Co., Ltd. E-NOAH Design SolutionsFirst-Class Architect Office Co.

Kiuchi Construction Co., Ltd. Urban Housing Evaluation
Tokyo Office
Center Co.

T-26

Kalsa Hiratsuka

MOVE Architects &Structure

Daiwa Odakyu Construction
Co., Ltd(Main Building)
ADX Architects Office(Service Building)
ADX Architects Office(Restaurant Building)
ADX Architects Office(Clinic Building)
ADX Architects Office

T-27

Monenosato Mall

T-28

(Retail building)
NIHON SEKKEI, INC.
KDX Chofu Building (ATM building)(Retail wing)
Tohmei Co., Ltd.
First-Class Architect Office

T-29

Across Plaza Urayasu
Higashino (Land)

T-30

Structure Nana Co., Ltd.

Center of International
Architectural Standard Co.,Ltd.

(Main building)
Sumikin System Co., Ltd.
First-Class Architects Office (Main Building)(Main building)
S.A.I. Structural Design Co., Asahi Construction Co., Ltd. Japan ERI Co., Ltd.
Ltd. First-Class Architect(Service Building)(Service building)
OfficeAsahi Construction Co., Ltd. Japan ERI Co., Ltd.
(Service building)(Restaurant Building)(Restaurant Building)
ADX Architects OfficeKunii Construction Co., Ltd. Japan ERI Co., Ltd.
(Restaurant Building)(Clinic Building)(Clinic Building)HKT Structure Design Office Kunii Construction Co., Ltd. Japan ERI Co., Ltd.
(Clinic Building)
ADX Architects Office(Retail building)(Retail building)
Nishimatsu Constrruction Co.,NIHON SEKKEI, INC.
Ltd.
Tokyo Prefecture(ATM building)(ATM building)Unknown
Tohmei Co., Ltd.

--

Comfort Market
Nishi-Magome

Ar Co., Ltd.
First-Class Architect OfficeFirst-Class Architect Office

T-31

Kitera Town Chofu

Ito Architects & EngineersInc.

Ito Architects & Engineers
Inc.

T-32

Unicus Urawamisono(Land)--

O-1

Blumer Maitamon

O-2

Life Takadono (Land)

-

-

-

O-3

DCM Kahma
MEGA Don Quijote
UNY
Omihachiman(MEGA Don Quijote UNY
building)
Kiuchi Construction Co., Ltd.
(DCM Kahma building)
Daiken Tosikaihatu Co., Ltd.

(MEGA Don Quijote UNY
building)
Kiuchi Construction Co., Ltd.
(DCM Kahma building)
Daiken Tosikaihatu Co., Ltd.

(MEGA Don Quijote UNY
building）
Kiuchi Construction Co., Ltd.
(DCM Kahma building)
Aisawa Construction Co., Ltd. (Note2)

K.K. Organization ofConfirmation &Inspection Annex

O-4

Blumer HAT Kobe

Obayashi Corporation

Obayashi Corporation

Obayashi Corporation

Center of International
Architectural Standard Co.,
Ltd.

O-5

Carino Esaka

Tokyu Architects &Engineers Inc. (for newbuilding construction)
Tokyu Construction Co.,
Ltd.
(for property expansion)

Tokyu Architects &Engineers Inc.

Tokyu Construction Co., Ltd. Suita City

O-6

COMBOX
Komyoike

Daiwa House Industry Co.,Ltd.

Daiwa House Industry Co.,Ltd.

Daiwa House Industry Co.,
Ltd.

General Building Research
Corporation of Japan

O-9

Life
Nishi-Tengachaya

KIA Urban Planning andArchitects Institute Co., Ltd.

Fujita Corporation

Nihon Kensetsu Co., Ltd.

Center of International
Architectural Standard Co.,
Ltd.

O-10

Million Town
Tsukaguchi (Land)

-

-

-

-

O-11

Habikigaoka
Shopping Center

Daiwa House Industry Co.,Ltd.

Daiwa House Industry Co.,Ltd.

Daiwa House Industry Co.,
Ltd.

Center of International
Architectural Standard Co.,
Ltd.

O-12

Merado Daikai

Takenaka Corporation

Takenaka Corporation

Takenaka Corporation

Kobe City

N-1

DCM Kahma
Nakagawa Tomita(Land)

Asanuma Corporation-

Ichiken Co., Ltd.

Asanuma Corporation

-

44

-

-

Choeihands Co., Ltd.

Japan Constructive Inspect
Association

Ichiken Co., Ltd.

Bureau Veritas Japan Co.,Ltd.

Daiwa System Co., Ltd.

-

Bureau Veritas Japan Co.,
Ltd.
-

-

Kenedix Retail REIT Corporation (3453)
Property
number

Property name

N-2

Valor IchinomiyaNishi

Chubu Sekkei Co., Ltd.

Chubu Sekkei Co., Ltd.

Tsuchiya Corporation

Ichinomiya City

N-4

Homecenter
KohnanSunadabashi

Nankai Sogo Sekkei Co.,Ltd.

Nankai Sogo Sekkei Co.,Ltd.

Obayashi Corporation

Japan ERI Co., Ltd.

N-6

Resora Obu
Shopping Terrace

Yahagi Construction Co.,
Ltd. First-Class Architect
OfficeStructure Nana Co., Ltd.

Yahagi Construction Co.,Ltd.

Bureau veritas Japan Co.,
Ltd.

N-7

Valor Nakashidami(Land)

-

-

-

-

F-1

Sunny Noma

Nakamuta & Suenaga
Designing (JV)

Nakamuta & Suenaga
Designing (JV)

Round1 Stadium
HakataHanmichibashi(Main building)
Axxis Inc. First-Class
Architect Office(Tenant building A)
Axxis Inc. First-Class
Architect Office(Tenant building B)
Axxis Inc. First-Class
Architect Office

Kurume-Nishi
Shopping Center(M building / AB building)
Fujita Corporation Kyusyu
Branch First-Class
Architect Office(C building)
Zen Environmental DesignFirst-Class Architect Office(Main building)
TMH Inc. First-Class
Architect Office(Tenant building A)
TMH Inc. First-Class
Architect Office(Tenant building B)
TMH Inc. First-Class
Architect Office(M building)
Fujita Corporation Kyusyu
Branch First-Class
Architect Office(AB building)
Fujita Corporation Kyusyu
Branch First-Class
Architect Office(C building)-

Roseo Mito

(Coffee shop building)(Coffee shop building)
Tetsu Works Architect OfficeTetsuWorks Architect Office(Mall building)
Kurehanishiki Construction Co., Ltd. (Mall building)
Sezako Structural
Change of use:
Engineering Office
Registered Architect(Sports facility building)Studio Work House
Individual (Note 3)(Sports facility building)(Hardware store building)
Kishi-Sekkei Co., Ltd.
K.K. Dan Structural(Hardware store building)Engineering OfficeNihon Jutaku Corporation,
Registered Architect Office (Secondhand shop building)(Secondhand shop building) Converse Corporation
Choeihands Corporation(Coffee shop building)
Kurehanishiki Construction
Co., Ltd.
(Mall building)
Kurehanishiki
Construction Co., Ltd.
(Sports facility building)
Kurehanishiki
Construction Co., Ltd.
(Hardware store building)
Nihon Jutaku Corporation(Secondhand shop building)Choeihands Corporation

F-2

F-3

R-1

Architect

Structural engineer

Construction company

Construction confirmation
authority

Nishimatsu Construction
Co., Ltd., Kyushu Branch

Fukuoka City

Kajima Corporation

General Building Research
Corporation of Japan(M building)
Fujita Corporation Kyushu
Branch(AB building)
Fujita Corporation Kyusyu
Branch(C building)
Fujita Corporation Kyusyu
Branch(M building)City of Kurume(AB building)City of Kurume(C building)Japan ERI Co., Ltd.

(Coffee shop building)(Mall building)(Sports facility building)(Hardware store building)
Mito City(Secondhand shop building)Japan ERI Co., Ltd.

R-2

K’s Denki
Aomori Honten

K.K. Kyoei Planning
DesignK.K. Kyoei Planning
Design(K’s Denki building)
Nihon Kensetsu Co.,
Ltd., Sendai Branch(TSUTAYA/Hard-off building) Aomori City
Nihon Kensetsu Co.,
Ltd., Sendai Branch

R-3

Super Sports Xebio
Aomori-Chuo

Takenaka Corporation

Individual (Note 3)

Takenaka Corporation

Japan ERI Co., Ltd.

R-4

Ashico Town
Ashikaga

Penta-Ocean Construction
Co., Ltd. (shopping mallbuilding, cinema building,road-side building)
KKHY Architects &Associates (extensions)Penta-Ocean Construction
Co., Ltd. (shopping mallbuilding, cinema building,road-side building)Architecture Form
Corporation (extensions)Penta-Ocean Construction
Co., Ltd. (shopping mallbuilding, cinema building,road-side building)Tokyo Biso Kogyo
Corporation (extensions)Bureau Veritas Japan Co.,
Ltd.

R-5

Yorktown
Shinden-Higashi

MTM International
Corporation

MTM International
Corporation

Kajima Corporation

Japan ERI Co., Ltd.

R-6

Kasumi Technopark
SakuraOffice Okano
Kenchikusekkei Co., Ltd.

Office Okano
Kenchikusekkei Co., Ltd.

Nakano Corporation Co., Ltd. Ibaraki Prefecture45

Kenedix Retail REIT Corporation (3453)
Property
number

Property name

Architect

R-8

P-1 Plaza Tenno(A building)First-Class Architect
Office Atelier Zero (fornew building construction),
Entetsu General
Constructor (for building
expansion)(B building)Parking Pro Co., Ltd.
(C building)Daiwa House Industry Co.,Ltd.
(D building)Daiwa House Industry Co.,Ltd.
(E building)Daiwa House Industry Co.,Ltd.
(F building)
DO Design Co., Ltd.
(G building)
Akou Co., Ltd.
(H building)
Akou Co., Ltd.

R-9

Seiyu Rakuichi
Moriya (Land)

-

R-10

Sun Street Hamakita

R-11

Costco Wholesale
Sapporo Warehouse

L-1

Zama Distribution
CenterL-2

Oppama Distribution
CenterL-3

Musashi Ranzan
Distribution Center(Main building)Kajima Corporation
Architectual Design
Division(Mall building)Kajima Corporation
Architectual Design
Division(Colore building)
FPC K.K. First-Class
Architect Office(Wing building)Kajima Corporation
Architectual Design
Division
Taisei Corporation FirstClass Architect Office
Fujita Corporation,
Yokohama Branch FirstClass Architect Office
Fujita Corporation,
Yokohama Branch FirstClass Architect Office
Kanto Construction Co.,
Ltd., Architect Office

Structural engineer

Construction company

Construction confirmation
authority(A building)First-Class Architect
Office Atelier Zero(B building)Parking Pro Co., Ltd.
(C building)Daiwa House Industry
Co., Ltd.
(D building)Daiwa House Industry
Co., Ltd.
(E building)(F building)Toda Corporation(G building)
Akou Co., Ltd. First-Class
Architect Office(H building)
Akou Co., Ltd. First-Class
Architect Office(A building)Toei Interior Co., Ltd.,
Iidagumi Co., Ltd. (for newbuilding construction)
Entestsu General
Constructor (for building
expansion)(B building)Parking Pro Co., Ltd.
(C building)Daiwa House Industry Co.,Ltd.
(D building)Daiwa House Industry Co.,Ltd.
(E building)Daiwa House Industry Co.,Ltd.
(F building)Toda Corporation(G building)
Akou Co., Ltd.
(H building)
Akou Co., Ltd.

(A building)Hamamatsu City
(B building)
Kakunin Service Inc.
(C building)
Shizuokaken Kenchiku
Jyuutaku Machizukuri
Center(D building)
Shizuokaken Kenchiku
Jyuutaku Machizukuri
Center(E building)
Shizuokaken Kenchiku
Jyuutaku Machizukuri
Center(F building)
Shizuokaken Kenchiku
Jyuutaku Machizukuri
Center(G building) HamamatsuCity(H building) Hamamatsu
City

-

-

-

(Main building)Kajima Corporation FirstClass Architect Office(Mall building)Kajima Corporation FirstClass Architect Office(Colore building)First-Class Architect Office
Otsuka Kenchiku Kozo
Sekkei(Wing building)Kajima Corporation FirstClass Architect Office
Taisei Corporation FirstClass Architect Office
Fujita Corporation,
Yokohama Branch FirstClass Architect Office
Fujita Corporation,
Yokohama Branch FirstClass Architect Office(Main building)Kajima Corporation
Yokohama Branch(Mall building)Kajima Corporation
Yokohama Branch(Colore building)Suzuyo Kensetsu(Wing building)Kajima Corporation
Yokohama Branch(Main building)
The Building Center ofJapan(Mall building)
The Building Center ofJapan(Colore building)Bureau Veritas Japan(Wing building)
The Building Center ofJapan

Taisei Corporation Sapporo
Branch

Sapporo City

Fujita Corporation,
Yokohama Branch

Kanagawa Prefecture

Fujita Corporation,
Yokohama Branch

Kanagawa Prefecture

Ishii Architect Partners

Kanto Construction Co.,Ltd.

Yokohama Kamigo
Distribution Center(Distribution centerbuilding)
Daiwa House Industry Co.,
Ltd.
(Restaurant building)
OU-A Inc.
First-Class Architect Office(Employee lounge building)
OU-A Inc.
First-Class Architect Office(Distribution center building)Daiwa House Industry Co.,
Ltd.
(Restaurant building)
Sakura Structure Co., Ltd.
(Employee lounge building)
OU-A Inc.
First-Class Architect Office(Distribution centerbuilding)
Daiwa House Industry Co.,
Ltd.
(Restaurant building)
Tekken(Employee lounge building)
TekkenL-5

Gyoda Distribution
Center(A building)Fuji House Co., Ltd.
(B building)
Shimizu Corporation(A building)Fuji House Co., Ltd.
First-Class Architect Office(B building)Unknown(A building)Unknown(B building)
Shimizu Corporation(A building)
Saitama Prefecture(B building)
Saitama Prefecture

L-6

Shinjuku Nishiochiai
Distribution Center

IAO Takeda Architects
Associates Tokyo OfficeUnknown

Daino Construction Co.,Ltd.

Shinjuku ward

L-4

46

Saitama Housing Inspection
Center(Distribution centerbuilding)
Bureau Veritas Japan(Restaurant building)Center of International
Architectural Standard Co.,Ltd.
(Employee lounge building)Center of International
Architectural Standard Co.,Ltd.

Kenedix Retail REIT Corporation (3453)
Property
number

Property name

Architect

L-7

Chiba-Kita
Distribution Center

Naito Construction Design
Office(Building 1)
Hishinaka Kogyo Co., Ltd.
(New building)
Yamaichi Construction Co.,
Ltd. First-Class Architect
Office (Renovation)(Building 2)
Hishinaka Kogyo Co., Ltd.
First-Class Architect Office(New building)
Yamaichi Construction Co.,
Ltd. First-Class Architect
Office (Renovation)

L-8

Note 1:

Sapporo Shiroishi
Distribution Center

Structural engineer

Construction company

Construction confirmation
authority

Yoshida Construction
Design Office

Saeki Construction Co., Ltd. Japan ERI Co., Ltd.

(Building 1)
Unknown (New building)
Kyoshin Structural Design
Office (Renovation)(Building 2)
Hishinaka Kogyo Co., Ltd.
(New building)
Kyoshin Structural Design
Office (Renovation)(Building 1)
Hishinaka Kogyo Co., Ltd.
(New building)
Yamaichi Construction Co.,
Ltd. (Renovation)(Building 2)
Hishinaka Kogyo Co., Ltd.
(New building)
Yamaichi Construction Co.,
Ltd. (Renovation)(Building 1)
Sapporo City (Newbuilding)
Sapporo City (Renovation)(Building 2)
Sapporo City (Newbuilding)
Sapporo City (Renovation)

Note 2:

The above company names are names at the time of construction confirmation, completion, or acquiring inspection certificate for respective properties, even in cases ofpast changes in names.
The name of actual construction company is shown, although it was Daiwa System Co., Ltd. at the time of application procedure for building confirmation.

Note 3:

Individuals’ names are not disclosed because these are personal information.

47

Kenedix Retail REIT Corporation (3453)(G) Overview of portfolio
i. Distribution by property type
Property type

Number ofproperties

Shopping centers for daily needs

Acquisition price(in millions)

Percentage of total portfolio
acquisition price (%) (Note)

58

231,756

94.5

NSC (Neighborhood Shopping Centers)

32

151,451

61.7

SM (Supermarkets)

915,143

6.2

CSC (Community shopping Centers)

-

-

-

Urban Station-Front Shopping Centers

528,535

11.6

SS (Specialty Store)

12

36,627

14.9

Other retail properties

-

-

-

Logistics facilities

8

13,5175.5

66245,274

100.0

Total
Note:

Percentage of total portfolio acquisition price is rounded to the nearest tenth. Therefore, the sum of the percentage of total acquisition price may differ from the portfolio total.

ii. Distribution by location
RegionNumber ofproperties

Four major metropolitan areas

Acquisition price(in millions)

Percentage of total portfolio
acquisition price (%) (Note)55

200,722

81.8

Tokyo metropolitan area

37

120,716

49.2

Greater Osaka area

10

49,887

20.3

Greater Nagoya area

5

22,087

9.0

Fukuoka area

3

8,032

3.3

11

44,55218.2

66245,274

100.0

Ordinance-designated cities, core cities and other areas
Total

Percentage of total portfolio acquisition price is rounded to the nearest tenth. Therefore, the sum of the percentage of total acquisition price may differ from the portfolio total.

Note:iii. Distribution by property age
Property age(Note 1)

Number ofproperties

Acquisition price(in millions)

Percentage of total portfolio
acquisition price (%) (Note 2)Less than 5 years

631,10014.8

5 years or more but less than 10 years

2

4,334

2.1

10 years or more

46

174,46283.1

54209,896

100.0

Total
Note 1:
Note 2:

Property age refers to the number of years from the date of the new construction of the property set out in the real estate registry to September 30, 2021. Where multiple
buildings exist on the property, the property age is calculated using the average age of those buildings.
Percentage of total portfolio acquisition price is rounded to the nearest tenth. Therefore, the sum of the percentage of total portfolio acquisition price may differ from theportfolio total.

48

Kenedix Retail REIT Corporation (3453)
iv. Distribution by lease term remaining
Lease term (remaining period)(Note 1)

Annual fixed rent (in millions)(Note 2)

Ratio (%)
(Note 3)

Less than 2 years

2,134

13.8

2 to less than 5 years

3,007

19.4

5 to less than 10 years

5,514

35.7

10 to less than 15 years

1,195

7.7

15 to less than 20 years

1,703

11.0

20 years or more

1,908

12.3

15,462

100.0

Total
Note 1:
Note 2:
Note 3:“Lease term (remaining period)” is based on period until the last date of the lease as set forth in the relevant lease agreements as of September 30, 2021 (excluding warehouses
for building lease agreements) for each acquired property and to-be acquired property.
“Annual fixed rent” for acquired property is calculated by multiplying the monthly fixed rent and common area charges for the month ended September 30, 2021 (excluding
warehouses in the case of building lease agreements) by twelve and rounding down to the nearest million yen. For master leases, where the master lease company subleases
space to other tenants, the fixed monthly rent under the master lease contract is multiplied by 12, rounded down to the nearest million yen.
“Ratio” is based on the annual fixed rent, rounded to the nearest tenth. As a result, simple aggregation of “ratio” figures may not be the same as the total period.

v. Distribution by lease contract typeType of lease contract

Ratio (%) (Note)

Fixed-term building lease

75.3

Regular building lease

11.6

Commercial fixed-term land lease

13.1

Others

0.0
100.0

Total

“Ratio” is based on the annual fixed rent as indicated in Note 2 of iv. above, rounded to the nearest tenth. As a result, simple aggregation of “ratio” figures may not be thesame as the total figure.

Note:

vi. Rent type (Fixed / Sales-linked rent)
Rent type (Note 1)(Fixed / Sales-linked rent)

Ratio (%) (Note 2)

Fixed rent

88.8

Fixed rent with sales-linked rent

9.7

Sales-linked rent

1.5
100.0

Total
Note 1:
Note 2:“Fixed rent” refers to rent that remains unchanged regardless of actual tenant sales revenues as set forth in the relevant lease agreements. “Fixed rent with sales-linked rent”
refers to rent that consist of a portion that remains unchanged regardless of actual tenant sales revenues and a portion that is based on tenant sales as set forth in the relevant
lease agreements. “Sales-linked rent” refers to rent that is based on actual tenant sales revenues as set forth in the relevant lease agreements.
“Ratio” is calculated according to the actual rent effective between April 1, 2021 and September 30, 2021, rounded to the nearest tenth. As a result, simple aggregation of“ratio” figures may not be the same as the total figure.

49

Kenedix Retail REIT Corporation (3453)(2) Capital Expenditures on the Managed Assetsi) Planned capital expenditures
The table below shows major capital expenditures (Note) for renovations, repairs and other projects that are planned for the 14th fiscal period ending
March 31, 2022. These expenditures are for real estate owned by KRR and real estate in trusts in which KRR owns trust beneficiary rights. Theseplanned projects may include some expenditures that will be recorded as expenses rather than capital expenditures for accounting purposes.
Planned amount of capital expenditure(Millions of yen)
Property
Property nameLocation
PurposeSchedule
Total
number
Payment for the
Totalamountperiodalready paid
MONA
Air conditioning equipment
From October 2021
T-2
Urayasu, Chiba
278
Shin-Urayasu
replacement (phase 4)
to March 2022
From October 2021
Monenosato
T-27
Yotsukaido, Chiba Solar panel installation
110
Mall
to March 2022
Gyoda
From October 2021
Air conditioning equipment
L-5
Distribution
Gyoda, Saitama
66
replacement
to March 2022
Center
OppamaYokosuka,
Water supply system
From October 2021
L-2
Distribution
14
Kanagawa
replacement
to March 2022
Center
SapporoFrom October 2021
Shiroishi
L-8
Sapporo, Hokkaido Elevator renewal
10
Distribution
to March 2022
Center
SapporoFrom October 2021
Shiroishi
L-8
Sapporo, Hokkaido Cubicle replacement
10
Distribution
to March 2022
Centerii) Capital expenditures during the period under review
The table below shows major capital expenditures for renovations, repairs and other projects in the period under review.
The amount of capital expenditures in the period under review was 628 million yen. There were also expenditures of 247 million yen that wererecorded as repair expenses. In total, we spent 876 million yen on the projects.
Property
Capital expenditure
Property nameLocation
PurposeSchedule
number(Millions of yen)
O-5

R-6
T-2
T-2
T-21

Carino Esaka
KasumiTechnopark
SakuraMONA
Shin-Urayasu
MONA
Shin-Urayasu
Prime Square
Jiyugaoka

Suita, Osaka

Replacement of heat source andair conditioning equipment(phase 1)

From April 2021
to September 2021

190

Tsukuba, Ibaraki

Repair work in relation to floor
Expansion

From January 2021
to April 2021

89

Urayasu, Chiba

Air conditioning equipment
replacement (phase 3)

Urayasu, Chiba

Exterior wall repair work (phase 2)

Meguro ward,
Tokyo

Exterior wall repair work

From April 2021
to September 2021
From April 2021
to September 2021
From April 2021
to July 2021

65
56
18

Others

207

Total

628

iii) Reserved amount for long-term repairs, maintenance and renovation plans
Not applicable50Kenedix Retail REIT Corporation (3453)(3) Information Concerning Major Tenantsi) Top End-Tenants in Terms of Rent
The following summarizes top ten tenants (end-tenants or sublease type master lessee) as of September 30, 2021.

Name of end tenants

P&D Consulting Co., Ltd.

Type ofbusiness(Note 1)

Real estate

York Co., Ltd.

RetailLife Corporation

Retail

Kohnan Shoji Co., Ltd.

RetailViva Home Corporation

RetailRound One Corporation

Service

UNY Co., Ltd.

Retail

DCM Co., Ltd

RetailDaiwa House Realty Mgt.
Co., Ltd. (Note 6)

Seiyu GK
Note 1:
Note 2:
Note 3:Note 4:Note 5:Note 6:

Real estate

RetailTotal
leasedarea(m2)

Property name

A Unicus Ina
B Unicus Kamisato (Land)
C Unicus Konosu (Land)
D Unicus Urawamisino (Land)
E Ashico Town Ashikaga
A Yorktown Kita-Kaname
B Totsuka-Fukaya Shopping
Center (Land)
C Monenosato Mall
D Comfort Market NishiMagome
A Unicus Yoshikawa,
B Life Kameido
C Kitera Town Chofu
D Life Takadono (Land)
E Life Nishi-Tengachaya(Note 5)

16,185.56

A Unicus Yoshikawa
B Homecenter
Kohnan Sunadabashi

27,819.27

105,651.76

A Super Viva Home Iwatsuki(Land)B Roseo Mito
A Round1 Ichikawa-Onitaka
B Round1 Stadium HakataHanmichibashi
A Apita Terrace Yokohama
Tsunashima
B DCM Kahma MEGA Don
Quijote UNY Omihachiman
A Kalsa Hiratsuka
B DCM Kahma MEGA Don
Quijote UNY Omihachiman
C DCM Kahma Nakagawa
Tomita (Land)
COMBOX Komyoike(Note 5)

10.6

(Note 5)Tenantleaseholdand security
deposits(in millions of yen)
(Note 4)498,345242(Note 5)(Note 5)

1.6

(Note 5)(Note 5)2.8

(Note 5)(Note 5)(Note 5)(Note 5)(Note 5)39,990.22

4.0(Note 5)(Note 5)52,910.05

5.3(Note 5)(Note 5)(Note 5)(Note 5)(Note 5)25,530.44

A Sunny NomaB Seiyu Rakuichi Moriya (Land)C Sun Street Hamakita

Ratio
(%)
(Note 2)

Annualfixed rent
(in thousandsof yen)(Note 3)(Note 5)(Note 5)

2.6

(Note 5)451,993(Note 5)339

(Note 5)

“Type of business” is based on Japan Standard Industrial Classification.
“Ratio” is the ratio of leased area of the end-tenant to total leasable area of the portfolio as of September 30, 2021, rounded to the nearest tenth.
“Annual fixed-rent” for each property is based on monthly contracted rent (including common area charges) as set forth in the relevant lease agreements effective as of
September 30, 2021 (excluding warehouses for building lease agreements) for each property or property in trust, truncated to thousands of yen. In a sublease type master lease,
the annual rent (excluding consumption taxes) agreed upon in the master lease agreement or the amount obtained by multiplying the monthly rent (excluding consumption
taxes) agreed upon in the master lease agreement by 12, rounded down to the nearest thousand yen, is shown.
Indicates the outstanding balance of any tenant leasehold and security deposit from the relevant end-tenant(s) set forth in lease agreement(s) effective rounded down to thenearest million yen.
We have not obtained consent from the tenant to release this information.
Daiwaroyal Co., Ltd. merged with Daiwa Information Service Co., Ltd. effective October 1, 2021, with Daiwa Information Service Co., Ltd. as the surviving company andDaiwaroyal Co., Ltd. as the dissolving company. The merged company changed its name to Daiwa House Realty Mgt. Co., Ltd. As of September 30, 2021, the tenant of
COMBOX Komyoike was Daiwaroyal Co., Ltd. and the tenant of Across Plaza Urayasu Higashino (Land) was Daiwa Information Service Co., Ltd.

51

Kenedix Retail REIT Corporation (3453)
ii) Top End-Tenants in Terms of Leased Area
The end-tenants or the sublease type master lessees that cover over 10% of the total leased area of portfolio as of March 31, 2021 are as follows.
AnnualTenant leasehold
Total
Name of end
Type offixed rent
and security
Lease renewal
Property nameleased area
Lease term end
tenantsbusiness(in thousands
deposits2(m )of yen)(in millions of yen)
A Unicus Ina
A Sep. 25, 2042 A Not Applicable
B Unicus Kamisato (Land)(Note 1)
(Note 1)
P&D Consulting
C Unicus Konosu (Land)
B Oct. 1, 2055
B Not Applicable
105,651.76
498,345
242
Co., Ltd.
Real estate
D Unicus Urawamisino
C Oct. 1, 2055
C Not Applicable(Note 2)(Land)
D Apr. 8,2061
D Not Applicable
E Ashico Town Ashikaga
E Mar. 31, 2026 E Not Applicable
Note 1:

Based on Mall building’s leasing contract.

Note 2:

P&D Consulting Co., Ltd. is a pass-through master leasing company for a portion of the assets held by KRR, in addition to the above. When including the leased area as apass-through master leasing company, the total leased area to P&D Consulting Co., Ltd. accounts for 10.7% of the total leased area of the portfolio as of September 30,
2021, accounting for 10% or more of the total leased area of the portfolio and making P&D Consulting Co., Ltd. a major tenant. The following is an overview of the leaseas a pass-through master lease company, showing the total leased area, annual fixed rent and leasehold deposits to P&D Consulting Co., Ltd., including leases as endtenants.
Tenant leasehold
Total leased area Annual fixed rent
and security deposits Lease term end
Property nameLease renewal2(m )(in thousands of yen)(in millions of yen)
Lease as a pass-throughmaster leasing company
Leases to the relevant
tenant (total)

Unicus Yoshikawa-

702.2730,98925

Mar. 31, 2035

Not Applicable

106,354.03

529,335

268

-

-

52

Kenedix Retail REIT Corporation (3453)【Reference】

Earnings Performance for the Individual Properties for the 13th Fiscal Period (April 1, 2021 to September 30, 2021)：183 days ※As of September 30, 2021
Tokyo
metropolitan
area

Location
Property No.

T-2

T-3

T-4(Note 2)

T-5(Note 3)

Passaggio
Nishiarai

Daikanyama
Address
Dixsept(30.0%
quasi co-ownershipinterest)

Unicus Ina(80.0% quasi
co-ownershipinterest)

T-6
Yorktown
Kita-Kaname

T-7

T-8

Unicus Yoshikawa

Sports Club
Renaissance
Fujimidai

T-9

Property Name

MONA
Shin-Urayasu

Acquisition Date

February 10, 2015 February 10, 2015 February 10, 2015 February 10, 2015 February 10, 2015 February 10, 2015 February 10, 2015

T-10

T-11

K’s Denki
Super Viva Home
ShonanIwatsuki (Land)
Fujisawa (Land)

T-12

T-13

T-15

Unicus Kamisato(Land)

Unicus Konosu(Land)

Inageya
Yokohama
Minamihonjuku(Land)

Nakamachidai
Tokyu Store

Price
Information

October 2, 2015

October 2, 2015

October 2, 2015

October 2, 2015

October 2, 2015

April 21, 2016

Acquisition price ( In millions of yen )

8,063

5,850

1,617

3,576

4,000

3,600

2,586

4,815

3,169

3,000

1,700

1,442

3,360

Percentage of total portfolio

3.3%

2.4%

0.7%

1.5%

1.6%

1.5%

1.1%

2.0%

1.3%

1.2%

0.7%

0.6%

1.4%

Net book value ( In millions of yen )

9,070

5,657

1,602

3,468

3,839

3,488

2,428

4,890

3,210

3,043

1,726

1,462

3,290

Appraisal value at the end of period ( In millions of yen )

9,700

6,570

1,872

4,216

4,350

3,870

2,770

5,560

3,450

3,050

1,790

1,380

3,740

3.7%

2.5%

0.7%

1.6%

1.6%

1.5%

1.0%

2.1%

1.3%

1.2%

0.7%

0.5%

1.4%

Number of tenants

1（52）

1（41）

1（24）

1

1

1（10）

1

1

1

1

1

1

1

Leasable floor area (㎡)9,955.84

10,530.60

1,516.92

10,770.16

10,648.27

3,120.87

67,325.95

15,578.58

67,854.47

19,329.00

4,405.41

5,968.71

Leased floor area (㎡)9,352.76

10,341.41

1,423.10

10,770.16

10,648.27

3,120.87

67,325.95

15,578.58

67,854.47

19,329.00

4,405.41

5,968.71

Percentage of total appraisal value(Note 1)

Occupancy ratio

93.9%

98.2%

93.8%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

As of March 31, 2021

94.6%

100.0%

97.2%

100.0%

100.0%

99.6%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

As of September 30, 2020

97.6%

100.0%

96.0%

100.0%

100.0%

99.6%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

As of March 31, 2020

99.5%

100.0%

99.1%

100.0%

100.0%

99.6%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

As of September 30, 2019100.0%

100.0%

99.1%

100.0%

100.0%

99.6%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

As of March 31, 2019

98.8%

98.6%

97.2%

100.0%

100.0%

99.6%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

As of September 30, 2018

98.3%

98.6%

97.9%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

As of March 31, 2018

87.8%

98.6%

97.9%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

As of September 30, 2017

95.9%

99.8%

97.9%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

As of March 31, 2017

95.7%

98.1%

97.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

Operating periods

183days183days183days183days183days183days183days183days183days183days183days183days183days①Rental and other operating revenues ( In thousands of yen )Lease Information

As of September 30, 2021

Income and Retained Earnings Information

478,947

298,018

75,476

115,005

132,874

75,30643,031

Rental revenues

334,779

222,199

53,801

112,841

130,91175,29743,031Other operating revenues

144,167

75,81921,674

2,164

1,963

9

－

257,539

132,050

42,472

18,541

46,828

6,243

4,591

Property management fees

79,84950,44915,779

1,456

1,200

1,200

Taxes

22,40634,891

5,684

9,515

4,777

3,130

Utilities

49,40928,773

9,616

－

－

－

－

Repairs and maintenance

51,656

6,727

791

6,412

6,690

－

－

493

456

64

242

208

－

－

53,724

10,752

10,535

916

911

266

261

③NOI（＝①-②） ( In thousands of yen )221,407

165,967

33,003

96,464

103,144

86,04563,31998,696

79,372

69,06338,44031,865④Depreciation ( In thousands of yen )68,28434,273

4,802

29,651

21,034

15,964

15,180

－

－

－

－

－

20,332⑤Rental operating income（＝③-④）( In thousands of yen )

153,123

131,693

28,201

66,812

82,11070,08048,13898,696

79,372

69,06338,44031,86565,223⑥Capital expenditures ( In thousands of yen )146,351

30,535

220

592

－

472

1,568

－

－

－

－

－

－

⑦NCF（＝③-⑥） ( In thousands of yen )75,056

135,431

32,783

95,872

103,144

85,57361,75098,696

79,372

69,06338,44031,86585,556②Property-related expenses ( In thousands of yen )Insurance
Trust fees and other expenses

25,094(Note 1)

13,924(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

85,556

Reference

Expense ratio（＝②／①）

53.8%

44.3%

56.3%

16.1%

12.2%

35.2%

13.2%

13.5%

6.4%

8.3%

10.7%

11.4%

27.1%

Property tax for the year 2021 ( In thousands of yen )44,811

69,77425,495

20,97013,54927,847

10,991

27,866

7,981

9,551

6,257

5,284

14,290－－Assets pledged as collateral

－

－

－

－

－

53

－

－

－

－

－

－

Kenedix Retail REIT Corporation (3453)【Reference】

Earnings Performance for the Individual Properties for the 13th Fiscal Period (April 1, 2021 to September 30, 2021)：183 days ※As of September 30, 2021
Tokyo
metropolitan
area

Location
Property No.

T-16

Property NameCentral Wellness
Club Nagatsuta
Minamidai

T-17

Acquisition Date

T-18

T-19

T-20

T-21

T-22

Life Kameido

Totsuka-Fukaya
Yumemachi
Shopping Center
Narashinodai Mall
(Land)

Kawamachi
Yahagi Mall

Prime Square
Jiyugaoka

T-23

Round1 IchikawaOzeki Tokiwadai
Onitaka

T-24

T-25

Konami Sports
Club Shibuya

Apita Terrace
Yokohama
Tsunashima

T-26
Kalsa Hiratsuka

T-27

T-28

Monenosato Mall

KDX Chofu
Building(Retail wing)

Price
Information

April 20, 2016

April 21, 2016

April 19, 2017

April 19, 2017

May 18, 2017

April 19, 2017

April 19, 2017

February 13, 2018

April 27, 2018

Acquisition price ( In millions of yen )

1,724

1,450

4,170

3,416

3,097

2,820

1,880

1,263

3,400

11,567

5,980

2,753

Percentage of total portfolio

0.7%

0.6%

1.7%

1.4%

1.3%

1.1%

0.8%

0.5%

1.4%

4.7%

2.4%

1.1%

0.9%

Net book value ( In millions of yen )

1,725

1,475

4,228

3,355

3,104

2,995

1,827

1,268

3,603

11,601

5,974

2,841

2,403

Appraisal value at the end of period ( In millions of yen )

1,780

1,480

4,340

3,480

3,250

2,820

1,950

1,340

3,380

12,100

6,050

2,940

2,410

0.7%

0.6%

1.6%

1.3%

1.2%

1.1%

0.7%

0.5%

1.3%

4.6%

2.3%

1.1%

0.9%

2

1

2

1（14）

1（12）

2

1

1

1

1

3

1（11）

3

Leasable floor area (㎡)3,996.68

2,929.58

14,092.51

7,827.96

6,397.05

3,512.55

11,963.61

1,217.02

44,568.05

14,195.00

6,861.59

12,119.00

Leased floor area (㎡)3,996.68

2,929.58

14,092.51

7,827.96

6,397.05

3,512.55

11,963.61

1,217.02

44,568.05

14,195.00

6,861.59

12,119.00

As of September 30, 2021

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%

As of March 31, 2021

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%

As of September 30, 2020

81.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

As of March 31, 2020

81.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

As of September 30, 2019

81.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%－－－－

As of March 31, 2019

81.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%－－－－

As of September 30, 2018

81.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%－－－－

As of March 31, 2018

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

－

－

－

－

－

As of September 30, 2017100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

－

－

－

－

－

－

As of March 31, 2017100.0%

100.0%

－

－

－

－

－

－

－

－

－

－

－

183days183days183days183days183days183days183days183days183days

Percentage of total appraisal value
Number of tenants(Note 1)

November 1,2019 November 1,2019 October 24,2019

October 24,2019

2,300

Occupancy ratio

Lease Information

183days183days183days183days

149,438

114,881

110,158

85,661

Rental revenues

115,180

96,55284,36875,209Other operating revenues

34,25818,32925,78910,45254,80031,58135,93634,39011,975

9,351

11,7609,835

27,815

11,183

20,399

－

958

425

230

14,654303

Operating periods①Rental and other operating revenues ( In thousands of yen )Income and Retained Earnings Information②Property-related expenses ( In thousands of yen )Property management fees
Taxes

(Note 1)

(Note 1)

(Note 1)

Utilities
Repairs and maintenance

32,55595,251(Note 1)

(Note 1)

(Note 1)

(Note 1)

6,099

7,233

8,374

11,379

161

142

124

643

709

820

94,63883,30051,22445,714

139,685

74,221

51,271

Trust fees and other expenses

50,201(Note 1)

2,129

Insurance③NOI（＝①-②） ( In thousands of yen )(Note 1)

28,56563,909273,575④Depreciation ( In thousands of yen )

7,757

2,994

－

14,821

10,472

10,95811,012

2,307

9,001

55,614

21,576

14,547

8,752⑤Rental operating income（＝③-④）( In thousands of yen )42,44329,561

95,251

79,817

72,82840,266

34,702

26,25854,908217,961

118,108

59,67342,518

－

－

－

－

130

29,900

2,750

－

2,792

－

－

－

15,91450,201

32,55595,251

94,63883,17021,32442,96428,565

61,117

273,575

139,685

74,22135,356

Expense ratio（＝②／①）

18.0%

16.8%

6.3%

36.7%

27.5%

29.6%

28.5%

17.3%

22.0%

9.3%

13.4%

32.6%

40.1%

Property tax for the year 2021 ( In thousands of yen )12,138

8,608

9,874

23,51919,667

12,792

19,902

5,747

21,95698,85235,83016,74422,757⑥Capital expenditures ( In thousands of yen )⑦NCF（＝③-⑥） ( In thousands of yen )Reference

Assets pledged as collateral

－

－

－

－

－

－

－

54

－

－

－

－

－

－

Kenedix Retail REIT Corporation (3453)【Reference】

Earnings Performance for the Individual Properties for the 13th Fiscal Period (April 1, 2021 to September 30, 2021)：183 days ※As of September 30, 2021
Tokyo
Greater Osaka area
metropolitan
area

Location
Property No.

T-29

Property Name

Across Plaza
Urayasu
Higashino(Land)

T-30

Acquisition Date

T-31

T-32

Comfort Market
Nishi-Magome

Kitera Town
Chofu

UnicusUrawamisono(Land)

O-1

O-2

O-3

Life Takadono(Land)DCM Kahma
MEGA Don
Quijote UNY
Omihachiman

O-4

Blumer Maitamon

April 9,2021

February 10, 2015 February 10, 2015 February 10, 2015

O-5

O-6

O-9

O-10

O-11
Habikigaoka
Shopping Center

Blumer HAT
KobeCarino Esaka

COMBOX
Komyoike

Life NishiTengachaya

Million Town
Tsukaguchi(Land)

Price
Information

October 24,2019

April 15,2020

April 21,2021

April 16, 2015

October 2, 2015

October 2, 2015

January 21, 2016

April 21, 2016

September 27, 2019

Acquisition price ( In millions of yen )

2,248

1,920

10,500

732

8,389

2,685

2,140

11,000

6,555

6,450

1,505

3,723

2,000

Percentage of total portfolio

0.9%

0.8%

4.3%

0.3%

3.4%

1.1%

0.9%

4.5%

2.7%

2.6%

0.6%

1.5%

0.8%

Net book value ( In millions of yen )

2,283

1,997

10,621

748

8,372

2,727

2,101

11,154

6,875

6,140

1,525

3,772

2,054

Appraisal value at the end of period ( In millions of yen )

2,310

2,040

11,400

817

9,600

3,200

2,590

11,100

7,320

6,450

1,720

4,070

2,020

0.9%

0.8%

4.3%

0.3%

3.6%

1.2%

1.0%

4.2%

2.8%

2.4%

0.7%

1.5%

0.8%

1

1

1（26）

1

50

1

2

1（39）

1（29）

1

1

1

2

Leasable floor area (㎡)6,229.32

1,456.86

10,665.73

3,533.59

30,290.85

4,437.07

14,313.00

23,775.88

7,542.69

25,530.44

2,679.52

8,264.46

6,447.81

Leased floor area (㎡)6,229.32

1,456.86

10,280.31

3,533.59

29,948.33

4,437.07

14,313.00

23,261.53

7,440.84

25,530.44

2,679.52

8,264.46

6,447.81

As of September 30, 2021

100.0%

100.0%

96.4%

100.0%

98.9%

100.0%

100.0%

97.8%

98.6%

100.0%

100.0%

100.0%

100.0%

As of March 31, 2021

100.0%

100.0%

－

－

99.8%

100.0%

100.0%

98.8%

98.6%

100.0%

100.0%

100.0%

100.0%

As of September 30, 2020

100.0%

100.0%

－

－

99.7%

100.0%

100.0%

99.1%

97.4%

100.0%

100.0%

100.0%

100.0%

As of March 31, 2020

100.0%

－

－

－

99.7%

100.0%

100.0%

99.5%

98.8%

100.0%

100.0%

100.0%

100.0%

As of September 30, 2019

－

－

－

－

99.7%

100.0%

100.0%

84.4%

100.0%

100.0%

100.0%

100.0%

100.0%

As of March 31, 2019

－

－

－

－

99.7%

100.0%

100.0%

99.3%

100.0%

100.0%

100.0%

100.0%－

As of September 30, 2018

－

－

－

－

99.7%

100.0%

100.0%

98.0%

99.5%

100.0%

100.0%

100.0%－

As of March 31, 2018

－

－

－

－

98.4%

100.0%

100.0%

97.2%

100.0%

100.0%

100.0%

100.0%－

As of September 30, 2017

－

－

－

－

98.2%

100.0%

100.0%

98.7%

97.8%

100.0%

100.0%

100.0%－

As of March 31, 2017

－

－

－

－

99.2%

100.0%

100.0%

99.1%

97.8%

100.0%

100.0%

100.0%－

183days183days163days175days183days183days183days183days183days183days183days183days183days

48,000364,791

18,392490,217466,791

293,686

226,019

44,87048,000293,756

18,386366,228

364,427

187,563

226,019

44,870－71,035

5

123,988

102,364

106,123

－

－

5,877

86,438

1,395

203,313

192,675

124,236

33,075

5,533

1,800

27,053

1,146

63,71068,60042,140

1,800

1,800

3,622

35

3

41,42447,26324,53930,2693,276

Utilities－

43,463－62,92255,31029,481－－

Repairs and maintenance

－

2,489

－

11,2838,260

25,379－－Insurance

45

529

－

673

787

591

590

46

Percentage of total appraisal value
Number of tenants

Occupancy ratio

Lease Information
Operating periods①Rental and other operating revenues ( In thousands of yen )Rental revenues
Other operating revenues

Income and Retained Earnings Information②Property-related expenses ( In thousands of yen )Property management fees
Taxes

(Note 1)

(Note 1)

(Note 1)409

12,866244

23,29812,453

2,102

414

410

42,122

278,353

16,996286,904

63,87873,231

274,116

169,450

192,943

39,33678,706－

3,136

40,586－59,949－11,65057,276

46,90232,894

4,682

－

7,434

45,22538,986

237,766

16,996226,954

63,87861,580216,839

122,548

160,049

34,65478,706

46,393④Depreciation ( In thousands of yen )⑤Rental operating income（＝③-④）( In thousands of yen )(Note 1)45,225

Trust fees and other expenses③NOI（＝①-②） ( In thousands of yen )(Note 1)53,827

－

－

－

－

4,005

－

265

3,329

190,927

－

－

－

－

⑦NCF（＝③-⑥） ( In thousands of yen )45,22542,122

278,353

16,996

282,898

63,87872,965

270,787(21,476)

192,943

39,33678,70653,827

Expense ratio（＝②／①）

11.1%

12.2%

23.7%

7.6%

41.5%

7.1%

21.9%

41.3%

42.3%

14.6%

12.3%

12.5%

16.6%

Property tax for the year 2021 ( In thousands of yen )

8,382

7,244

70,8382,568

82,8306,806

28,396

94,52949,07960,535

6,552

19,66516,081⑥Capital expenditures ( In thousands of yen )Reference

Assets pledged as collateral

－

－

－

－

－

－

〇

55

－

－

－

〇

－

－

Kenedix Retail REIT Corporation (3453)【Reference】

Earnings Performance for the Individual Properties for the 13th Fiscal Period (April 1, 2021 to September 30, 2021)：183 days ※As of September 30, 2021
Greater
Greater Nagoya area
Fukuoka area
Ordinance-designated cities, core cities and other areas
Osaka
area

Location
Property No.

O-12

N-1

N-2

N-4

Property Name

Merado Daikai

DCM Kahma
Valor IchinomiyaNakagawa Tomita
Nishi(Land)

Acquisition Date

April 21,2021

February 10, 2015 February 10, 2015

N-6

N-7

Homecenter
KohnanSunadabashi

Resora Obu
Shopping Terrace

Valor
Nakashidami(Land)

F-1

F-2

Sunny Noma

Round1 Stadium
HakataHanmichibashi

Kurume-Nishi
Shopping Center

R-1
Roseo Mito

R-2

R-3

R-4

K’s Denki Aomori
HontenSuper Sports
Xebio
Aomori-Chuo

Ashico Town
Ashikaga

Price
Information

April 21, 2016

August 1, 2017

April 19, 2017

April 19, 2017

Acquisition price ( In millions of yen )

5,440

2,311

2,174

7,140

7,911

2,551

1,497

5,020

1,515

10,046

1,469

898

Percentage of total portfolio

2.2%

0.9%

0.9%

2.9%

3.2%

1.0%

0.6%

2.0%

0.6%

4.1%

0.6%

0.4%

1.7%

Net book value ( In millions of yen )

5,502

2,351

2,099

6,806

8,013

2,587

1,367

4,908

1,538

9,622

1,423

854

4,406

Appraisal value at the end of period ( In millions of yen )

5,790

2,690

2,360

7,510

7,050

2,560

1,650

5,800

1,840

12,000

1,520

912

4,930

2.2%

1.0%

0.9%

2.8%

2.7%

1.0%

0.6%

2.2%

0.7%

4.5%

0.6%

0.3%

1.9%

7

1

1

1

1（42）

1

1

1

4

1（23）

1

1

1（29）

9,447.48

20,329.07

19,909.33

13,480.42

2,814.67

28,026.61

4,641.10

48,296.15

10,083.41

9,447.48

20,329.07

19,634.11

13,480.42

2,814.67

28,026.61

4,641.10

48,296.15

10,083.41

Percentage of total appraisal value
Number of tenants
Leasable floor area (㎡)11,922.77

Leased floor area (㎡)11,922.77(Note 1)

November 1,2019 February 10, 2015

F-3

February 10, 2015 February 10, 2015 February 10, 2015

October 2, 2015

4,180

65,181.05(Note 1)64,646.98

Occupancy ratio

100.0%

100.0%

100.0%

100.0%

98.6%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

99.2%

As of March 31, 2021－

100.0%

100.0%

100.0%

98.6%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

99.1%

As of September 30, 2020－

100.0%

100.0%

100.0%

97.2%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

99.4%

As of March 31, 2020－

100.0%

100.0%

100.0%

97.1%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

95.0%

As of September 30, 2019－100.0%

100.0%

100.0%

95.5%－

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

95.0%

As of March 31, 2019－100.0%

100.0%

100.0%

86.3%－

100.0%

100.0%

100.0%

99.5%

100.0%

100.0%

100.0%

As of September 30, 2018－

100.0%

100.0%

100.0%

99.0%－

100.0%

100.0%

100.0%

99.7%

100.0%

100.0%

100.0%

As of March 31, 2018－

100.0%

100.0%

100.0%

99.2%－

100.0%

100.0%

100.0%

99.7%

100.0%

100.0%

100.0%

As of September 30, 2017－100.0%

100.0%

100.0%

99.4%－

100.0%

100.0%

100.0%

99.7%

100.0%

100.0%

100.0%

As of March 31, 2017－100.0%

100.0%

100.0%－－

100.0%

－

－

99.7%

100.0%

100.0%

100.0%

Operating periods

163days183days183days183days183days183days183days183days183days183days183days183days183days①Rental and other operating revenues ( In thousands of yen )As of September 30, 2021

Lease Information
Income and Retained Earnings Information

177,246

282,570

52,865386,578

271,889

Rental revenues

132,402

217,724

52,308350,968

202,044

Other operating revenues

44,84464,845557

35,60969,84531,646

125,775

6,090

87,478

134,712

1,868

20,392

3,414

26,512②Property-related expenses ( In thousands of yen )5,183

Property management fees

10

Taxes

(Note 1)

(Note 1)

37,955(Note 1)

26,311(Note 1)

(Note 1)

(Note 1)

(Note 1)37,757(Note 1)

24,53025,58842,624－

22,23755,187

Repairs and maintenance

138

4,492

223

16,181

9,416

Insurance

330

553

71

595

555

Trust fees and other expenses

396

13,838

512

1,557

7,264

Utilities③NOI（＝①-②） ( In thousands of yen )145,600

58,021

66,818

199,766

156,794

59,55736,993

144,301

46,774299,100

45,24828,058④Depreciation ( In thousands of yen )16,049－16,82840,78051,850－14,61822,245

5,667

47,850

6,318

4,857

137,176
35,176⑤Rental operating income（＝③-④）( In thousands of yen )129,551

58,021

49,989158,985

104,944

59,557

22,375122,055

41,107251,250

38,93023,201102,000⑥Capital expenditures ( In thousands of yen )

5,730

－

－

－

9,694

－

2,120

－

－

－

－

－

14,740⑦NCF（＝③-⑥） ( In thousands of yen )139,870

58,021

66,818

199,766

147,100

59,55734,873

144,301

46,774299,100

45,24828,058122,436

Reference

Expense ratio（＝②／①）

17.9%

10.1%

15.3%

10.4%

44.5%

2.6%

28.5%

12.2%

11.5%

22.6%

16.9%

16.1%

49.5%

Property tax for the year 2021 ( In thousands of yen )32,012

10,161

19,01539,93952,385－

7,722

34,6996,829

53,023

13,7256,130

49,060Assets pledged as collateral

－

－

－

－

－

－

－

56

－

－

－

－

－

－

Kenedix Retail REIT Corporation (3453)【Reference】

Earnings Performance for the Individual Properties for the 13th Fiscal Period (April 1, 2021 to September 30, 2021)：183 days ※As of September 30, 2021

Location

Ordinance-designated cities, core cities and other areas
R-8―

Property No.

R-5

R-6

Property Name

Yorktown
ShindenHigashi

KasumiTechnopark
Sakura

R-9

R-10

R-11

P-1 Plaza Tenno

Seiyu Rakuichi
Moriya (Land)Sun Street
Hamakita

Acquisition Date

L-1

Costco Wholesale
Zama Distribution
SapporoCenterWarehouse

L-2

L-3

L-4

L-5

L-6

L-7

OppamaDistribution
CenterMusashi Ranzan
Distribution
CenterYokohama
KamigoDistribution
Center

Gyoda
Distribution
CenterShinjuku
Nishiochiai
Distribution
CenterChiba-Kita
Distribution
CenterPrice
Information

October 2, 2015

October 2, 2015

April 22, 2016

January 31, 2017

April 27, 2017

May 31, 2018

April 5, 2019

April 5, 2019

March 26, 2019

April 11, 2019

October 1,2019

Acquisition price ( In millions of yen )

3,252

830

4,010

4,111

10,746

4,210

1,400

1,300

3,879

918

3,160

810

Percentage of total portfolio

1.3%

0.3%

1.6%

1.7%

4.4%

1.7%

0.6%

0.5%

1.6%

0.4%

1.3%

0.3%

0.5%

Net book value ( In millions of yen )

3,210

920

4,130

4,320

10,570

4,212

1,467

1,339

3,762

964

3,178

869

1,253

Appraisal value at the end of period ( In millions of yen )

2,570

982

4,350

4,280

10,980

4,430

1,750

1,650

4,250

1,040

3,590

842

1,340

1.0%

0.4%

1.6%

1.6%

4.2%

1.7%

0.7%

0.6%

1.6%

0.4%

1.4%

0.3%

0.5%

2

1

1（7）

1

1（49）

1

1

1

1

2

1

1

1

Leasable floor area (㎡)

12,768.77

2,228.04

12,030.83

48,697.31

24,006.16

5,479.92

6,543.87

32,935.55

2,040.05

21,956.09

790.52

5,684.13

Leased floor area (㎡)

12,768.77

2,228.04

12,030.83

48,004.76

24,006.16

5,479.92

6,543.87

32,935.55

2,040.05

21,956.09

790.52

5,684.13

As of September 30, 2021

100.0%

100.0%

100.0%

100.0%

98.6%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

As of March 31, 2021

100.0%

100.0%

100.0%

100.0%

99.4%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

As of September 30, 2020

100.0%

100.0%

100.0%

100.0%

99.7%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%－

As of March 31, 2020

100.0%

100.0%

100.0%

100.0%

99.5%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%－

As of September 30, 2019100.0%

100.0%

100.0%

100.0%

99.4%

100.0%

100.0%

100.0%

100.0%

100.0%－－－

As of March 31, 2019100.0%

100.0%

100.0%

100.0%

99.3%

100.0%－－

100.0%－－－－

As of September 30, 2018

100.0%

100.0%

100.0%

100.0%

99.3%

100.0%

－

－

－

－

－

－

－

As of March 31, 2018

100.0%

100.0%

100.0%

100.0%

99.2%

－

－

－

－

－

－

－

－

As of September 30, 2017100.0%

100.0%

100.0%

100.0%

98.0%

－

－

－

－

－

－

－

－

As of March 31, 2017100.0%

100.0%

100.0%

100.0%

－

－

－

－

－

－

－

－

－

183days183days183days183days183days183days183days183days183days183days183days183days183days

Percentage of total appraisal value
Number of tenants(Note 1)January 10,2020 December 25,2020

1,250

Occupancy ratio

Lease Information
Operating periods①Rental and other operating revenues ( In thousands of yen )Rental revenues

133,935

525,022

133,230

436,119705

88,903

18,848219,875

Other operating revenues

Income and Retained Earnings Information②Property-related expenses ( In thousands of yen )Property management fees
Taxes

(Note 1)

(Note 1)

3,088
14,542

73,192(Note 1)

25,530Utilities

117

40,321

Repairs and maintenance336

11,463

Insurance

347

809

Trust fees and other expenses

416

68,557(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

(Note 1)

③NOI（＝①-②） ( In thousands of yen )73,502

19,217

115,087

82,979305,146

101,691

48,73753,400112,566

22,34774,022

16,564④Depreciation ( In thousands of yen )13,8003,403

18,550－81,64833,881

7,032

9,611

37,223

3,636

24,921846

29,192
9,323⑤Rental operating income（＝③-④）( In thousands of yen )59,702

15,81396,537

82,979223,497

67,80941,70443,78875,342

18,711

49,10015,717

19,869－89,667

11,972－

34,954

895

－

1,390

－

－

12,7457,638

950

73,502(70,450)

103,11482,979270,192

100,796

48,73752,010112,566

22,347

61,276

8,926

28,242

Expense ratio（＝②／①）

45.4%

37.6%

14.1%

13.3%

41.9%

16.2%

14.8%

12.1%

11.2%

19.9%

32.3%

13.7%

12.9%

Property tax for the year 2021 ( In thousands of yen )30,475

3,629

29,084

22,48351,05733,068

7,845

9,385

23,358

5,685

22,9994,037⑥Capital expenditures ( In thousands of yen )⑦NCF（＝③-⑥） ( In thousands of yen )Reference

Assets pledged as collateral

－

－

－

－

－

－

－

57

－

－

－

－

－

5,880
－

Kenedix Retail REIT Corporation (3453)【Reference】

Earnings Performance for the Individual Properties for the 13th Fiscal Period (April 1, 2021 to September 30, 2021)：183 days ※As of September 30, 2021

Location―

Property No.

L-8

Property Name

Sapporo Shiroishi
Distribution
CenterAcquisition Date

December 24,2020

Total of 66
properties

Price
Information

Acquisition price ( In millions of yen )800

Percentage of total portfolio

0.3%

100.0%Net book value ( In millions of yen )825

246,469

1,030

263,9710.4%

100.0%

Appraisal value at the end of period ( In millions of yen )Percentage of total appraisal value245,274

1

528

Leasable floor area (㎡)

11,181.15

997,493.50

Leased floor area (㎡)

11,181.15

993,761.43

As of September 30, 2021

100.0%

99.6%

As of March 31, 2021

100.0%

99.8%

As of September 30, 2020

－

99.7%

As of March 31, 2020

－

99.4%

As of September 30, 2019

－

98.9%

As of March 31, 2019

－

99.2%

As of September 30, 2018

－

99.4%

As of March 31, 2018

－

99.5%

As of September 30, 2017

－

99.6%

As of March 31, 2017－

Number of tenants

Occupancy ratio

Lease Information
Operating periods

183days

99.6%
182days *Total: Cost-weighted average operating period (days)
8,872,588①Rental and other operating revenues ( In thousands of yen )Income and Retained Earnings Information

Rental revenues

7,800,358

Other operating revenues

1,072,230
2,491,615②Property-related expenses ( In thousands of yen )Property management fees
Taxes

(Note 1)

692,367
727,319

Utilities

543,389

Repairs and maintenance

247,928

Insurance

14,610Trust fees and other expenses

265,999③NOI（＝①-②） ( In thousands of yen )30,747

6,380,973④Depreciation ( In thousands of yen )11,7191,161,695⑤Rental operating income（＝③-④）( In thousands of yen )19,027

5,219,277⑥Capital expenditures ( In thousands of yen )6,234

628,486⑦NCF（＝③-⑥） ( In thousands of yen )24,5135,752,486

Reference

Expense ratio（＝②／①）

9.2%

28.1%

Property tax for the year 2021 ( In thousands of yen )3,776

1,624,049

Assets pledged as collateral－－

Note 1:We have not obtained consent from the tenant(s) to release this information.
Note 2:The figures of Income and Retained Earnings Information and Reference include those of Daikanyama Address Dixsept(30.0% quasi co-ownership interest) that was sold on April 1, 2021.
Daikanyama Address Dixsept is counted as one of the owned properties as of the end of the 13th fiscal period because the 30% quasi co-ownership interest is owned by the Investment Corporation
as of the end of the 13th fiscal period after the sale of 40% quasi co-ownership interest on December 1, 2020 and 30% quasi co-ownership interest on April 1, 2021.
Note 3:The figures of Income and Retained Earnings Information and Reference include those of Unicus Ina(20.0% quasi co-ownership interest) that was sold on April 9, 2021.
Unicus Ina is counted as one of the owned properties as of the end of the 13th fiscal period because the 80% quasi co-ownership interest is owned by the Investment Corporation

58

ここにメモを書いてください。

Kenedix Retail REIT Corporation (3453)【Reference】

Earnings Performance for the Individual Properties for the 13th Fiscal Period (April 1, 2021 to September 30, 2021)：183 days

LocationTokyo
metropolitan
area

Property No.

T-4(Note 1)

T-5(Note 2)

O-7(Note 3)

Property Name

Daikanyama
Address
Dixsept(30.0%
quasi co-ownershipinterest)

Unicus Ina(20.0% quasi
co-ownershipinterest)

Hankyu Oasis
Hirakatadeguchi

Acquisition Date

February 10, 2015 February 10, 2015

Total of 1
Property Sold
(Notes4,5)

Total of 67
Properties

October 2, 2015

Price
Information

Acquisition price ( In millions of yen )

1,617

894

1,280

3,791

249,065

Percentage of total portfolio

42.7%

23.6%

33.8%

100.0%－

Revenue from sale of real estate property ( In millions of yen )

1,993

1,048

1,500

4,541

－

Cost of real estate property ( In millions of yen )

1,607

872

1,284

3,765

－

345

167

161

674

－

Number of tenants

－

－

－

－

－

Leasable floor area (㎡)

－

－

－

－

－

Leased floor area (㎡)

－

－

－

－

－

Gain on sale of real estate property ( In millions of yen )※As of September 30, 2021

Greater
Osaka
area

Occupancy ratio

－

－

－

－

－

As of March 31, 2021

97.2%

100.0%

100.0%－－

As of September 30, 2020

96.0%

100.0%

100.0%－－

As of March 31, 2020

99.1%

100.0%

100.0%－－

As of September 30, 2019

99.1%

100.0%

100.0%－－

As of March 31, 2019

97.2%

100.0%

100.0%－－

As of September 30, 2018

97.9%

100.0%

100.0%－－

As of March 31, 2018

97.9%

100.0%

100.0%－－

As of September 30, 2017

97.9%

100.0%

100.0%－－

As of March 31, 2017

97.0%

100.0%

100.0%－- days8days

123days

43days

As of September 30, 2021

Lease Information
Operating periods－
180days *Total: Cost-weighted average operating period (days)
8,901,596①Rental and other operating revenues ( In thousands of yen )Income and Retained Earnings Information

Rental revenues

7,829,366

Other operating revenues

1,072,230
2,495,811②Property-related expenses ( In thousands of yen )Property management fees
Taxes

(Note 4)(Note 5)(Note 6)693,617 Note 1:Daikanyama Address Dixsept(30.0% quasi co-ownership interest) was sold on April 1, 2021.

(Note 6)

729,881 Note 2:Unicus Ina(20.0% quasi co-ownership interest) was sold on April 9, 2021.

Utilities

543,389 Note 3:Hankyu Oasis Hirakatadeguchi was sold on August 2, 2021.

Repairs and maintenance

247,928 Note 4:The figures of Income and Retained Earnings Information and Reference are included in the said corresponding area of Daikanyama

Insurance

14,642Trust fees and other expenses

266,351
24,811③NOI（＝①-②） ( In thousands of yen )④Depreciation ( In thousands of yen )⑤Rental operating income（＝③-④）( In thousands of yen )(Note 4)(Note 5)Address Dixsept(30.0% quasi co-ownership interest) .
"Total of 1 Property Sold" does not count Daikanyama Address Dixsept(30.0% quasi co-ownership interest) is owned by the

24,811

6,405,784

Investment Corporation as of the end of the 13th fiscal period after the sale of 40% quasi co-ownership interest on

4,670

4,670

1,166,365

December 1, 2020 and 30% quasi co-ownership interest on April 1, 2021.

20,141

20,141

5,239,419 Note 5:The figures of Income and Retained Earnings Information and Reference are included in the said corresponding area of Unicus Ina(20.0% quasi co-ownership interest).

Reference⑥Capital expenditures ( In thousands of yen )－－628,486⑦NCF（＝③-⑥） ( In thousands of yen )24,811

24,811

5,777,298

14.5%

14.5%

28.0%

－

－

－ Note 6:We have not obtained consent from the tenant(s) to release this information.

－

－

－

Expense ratio（＝②／①）
Property tax for the year 2021 ( In thousands of yen )Assets pledged as collateral(Note 4)(Note 5)

"Total of 1 Property Sold" does not count Unicus Ina(80.0% quasi co-ownership interest) is owned by the Investment Corporation
as of the end of the 13th fiscal period after the sale of 20% quasi co-ownership interest on April 9, 2021.

59Kenedix Retail REIT Corporation (3453)(Reference) Borrowings
Borrowings as of September 30, 2021 are as follows:
Classification

LenderBalance at the
Increase during the
beginning of period
period(Thousands of yen) (Thousands of yen)

Decrease during
the period(Thousands ofyen)

Balance at the endof period(Thousands of yen)

Averageinterest rate
(Note 1)
(Note 2)(％)

Payment due date
（Note 3）500,000－

500,000－

2,600,000－

2,600,000－

Aozora Bank, Ltd.

500,000－

500,000－

MUFG Bank, Ltd.

400,000－

400,000－

Sumitomo Mitsui Trust Bank, Ltd.

300,000－

300,000－

Resona Bank, Ltd.

300,000－

300,000－

MUFG Bank, Ltd.（Note5）

600,000－

600,000－

0.400

Development Bank of Japan Inc.（Note5）

500,000－

500,000－

0.553

Mizuho Bank, Ltd. （Note5）

400,000－

400,000－

0.553

Mizuho Trust & Banking Co., Ltd.（Note5）200,000－

200,000－

0.553

Sumitomo Mitsui Banking Corporation

900,000－

900,000－

0.477

Sumitomo Mitsui Banking Corporation

2,600,000－－

2,600,000

MUFG Bank, Ltd.

800,000－－

800,000

Sumitomo Mitsui Trust Bank, Ltd.

600,000－－

600,000

Aozora Bank, Ltd.

400,000－－

400,000

Mizuho Trust & Banking Co., Ltd.

400,000－－

400,000

Mizuho Bank, Ltd.

300,000－－

300,000

Resona Bank, Ltd.

300,000－－

300,000

Development Bank of Japan Inc.（Note5）

1,600,000－－

1,600,000

1.033

February 10, 2022

Sumitomo Mitsui Banking Corporation

2,750,000－－

2,750,000

0.484January 31, 2022

MUFG Bank, Ltd.（Note6）

1,250,000－－

1,250,000

Mizuho Bank, Ltd.（Note6）800,000－－

800,000

0.603

August 31, 2022

1.366

April 16, 2025

0.975

March 31, 2023

0.994

March 31, 2023

0.987

March 31, 2023

1.013

March 31, 2023

1.110

March 31, 2024

1.243

April 16, 2025

The Gunma Bank, Ltd.（Note5）
Sumitomo Mitsui Banking Corporation

0.485

Current Portion of Long-Term Loans Payable

April 30, 2021

7,200,000

11,800,000－－

4,600,000

MUFG Bank, Ltd.

1,000,000－－

1,000,000

Sumitomo Mitsui Trust Bank, Ltd.

600,000－－

600,000

Mizuho Bank, Ltd.

400,000－－

400,000

Resona Bank, Ltd.

400,000－－

400,000

Mizuho Trust & Banking Co., Ltd.

400,000－－

400,000

MUFG Bank, Ltd.

400,000－－

400,000

1,500,000－－

1,500,000

MUFG Bank, Ltd.

450,000－－

450,000

Resona Bank, Ltd.

200,000－－

200,000

The Musashino Bank, Ltd.

150,000－－

150,000

Development Bank of Japan Inc.（Note5）

1,500,000－－

1,500,000

Sumitomo Mitsui Banking Corporation

3,000,000－－

3,000,000

Mizuho Bank, Ltd.

1,150,000－－

1,150,000

MUFG Bank, Ltd.

1,000,000－－

1,000,000

Mizuho Trust & Banking Co., Ltd.

700,000－－

700,000

Sumitomo Mitsui Trust Bank, Ltd.

650,000－－

650,000

Resona Bank, Ltd.

500,000－－

500,000

1,500,000－－

1,500,000

MUFG Bank, Ltd.

400,000－－

400,000

Sumitomo Mitsui Trust Bank, Ltd.

450,000－－

450,000

0.803 September 30, 2024

Development Bank of Japan Inc.（Note5）

890,000－－

890,000

0.760 September 30, 2024

2,670,000－－

2,670,000

0.932

April 21, 2026

890,000－－

890,000

0.888

October 31, 2025

Development Bank of Japan Inc.（Note5）

2,000,000－－

2,000,000

1.049

Mizuho Trust & Banking Co., Ltd.（Note5）

1,000,000－－

1,000,000

1.049

500,000－－

500,000

1.002

Long-Term Loans Payable

MUFG Bank, Ltd.

Resona Bank, Ltd.

1,500,000－－

1,500,000

Sumitomo Mitsui Trust Bank, Ltd.

400,000－－

400,000

Aozora Bank, Ltd.

400,000－－

400,000

Resona Bank, Ltd.

300,000－－

300,000

Sumitomo Mitsui Banking Corporation

60(Note 4)

Unsecured/
Unguaranteed

0.978 February 10, 2022－

Sumitomo Mitsui Banking Corporation

Unsecured/
Unguaranteed

April 27, 2021

4,600,000

Sumitomo Mitsui Banking Corporation(Note 4)

April 27, 2021

19,000,000

Development Bank of Japan Inc.（Note5）

Remarks

0.550 September 30, 2021

Sumitomo Mitsui Banking Corporation

Sub Total

Use

0.772

January 31, 2027

October 31, 2024

Kenedix Retail REIT Corporation (3453)
Classification

LenderBalance at the
Increase during the
beginning of period
period(Thousands of yen) (Thousands of yen)

Decrease during
the period(Thousands ofyen)

Balance at the endof period(Thousands of yen)

Averageinterest rate
(Note 1)
(Note 2)(％)

Payment due date
（Note 3）

MUFG Bank, Ltd.（Note5）

600,000－－

600,000

0.696

Mizuho Bank, Ltd. （Note5）

600,000－－

600,000

0.815

Development Bank of Japan Inc.（Note5）

500,000－－

500,000

0.814

Mizuho Trust & Banking Co., Ltd.（Note5）200,000－－

200,000

0.814

MUFG Bank, Ltd.（Note5）

500,000－－

500,000

0.903

October 31, 2026

Sumitomo Mitsui Banking Corporation

500,000－－

500,000

Sumitomo Mitsui Trust Bank, Ltd.

500,000－－

500,000

1.033

May 18, 2027

Resona Bank, Ltd.

400,000－－

400,000

Development Bank of Japan Inc.（Note5）

500,000－－

500,000

1.050

Mizuho Bank, Ltd. （Note5）

500,000－－

500,000

1.049

Mizuho Trust & Banking Co., Ltd.（Note5）

300,000－－

300,000

1.050

－

－

500,000

0.670 September 29, 2023－－

1,500,000

0.918 September 30, 2026

MUFG Bank, Ltd.（Note5）

500,000－－

500,000

0.930

Mizuho Bank, Ltd. （Note5）

1,500,000－－

1,500,000

1.029

Sumitomo Mitsui Trust Bank, Ltd.

1,500,000－－

1,500,000

1.100 September 29, 2028

500,000－－

500,000

1,200,000－－

1,200,000

Sumitomo Mitsui Banking Corporation

900,000－－

900,000

0.988

April 30, 2027

Sumitomo Mitsui Banking Corporation

2,600,000－－

2,600,000

0.985

April 30, 2027

Sumitomo Mitsui Banking Corporation

2,000,000－－

2,000,000

0.902

April 30, 2026

Mizuho Bank, Ltd.

1,000,000－－

1,000,000

1.090

April 30, 2028

The Bank of Fukuoka, Ltd.

1,000,000－－

1,000,000

0.907

May 31, 2026

Sumitomo Mitsui Banking Corporation

1,500,000－－

1,500,000

0.999

MUFG Bank, Ltd.（Note5）

500,000－－

500,000

0.900

Mizuho Bank, Ltd.

500,000－－

500,000

0.999

Mizuho Trust & Banking Co., Ltd.

500,000－－

500,000

0.999

Nippon Life Insurance Company

700,000－－

700,000

0.913

Sumitomo Mitsui Trust Bank, Ltd.

700,000－－

700,000

0.726

Resona Bank, Ltd.

500,000－－

500,000

0.676

Aozora Bank, Ltd.

500,000－－

500,000

0.726

Mizuho Bank, Ltd.

400,000－－

400,000

0.726

The Musashino Bank, Ltd.

400,000－－

400,000

0.676

Sumitomo Mitsui Banking Corporation

1,850,000－－

1,850,000

0.910

MUFG Bank, Ltd.

1,300,000－－

1,300,000

0.860

Resona Bank, Ltd.

650,000－－

650,000

0.460

August 31, 2024

Aozora Bank, Ltd.

890,000－－

890,000

0.585

August 31, 2026

Mizuho Bank, Ltd.

1,370,000－－

1,370,000

0.718

March 31, 2028

820,000－－

820,000

0.550

October 31, 2024

1,270,000－－

1,270,000

0.750

January 31, 2028

650,000－－

650,000

0.670

April 30, 2028

MUFG Bank, Ltd.（Note5）

1,500,000－－

1,500,000

0.520

Sumitomo Mitsui Banking Corporation

1,000,000－－

1,000,000

0.644Mizuho Bank, Ltd.

1,000,000－－

1,000,000

0.644Mizuho Trust & Banking Co., Ltd.（Note5）

500,000－－

500,000

0.550

Resona Bank, Ltd.

300,000－－

300,000

0.644

Development Bank of Japan Inc.（Note5）

500,000－－

500,000

0.830

October 31, 2029

The Gunma Bank, Ltd.

400,000－－

400,000

0.498

January 31, 2025

The Musashino Bank, Ltd. （Note5）

400,000－－

400,000

0.478

January 31, 2025

Sumitomo Mitsui Banking Corporation

700,000－－

700,000

0.758 September 30, 2028
0.725

January 31, 2029

0.809

January 31, 2030

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.（Note5）Long-Term Loans Payable

Sumitomo Mitsui Trust Bank, Ltd.
MUFG Bank, Ltd.
Mizuho Trust & Banking Co., Ltd.（Note5）450,000－－

450,000

3,000,000－－

3,000,000

MUFG Bank, Ltd.

700,000－－

700,000

Sumitomo Mitsui Trust Bank, Ltd.

500,000－－

500,000

Resona Bank, Ltd.

450,000－－

450,000

Mizuho Bank, Ltd.

400,000－－

400,000

Aozora Bank, Ltd.
Sumitomo Mitsui Banking Corporation

61

1.035

(Note 4)

Unsecured/
Unguaranteed

May 18, 2027

500,000

Sumitomo Mitsui Trust Bank, Ltd.

Remarks

October 31, 2024

1,500,000

MUFG Bank, Ltd.（Note5）

Use

September 29, 2027

October 3, 2027

1.000 February 10, 2028

May 31, 2027

March 31, 2025

March 31, 2026

March 31, 2028

October 31, 2026

Kenedix Retail REIT Corporation (3453)
Classification

LenderBalance at the
Increase during the
beginning of period
period(Thousands of yen) (Thousands of yen)

Decrease during
the period(Thousands ofyen)

Balance at the endof period(Thousands of yen)

Development Bank of Japan Inc.（Note5）

1,500,000－－

1,500,000

Sumitomo Mitsui Banking Corporation

2,400,000－－

2,400,000

MUFG Bank, Ltd.

Long-Term Loans Payable

1,600,000－－

1,600,000

Sumitomo Mitsui Trust Bank, Ltd.

550,000－－

550,000

Resona Bank, Ltd.

500,000－－

500,000

Aozora Bank, Ltd.

500,000－－

500,000

Mizuho Bank, Ltd.

350,000－－

350,000

Mizuho Trust & Banking Co., Ltd.

300,000－－

300,000

Sumitomo Mitsui Banking Corporation－

600,000－

600,000

Mizuho Bank, Ltd.

－

500,000－

500,000

Resona Bank, Ltd.

－

400,000－

400,000

MUFG Bank, Ltd.（Note5）－

500,000－

500,000

Aozora Bank, Ltd.

－

500,000－

500,000

Mizuho Trust & Banking Co., Ltd.

－

200,000－

200,000

Sumitomo Mitsui Banking Corporation－

1,000,000－

MUFG Bank, Ltd.（Note5）－

400,000－

Sumitomo Mitsui Banking Corporation－

1,600,000－

1,600,000

Mizuho Bank, Ltd.

－

400,000－

400,000

Sumitomo Mitsui Trust Bank, Ltd.

－

300,000－

300,000

Resona Bank, Ltd.

－

300,000－

300,000

MUFG Bank, Ltd.（Note5）－

600,000－

Development Bank of Japan Inc.（Note5）－

500,000－

The 77 Bank, Ltd.

－

500,000

The Musashino Bank,Ltd.（Note5）－

Sumitomo Mitsui Banking Corporation

Averageinterest rate
(Note 1)
(Note 2)
(％)

0.888

Payment due date
（Note 3）0.400

April 30, 2025

0.461

April 30, 2026

1,000,000

0.490

October 31, 2026

400,000

0.475

October 31, 2026

0.548

October 31, 2027

600,000

0.525

October 31, 2027

500,000

0.856

April 30, 2031－

500,000

0.426

April 30, 2026

500,000－

500,000

0.350

April 30, 2026－

800,000－

800,000

Sumitomo Mitsui Trust Bank, Ltd.

－

700,000－

700,000

Mizuho Trust & Banking Co., Ltd.

－

600,000－

600,000

0.601

April 30, 2028

Aozora Bank, Ltd.

－

600,000－

600,000

Mizuho Bank, Ltd.

－

500,000－

500,000

MUFG Bank, Ltd.（Note5）－

500,000－

500,000

SUMITOMO LIFE INSURANCE COMPANY（Note5）－

500,000－

500,000

0.550

April 30, 2028

Development Bank of Japan Inc.（Note5）－

300,000－

300,000

0.824

April 30, 2031

Mizuho Bank, Ltd.

－

500,000－

500,000

0.357

April 30, 2024

MUFG Bank, Ltd.（Note5）－200,000－

200,000

0.525

October 31, 2027

Aozora Bank, Ltd.

－

200,000－

200,000

0.601

April 30, 2028

The Gunma Bank, Ltd.（Note5）－

500,000－

500,000

0.450 September 30, 2026

85,800,000

14,700,000－

100,500,000

104,800,000

14,700,000

7,200,000

112,300,000(Note 4)

Unsecured/
Unguaranteed

0.535 February 28, 2026

April 30, 2025

Sub Total

Remarks

January 31, 2031

0.407

Total

Use

Note 1:All debts except for the following Note 5 are borrowings at a floating rate.

Note 2:Average interest rates are the weighted average during the period and figures are rounded to the nearest third decimal place. Also, with regard to borrowings for which interest rate swap transactions were implemented in order tohedge the interest rate volatility risk, the weighted average interest rates taking into consideration the effects of the interest rate swaps are indicated.

Note 3:All the repayment methods of debt financing are lump-sum repayments on the due date.

Note 4:All debts were used as the funds for acquiring real estate properties or trust beneficiary interest in real estate (additional expenses are included) and repayment of debts.

Note 5:

Borrowings at a fixed rate.

Note 6:

Borrowings are listed in the current portion of long-term loans payable from the fiscal period under review, listed in long-term loans payable in the previous fiscal period.

62