KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Translation of Japanese Original
FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED JANUARY 31, 2023 (REIT)(August 1, 2022 to January 31, 2023)

March 15, 2023
Kenedix Residential Next Investment Corporation (“the Investment Corporation”) is listed on the Tokyo Stock Exchangewith the securities code number 3278.
(URL https://www.kdr-reit.com/en/)
Representative:
Tetsu Kawashima , Executive Director
Asset Management Company: Kenedix Real Estate Fund Management, Inc.
Representative:
Hikaru Teramoto, President and CEO
Inquiries:
Michiru Nagamata, Head of Strategic Planning , Residential REIT Department
TEL+81-3-5157-6011
Planned submission of semiannual securities report: April 25, 2023
Planned start of distribution payments:
April 17, 2023
Preparing presentation material:
Yes
Hold a financial brief meeting:
No (Cancelled due to preventing the spread of COVID-19 infection.
Presentation video of financial results is scheduled to be webcasted(Japanese only)

1. PERFORMANCE FOR THE FISCAL PERIOD ENDED January 31, 2023 (22nd FISCAL PERIOD)(1) Business Results(Amounts are rounded down to the nearest million yen)
(Percentages show period-on-period changes)
Operating Revenues

Fiscal period ended
January 31, 2023
July 31, 2022

Millions of Yen
9,936
9,447

Operating Income
%
5.2
3.3

Millions of Yen
5,294
4,850

Net Income per Unit
Fiscal period ended
January 31, 2023
July 31, 2022

Ordinary Income
%
9.2
0.2

Net Income
%
11.4
0.1

Ordinary Income toTotal Assets

Return on Net Assets
Yen
4,361
3,966

Millions of Yen
4,593
4,122

%
3.1
2.9

Millions of Yen
4,593
4,122

%
11.4
0.1

Ordinary Income toOperating Revenues
%
1.4
1.3

%
46.2
43.6

(2) Distributions
Distributions per Unit Total Distributions(Excluding Excess of (Excluding Excess of
Earnings)
Earnings)
Fiscal period ended
January 31, 2023
July 31, 2022
(Note 1)
(Note 2)
(Note 3)

Yen
4,257
4,101

Distributions in
Total Distributions in
Excess of Earnings
Excess of Earnings
perMillions of Yen
4,556
4,288

Yen
-

Payout Ratio

Millions of Yen-

Distribution Ratio to
Unitholders’ Equity

%
99.2
104.0

%
3.0
3.0

Total distributions for the 22nd fiscal period is not the same amount as net income due to excluding a part of gain on sale of real estate property and otheradjustments from net income, and adding reversal of reserve for temporary difference adjustments.
Total distributions for the 21st fiscal period is not the same amount as net income due to adding reversal of reserve for temporary difference adjustments
and a part of retained earnings brought forward.
Due to issuance of new investment units in both 21st and 22nd fiscal period, payout ratio for each fiscal period is calculated as follows.
Payout Ratio = Total Distributions (Excluding Excess of Earnings) /Net income × 100(3) Financial Position
Total Assets
Fiscal period ended
January 31, 2023
July 31, 2022

Millions of Yen
327,014315,886

Net Assets

Net assets to Total Assets

Millions of Yen
151,632
145,258

%
46.4
46.0

Net Asset per UnitsYen
141,655
138,902(4) Cash Flows
Cash Flow fromOperating Activities
Fiscal period ended
January 31, 2023
July 31, 2022

Millions of Yen
7,574
6,084

Cash Flow from
Investing Activities
Millions of Yen-12,631-14,488-1-

Cash Flow from
Financing Activities
%
5,092
8,926

Cash and Cash Equivalents
at the End of the Period
Yen25,53925,504

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

2. FORECAST OF RESULTS FOR THE FISCAL PERIODS ENDING JULY 31, 2023 (February 1, 2023 to July 31,2023) AND JANUARY 31, 2024 (August 1, 2023 to January 31, 2024)(Percentages show period-on-period changes)
Operating Revenues

Operating Income

Ordinary Income

Net Income

Distributions perDistributions in Excess
Unit Excludingof Earnings per Unit
Excess of Earning

Millions ofMillions ofMillions
Millions
%
%
Yen
Yen
Yen
%
Yen
%
of Yenof Yen
9,972
0.4
5,121
-3.3
4,406
-4.1
4,405
-4.1
4,140
9,948
-0.2
4,945
-3.3
4,234
-3.9
4,233
-3.9
4,140
(Reference) Estimated net income per unit (Estimated Net Income / Estimated weighted average number of units)
Fiscal period ending July 31, 2023: 4,116 yen Fiscal period ending January 31, 2024: 3,955 yen
Distributions per unit excluding excess of earning is not the same amount as net income due to adding reversal of reserve for temporary difference
adjustments and a part of retained earnings brought forward.for fiscal periods ending July 31, 2023 and January 31, 2024.
(Note) Distributions per unit is calculated based on the number of investment units issued and outstanding totaled 1,070,433 as of today.

Fiscal period ended
July 31, 2023
January 31, 2024

3. OTHERS(1) Changes in Accounting Policies/Changes in Accounting Estimate/Retrospective Restatement(a) Changes concerning accounting policy accompanying amendments to accounting standards: None(b) Changes other than (a): None(c) Changes in accounting estimate: 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 January 31, 2023: 1,070,433 units As of July 31, 2022: 1,045,758 units(b) Number of treasury investment units at the end of the period
As of January 31, 2023: 0 units As of July 31, 2022: 0 units
Note: Please refer to “Notes to Per Unit Information” on page 28 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
and Exchange 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 the Investment Corporation and on certain assumptions the Investment Corporation deems to be reasonable. As such, actual
operating and other results may differ materially from these forecasts as a consequence of numerous factors. The above-mentioned
forecasts are based on “Assumptions for the Earnings Forecasts of Financial Results for the Fiscal Periods Ending July 31, 2023 andJanuary 31, 2023” on page 9 for calculation, and our judgment as of March 15, 2023. 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 inmarket conditions. These forecasts do not guarantee the distribution amount.

[Provisional Translation Only]
English translation of the original Japanese document is provided solely for information purposes. Should there be any
discrepancies between this translation and the Japanese original, the latter shall prevail.

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KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

Contents of Attachments
1．Status of Asset Management ………………………………………………………………………………………………… 4(1) Status of Asset Management ………………………..……………………………………………………………………… 4(2) Investment Risks ……………………………………………………………………………………………………………… 10
2．Financial Statements ……………………………………………….………………………………………………………… 11(1) Balance Sheets …………………………………………………………….…………………………………………………… 11(2) Statements of Income and Retained Earning………………………………………………………………………………… 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………………………………………………………………………………………………… 19(9) Changes in Investment Units Issued and Outstanding……………………………………………………………………… 29
3．Reference Information………..……………………………………………………………………………………………… 30(1) Information on Price of the Managed Assets……………………………………………………………………………… 30(2) Capital Expenditures on the Managed Assets…….………………………………………………………………………… 53(3) Information Concerning Major Tenants…………...……………………………………………………………………… 54-3-

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

1. Status of Asset Management(1) Status of Asset Management① Overview of the Fiscal Period ended January 31, 2023
A. Major Operational Results of the Investment Corporation
Kenedix Residential Next Investment Corporation (the “Investment Corporation”) was established on November 15, 2011
under the Act on Investment Trusts and Investment Corporations of Japan (“the Investment Trust Act”). On April 26, 2012,
the Investment Corporation was listed on the Real Estate Investment Trust Market of the Tokyo Stock Exchange (Securities
Code: 3278).
The Investment Corporation subsequently issued new investment units through three public offerings and by way of thirdparty allotment to steadily grow its asset size through continuous investment in rental housing, which is its primary
investment target.
Moreover, seeking further growth opportunities, the Investment Corporation conducted an absorption type merger (“theMerger”) with the Investment Corporation as the surviving corporation and Japan Senior Living Investment Corporation(“JSL”) as the absorbed corporation on March 1, 2018, and changed its name from Kenedix Residential Investment
Corporation to Kenedix Residential Next Investment Corporation.(Following the merger, the Investment Corporation
implemented a 2-for-1 investment unit split with an effective date of March 1, 2018.)
Even after the merger, the Investment Corporation procured funds through public offerings on a regular basis and pursue
sustainable growth opportunities by investing in rental housing, senior homes, hotels, etc. As of the end of the reporting
period, the Investment Corporation owns a total of 180 real estate properties (total acquisition price: 300,912 million yen(Note)) consisting of 141 residential properties such as rental housings, 37 healthcare facilities such as private senior homes
with nursing care and 2 accommodation facilities such as hotels and the total number of investment units issued andoutstanding is 1,070,433 units.
The Investment Corporation entrusts the asset management to Kenedix Real Estate Fund Management, Inc. (the “AssetManagement Company”), a company that was formed with personnel from Kenedix, Inc. (“Kenedix”) and adheres to thecore philosophies of Kenedix. The Asset Management Company provides real estate investment management services withflexibility and agility by flexibly pursing optimal investment opportunities and income opportunities and agilely investing
and managing based on swift information gathering and decision-making while accurately grasping real estate-related
trends.
(Note) “Acquisition price” is the sales price of each trust beneficiary interest or real estate indicated in each trust beneficiary interest sales contract and real estate
sales contract concerning the owned assets (excluding acquisition costs, adjustment in property tax and city-planning tax, and consumption tax) and isrounded down to the nearest million yen. The appraisal value as of March 1, 2018 is indicated as the acquisition price for assets succeeded by JSL due
to the merger. The same applies hereinafter.

B. Investment Environment
During the 22nd fiscal period, the Japanese economy showed signs of recovery as the impact of COVID-19 eased despite
soaring resource and energy prices as well as the general price increase from weakening of Japanese yen.
Residential properties, which are one of the main investment targets of the Investment Corporation, maintain stable
occupancy, and the rents have tended to rise, mainly for properties with larger units.
With regard to the environment surrounding healthcare facilities, Japan has entered a super-aging society(Note) which noother country has ever experienced, with world’s longest average life expectancies for both men and women, and thesociety’s “aging” with the increase in the ratio of the elderly population against total population and the increase in elderly
population itself is expected to continue going forward. In response to such trends, the number of nursing homes such asprivate senior homes with nursing care and serviced senior housing has been on the rise in recent years. The Investment
Corporation believes that demand for such facilities will continue to increase. Even under the circumstances of the spreadof the COVID-19, operations of these facilities have been stable with infection prevention measures taken by operators.
As for the operations of the accommodation facilities, both room occupancy and ADR have been recovering as the impact
of COVID-19 gradually eases and the demand is pushed upwards by the government’s and municipal’s travel subsidy
program as well as the reopening of the border.
In the real estate investment market, investors continue to eager to invest in real estate, and active transactions are currently
taking place. Expected yields on rental housing, which is the main investment target of the Investment Corporation, remain
low, and the environment for property acquisitions is expected to remain difficult.
(Note) “Super-aging society” refers to a society with a population aging rate (ratio of the elderly population aged 65 or over against total population) exceeding
21%, as defined by the World Health Organization and the United Nations.

C. Operating Results
The Investment Corporation comprehensively taking into account the composition of the entire portfolio, earnings powerin the future, the Investment Corporation acquired 8 properties in total (total acquisition price: 11,082 million yen), which
includes acquisitions of 2 residential properties (total acquisition price: 4,137 million yen) and 6 healthcare facilities (totalacquisition price: 6,945 million yen), and sold 1 residential property (acquisition price: 900 million yen, sales price: 1,180
million yen).

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KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)<Acquired `Property>
Property Number
T-107
T-108
H-32
H-33
H-34
H-35
H-36
H-37

Property NameKDX Residence Oyamadai
KDX Residence Asakusa
Residential subtotal
Tsukui Sun-shine Adachi
SOMPO Care LAVIERE Ichinoe
Nichii Home HachimanyamaLife ship Oasa
Life ship YunokawaLife ship Fukagawa
Healthcare subtotal
Total

3,205
932
4,137
830
1,184
2,065
1,088
1,020
758
6,945
11,082<Sold Property>
Property Number
R-17

Acquisition Price(Millions of Yen)

Property Name

Sales Price(Note)(Millions of Yen)
1,180

KDX Residence Higashi-sakura II(Note) “Sales Price” is the sale price (excluding sales costs, settlement of property tax and city planning tax and consumption tax, etc.) indicated in the trust
beneficiary interest sale and purchase contract of property to be sold, and is rounded down to the nearest million yen.

As a result of the above, as of the end of the reporting fiscal period ended January 31, 2023, the Investment Corporation
owned a total of 180 properties (total acquisition price: 300,912 million yen), which consist of 141 residential properties(total acquisition price: 222,570 million yen), 37 healthcare facilities (total acquisition price: 73,382 million yen) and 2
accommodation facilities (total acquisition price: 4,960 million yen).
The occupancy rates of properties owned by the Investment Corporation as of the end of the reporting fiscal period (January
31, 2023) are as follows.
Occupancy Ratio
Previous Fiscal Period
Reporting Fiscal Period(as of July 31, 2022)(as of January 31, 2023)
Residential Tokyo Metropolitan Area
96.7%
97.0%
Other Regional Areas
95.8%
96.7%
Total
96.3%
96.9%
Healthcare Facilities
99.9%
100.0%
Accommodation
100.0%
100.0%
Total Portfolio
97.5%
97.9%
D. Overview of Financing
The Investment Corporation procures funds with the aim of medium- to long-term stable earnings and sustained growth of
portfolio assets, taking into consideration the balance between financial stability and financing costs.
(Issuance of New Investment Units)
During the reporting fiscal period, the Investment Corporation raised 4,585 million yen in funding by issuing 23,500 new
investment units through public offering on December 7, 2022, and 229 million yen by issuing 1,175 new investment units
through third party allotments on December 23, 2022, with the aim of allocation to funds for acquisition of specified assets.
As a result, unitholders’ capital was 130,379 million yen as of the end of the fiscal period ended January 31, 2023.
(Borrowings)
The Investment Corporation borrowed 4,600 million yen as funds for acquiring properties, and 6,250 million yen as funds
for repaying borrowings due during the reporting fiscal period.
As a result, the balance of borrowings was 156,520 million yen, the balance of the interest-bearing debt including theinvestment corporation bonds was 164,220 million yen at the end of fiscal period ended January 31, 2023, and the averageremaining term of interest-bearing debt (Note 1) was 3.5 years, and the average interest rate (Note 2) was 0.80%. The long-term
debt ratio (Note 3) was 83.3%, the fixed interest-rate ratio (Note 4) was 94.5%, and the loan to value ratio (LTV) was 50.2%.
(Note 1)
(Note 2)

It is calculated by weighting and averaging the remaining term of each interest-bearing debt according to the balance of each interest-bearing debt androunded off to decimal place.
The average interest rate of each interest-bearing debt was calculated taking into account the upfront fee (per annum) and interest rate swaps, etc., and theweighted average was calculated in accordance with the balance of each interest-bearing debt.
Long-term debt ratio = (balance of long-term borrowings (excluding long-term borrowings to be repaid within one year) + balance of investment corporation
bonds (excluding investment corporation bonds to be repaid within one year)) ÷ (balance of borrowings + balance of investment corporation bonds)-5-

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Note 3)The long-term debt ratio that includes long-term borrowings and investment corporation bonds to be repaid within one year is 95.0%.

(Note 4)

The fixed interest-rate ratio = (balance of fixed interest-ratio borrowings (including borrowings for which interest rates are substantially fixed throughinterest rate swap transactions, etc.) + balance of investment corporation bonds) ÷ (balance of borrowings + balance of investment corporation bonds)(Investment Corporation Bonds)
No new investment corporation bonds were issued during the reporting fiscal period. As of the end of the fiscal period
ending January 31, 2023, the outstanding balance of investment corporation bonds was 7,700 million yen.
(Credit Rating)
The status of the credit ratings as of the end of the fiscal period ending January 31, 2023.
Credit Rating Agency
Type
RatingLong-term issuer rating
AA- (Outlook : Stable)
Japan Credit Rating Agency, Ltd.(JCR)
Bond rating
AA(Shelf Registration)
The Investment Corporation filed a shelf registration statement regarding investment corporation bonds (excluding shortterm investment corporation bonds) on June 29, 2022 with the following overview.
Planned issuance amount
100,000 million yen
Planned issuance period
From July 7, 2022 to July 6, 2024
Funds for acquiring specified assets (having the meaning as set forth in
the Act on Investment Trusts and Investment Corporations, Article 2,
Paragraph 1); funds for repaying borrowings; funds for redeeming
Use of proceeds
investment corporation bonds (including short-term investment
corporation bonds); funds for returning deposits; funds for paying forrepairs and maintenance, etc.; operating capital, etc.
E. Overview of Financial Results and Cash Distribution
As a result of these management efforts, the Investment Corporation reported total operating revenues was 9,936 million
yen, operating income was 5,294 million yen, ordinary income was 4,593 million yen and net income was 4,593 million
yen for the reporting fiscal period.
In regard to profit distributions for the reporting fiscal period, pursuant to the distribution policy in the Investment
Corporation’s articles of incorporation, the Investment Corporation has decided to apply special provisions of the tax system
for investment corporations (Act on Special Measures Concerning Taxation (Act No. 26 of 1957; as amended) (“Act on
Special Measures Concerning Taxation”), Article 67-15) and make distribution of 4,556,833,281 yen, which is net income
plus a portion of profit carried forward from the previous fiscal year and reversal of reserve for temporary difference
adjustment, as profit distribution.
In the event that a gain on the sale of real estate, etc. occurs, the necessity of retaining the gain on the sale shall be considered.
② Outlook for the Next Fiscal Period
A. Outlook for Asset Management
The Investment Corporation primarily invests in residential properties mainly such as rental housing, etc., and healthcare
facilities such as private senior homes with nursing care, based on the three core strategies: “Consistent External Growthby Making Use of Good Judgment,” “Efficient Profit Management” and “Challenge to New Business Opportunities.”
Going forward, the Investment Corporation will continue to maximize our unitholder value by evolving into a REIT capableof adapting to change in social/economical structures and improving its “stability” and “ability to pursue growth,” throughdiversified investment in “spaces where people live and stay” encompassing residential properties and healthcare facilities.
Based on the above two principal investment targets, the Investment Corporation newly added child-care facilities as aninvestment target on September 12, 2019. As "spaces where people live and stay" they are considered to have close affinity
with the residential properties of the Investment Corporation. In addition, from the perspective of achieving long-term
stable rental revenues and steady growth in asset size, we changed the positioning of lodging facilities, which we havecome to recognize as having relatively high earnings fluctuation risk due to the deterioration of the operating environment
triggered by the spread of the new coronavirus infection, to a secondary investment target in our portfolio construction
policy as of October 27, 2021.
(a) New Property Acquisitions
The Investment Corporation will invest primarily in residential and healthcare properties “spaces where people live andstay” as its target investments. In making investments, the Investment Corporation will stringently select real estate etc.
where stable demand from tenants and users and long-term stable revenue flows can be projected on the basis of anindividual analysis of the attributes of a particular property, as well as regional analysis taking into account location, etc.
In residential properties, the Investment Corporation focuses on the potential earnings power of land and use “location
prestige,” “location convenience” and “whether there is a special market” and other metrics to determine investment
opportunities providing rental income with medium- to long-term stability, and invests also in rental residential properties
and other residential properties located mainly in greater Tokyo and in Other Regional Areas (government-designed-6-

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
municipalities and other regional cities. The same applies hereinafter.) by discerning room types where stable rent demandcan be expected, in accordance with the locational characteristics after analyzing the attractiveness of the land in detail.
In healthcare facilities, the Investment Corporation judges investment opportunity considering scale, characteristic ofmarket and tenant (operator) , regional financial affairs and status of competitive facilities, etc. and examines investment
mainly in three major metropolitan area. (Three major metropolitan area refers to Tokyo metropolitan area, Osaka
metropolitan area and Nagoya metropolitan area. Osaka metropolitan area refers to the cities of Osaka, Kyoto, Nara, Hyogo
and Shiga. Nagoya metropolitan area refers to the cities of Aichi, Gifu and Mie. The same shall apply hereinafter.)
The Investment Corporation believes that it will be possible to acquire properties steadily by utilizing the “judgment
capabilities” cultivated as a real estate investment management professional to select excellent investment opportunities
from a wide range of investment targets.
As a property acquisition channel, the Investment Corporation use not only the pipeline from Kenedix and Kenedix
Investment Partners, Inc. pursuant to the Memorandum of Understanding concerning Real Estate Information Provisions
dated October 1, 2013 (including the change after the date and calls “Support Line MOU”. This Support Line MOU wasused for i) residential properties, ii) healthcare facilities as a main target, and iii) accommodations iv) child-care facilities
as a second target and Residential REIT department is applied for those having a priority consideration right to responsible
for the asset management of the Investment Corporation) but also leverage the Asset Management Company’s own network,
including Jyukyo Holdings Co., Ltd., with which a support agreement was executed on June 15, 2017 and SBI Shinsei
Bank, Limited (Note), HASEKO Corporation, and Mitsubishi UFJ Trust and Banking Corporation, with which a support
agreement was executed on November 10, 2017 by the Merger, for flexible property acquisitions. In October 2021, throughan extension of the capital and business alliance with Kenedix, the parent company of the Asset Management Company,
the Asset Management Company entered into a support agreement between Sumitomo Mitsui Finance and Leasing
Company, Limited. and SMFL Mirai Partners Company, Limited.
We also plan to control property acquisition timing in order to acquire properties at an advantageous timing in accordancewith the future market and financing climates, and we are considering investment in silent partnership equities and realestate-backed securities (preferred securities, etc.).
(Note) SBI Shinsei Bank, Limited. changed its trade name from "Shinsei Bank, Limited." on January 4, 2023.

(b) Management of Owned Assets
As residential properties, with the goal of securing a rental income with medium- to long-term stability, PM companies andthe Asset Management Company work together to formulate leasing strategies in accordance with individual property
characteristics, and by closely allying with leading real estate companies experienced in regional rental markets, seek tomaintain or improve occupancy rates and rent levels.
The Investment Corporation will also take into account the operation statuses of the properties and movements of competing
properties and seek to maintain or improve occupancy rates, raise rent levels at the time of tenant changes, increase rent at
the time of lease renewals, receive key money, reduce the time of vacancy, maintain or improve lease renewal rates, andsecure parking revenue and other auxiliary revenue and other income opportunities to secure rent income.
The Investment Corporation will respond to requests from some tenants to reduce rents due to the COVID-19 appropriately,
taking into account individual circumstances.
The Investment Corporation will further strive to cut down on restoration and other repair and maintenance expenses,
review the electricity provider for common areas in connection with the liberalization of the electricity market, cut costs
through the use of LED lighting for common areas, and reduce tenant solicitation and other costs.
The Investment Corporation will carry out strategic work to update common areas and enhance the value of leased areas ofthe properties and continue implementing appropriate, major repairs, as necessary, while it seek to maintain or enhance themarket competitiveness of its assets.
As healthcare facilities, the Investment Corporation continues to monitor properly operational status of facilities it owns
and business status of operators by information about them and companies from operators, inspection of operating status
and interview by visiting them and interview with managements in operating company, etc.
Considering results of monitoring, the Investment Corporation proposes to improve buildings, facilities and operation andexamines changing operators in case important issue occurs in succession of management in operators. The Investment
Corporation contracts Back-up operation conclusion with operators and support companies in preparation of changing
operators.
The Investment Corporation will manage to make internal growth by deepening relation with operators such as value-ups
based on proposal from operators and cooperation for resolving issues in operation.
The Investment Corporation will continue to monitor the impact of the COVID-19 on the lodging business, and will takeappropriate measures in consultation with operators to ensure the best possible outcome from a long-term perspective.
(c) Financing Strategy
The Investment Corporation will continue to pay close attention to changes in interest rates and other developments in thefinancing environment and will consider various options and choose optimal financing means in order to achieve the optimalbalance between financial stability and financing costs, and seek to build an appropriate financial base.
(d) Important Subsequent Events
Not applicable.
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KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Reference)
Property Acquisition
a. The Investment Corporation acquired the following real estate on March 1, 2023.
Acquisition Property
NumberDate
March 1,
2023
(Note 1)
(Note 2)

H-38

Property Name

Location

Sunny Life Tachikawa Tachikawa-shi, Tokyo

Value
Acquisition Price Appraisalof(Millions of Yen) (Millions(Note 1)
Yen)

SellerNot disclosed

1,850(Note 2)

1,960

“Appraisal date” is January 31, 2023.
Not disclosed according to seller’s intention.

b. The Investment Corporation executed real estate sales contract concerning the following real estate on March 15, 2023.
Scheduled
Scheduled Property
Appraisal Value
Acquisition
Acquisition Number
Property Name
Location
Previous Owner (Millions of PriceofYen) (Millions
Yen) (Note 1)
Date(Note 1)
Rehabili-home Bon
Not disclosed
March 29,
H-39
Sejour
Ota-ku, Tokyo
1,470
1,600
(Note 2)2023
Minamisenzoku(Note 1)
(Note 2)
(Note 3)

“Scheduled Acquisition Price” is the sales amount of the real estate (excluding acquisition costs, property tax, city planning tax or consumption tax,etc.) indicated in real estate sales contract concerning the to-be acquired asset and is rounded down to the nearest million yen.
“Appraisal date” is February 1, 2023.
Not disclosed according to seller’s intention.

Borrowings
The Investment Corporation borrowed 500 million yen (Series 78) on March 1, 2023 for the purpose to acquire aforementioned
property (H-38).
B. Earnings Forecasts
The earnings forecasts for the fiscal periods ending July 31, 2023 (from February 1, 2023 to July 31, 2023) and January 31,
2024 (from August 1, 2023 to January 31, 2024) are estimated as set forth below.
Fiscal period ending July 31, 2023
Operating revenues
Operating Income
Ordinary income
Net Income
Distributions per unit
Of the above, distributions in excess of earnings

9,972 million yen
5,121 million yen
4,406 million yen
4,405 million yen
4,140 yen
0 yen

Fiscal period ending January 31, 2024
Operating revenues
Operating Income
Ordinary income
Net Income
Distributions per unit
Of the above, distributions in excess of earnings

9,948 million yen
4,952 million yen
4,234 million yen
4,233 million yen
4,140 yen
0 yen

Please refer to “Assumptions for the Earnings Forecasts for the Fiscal Periods Ending July 31, 2023 and January 31, 2024” 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.

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KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Assumptions for the Earnings Forecasts for the Fiscal Periods Ending July 31, 2023 (from February 1, 2023 to July 31, 2023)
and January 31, 2024 (from August 1, 2023 to January 31, 2024)
Assumptions

Item
Calculation Period

Property Portfolio

Operating Revenues

Operating Expenses

Non-operating
Expenses

Debt Financing

Investment Units

Distributions per
Unit

・Fiscal period ending July 31, 2023 (from February 1, 2023 to July 31, 2023) (181 days)
・Fiscal period ending January 31, 2024 (from August 1, 2023 to January 31, 2024) (184 days)
・It is assumed that in addition to its 181 real estate and trust beneficiary interests in real estate (the “Current
Properties”) held as of today, the Investment Corporation plans to newly acquire (Rihabili-home Bosejules
Minami-senzoku) (the “Property to be Acquired”) on March 29, 2023.
・Forecasts are based on the assumption that portfolio assets other than the above are not subject to change (suchas acquisition of new property) until the end of fiscal period ending January 31, 2024.
・However, the actual property portfolio may change due to new property acquisition in addition to the Property
to be Acquired above.
・Rental revenues are calculated based on information provided by the current owner for the Property to be
Acquired, and for Current Properties, are based on the leasing agreements currently in place and other factors
including expectations of market trends, property competitiveness, etc. The average occupancy ratio for the
residential property portfolio is expected to be 96.5% for both fiscal periods ending July 31, 2023 and January
31, 2024, respectively. The average occupancy ratio for the healthcare and accommodation facilities portfolio is
expected to be 100.0% for both fiscal periods ending July 31, 2023 and January 31, 2024.
・Operating revenues are based on the assumption that there will be no lessees who rent in arrears or non-paymentsfrom tenants.
・Property-related operating expenses other than depreciation are calculated based on historic data for Current
Properties, and based on the information provided by the seller for Property to be Acquired, and these expenses
reflect seasonal factors fluctuations.
・Depreciation is calculated based on the straight-line method, and is assumed to be 1,773 million yen and 1,773
million yen for the fiscal periods ending July 31, 2023 and January 31, 2024, respectively.
・Property-related taxes are assumed to be 609 million yen and 608 million yen for the fiscal periods ending July
31, 2023 and January 31, 2024, respectively. In general, in the purchase/sale of real estate, etc., property tax andcity planning tax, etc. are allocated to the current owner and purchaser on a pro rata basis at the time of acquisition
settlement, however, an amount equivalent to the portion allocated to the purchaser is included in the cost of
acquisition and, thus, not charged to expenses. The amount equivalent to property tax and city planning tax, etc.
expected to be included in the cost of acquisition of real estate, etc. is assumed to be 12 million yen for the fiscal
period ending July 31, 2023.
・Repair expenses are assumed based on the amounts budgeted by the asset management company (Kenedix Real
Estate Fund Management, Inc.) for each property considered essential. However, actual repair expenses may
differ significantly from the forecast amounts due to unforeseen circumstances possibly causing repair expenses
to arise.
・The offering-related costs on issuance of new investment units will be amortized using the straight-line method
over 36 months. The amortization of related costs are assumed to be 19 million yen and 18 million yen for fiscal
periods ending July 31, 2023 and January 31, 2024, respectively.
・Interest expense and other debt-related expenses are assumed to be 692 million yen and 697 million yen in thefiscal periods ending July 31, 2023 and January 31, 2024, respectively.
・The balance of interest-bearing debt as of today is 164,720 million yen, and the breakdown is 157,020 millionof borrowings and 7,700 million yen of investment corporation bonds.
・The balance of interest-bearing debt is assumed to be 165,920 million yen at the end of the fiscal period ending
July 31, 2023, and 165,920 million yen at the end of the fiscal period ending January 31, 2024.
・It is assumed that new borrowing of 1,200 million yen will be executed on March 29, 2023, as an acquisition
fund for the Property to be Acquired.
・The forecast are based on our assumption of 1,070,433 units issued as of today. It is assumed that there will be
no issuance of new investment units through to the end of the fiscal period ending January 31, 2024.
・Distributions per unit is calculated in accordance with the policy regarding cash distributions provided in the
Articles of Incorporation of the Investment Corporation, with the assumption that substantially all income will
be distributed.
・Regarding cash distributions, it is assumed that a total of 4,431 million yen in which 20 million yen of evenreversal of the reserve for temporary difference adjustment and reversal of a portion of the retained earnings
carried forward is added to net income, shall be distributed in the fiscal periods ending July 31, 2023 and January
31, 2024, respectively.
・The amount to be retained or the amount of reversal of retained earnings carried forward may change in the eventof an increase or decrease in net income for the fiscal period.
・Distributions per unit may differ significantly from the forecasts due to a variety of factors, including movementin the property portfolio, fluctuation in rental revenue due to tenant movement, etc., incurrence of unforeseen
repairs and other change in the management environment, fluctuation in interest rates, the actually decided
number to be issued and issue price of new investment units, or future further issuance, etc. of new investment
units, etc.

Distributions in
Excess of Earnings
per Unit・Cash distributions in excess of earnings is not currently anticipated.

Other・It is assumed there will be no revision to the laws and regulations, the tax system, accounting standards, listing
regulations, regulations of The Investment Trusts Association, Japan, etc. that will impact the forecast figures
above.

-9-

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Assumptions

Item

・It is assumed there will be no unexpected significant changes in general economic trends and real estate market
conditions, etc.

(2) Investment Risks
There are no significant changes to the “Investment Risks” in the most recent Securities Report submitted on October 25, 2022,
and Securities Registration Statement (submitted on November 28, 2022; prepared in Japanese only). The disclosure is omitted.

- 10 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
2. Financial Statements(1) Balance Sheets(in thousands of yen)
21st Fiscal Period

22nd Fiscal Period(As of July 31, 2022)(As of January 31, 2023)

AssetsCurrent assets
Cash and deposits

14,043,415

13,949,810

Cash and deposits in trust

11,460,934

11,589,952

Operating accounts receivable

57,05865,826

Prepaid expenses

16,867

10,953

Consumption taxes receivable

9,475

-

Other

8,062

5,414

25,595,814

25,621,956-

447,056

Accumulated depreciation--5,962

Buildings, net-

441,093-

10,306

Total current assets
Noncurrent assets
Property, plant and equipment
Buildings

Structures
Accumulated depreciation

-

-292

Structures, net-

10,013Tools, furniture and fixtures-

10,342

Accumulated depreciation

-

-430

Tools, furniture and fixtures, net

-

9,912

Land
Buildings in trust

173,018

1,804,624

122,148,745

125,940,957

Accumulated depreciation-18,830,347-20,303,778

Buildings in trust, net

103,318,397

105,637,178

1,465,983

1,568,935

Accumulated depreciation-392,101-429,359

Structures in trust, net

1,073,882

1,139,576

Machinery and equipment in trust

1,574,807

1,600,108

Accumulated depreciation-521,625-552,744

Machinery and equipment in trust, net

1,053,181

1,047,363

1,239,572

1,405,598-211,213-249,410

Structures in trust

Tools, furniture and fixtures in trust
Accumulated depreciation

1,028,358

1,156,188

180,334,732

185,748,052

286,981,571

296,994,003

1,851,176

1,849,451

905

129

1,852,082

1,849,581

Lease and guarantee deposits

89,34889,348Long-term prepaid expenses

940,044841,793

Other324,482

1,507,646

Tools, furniture and fixtures in trust, net
Land in trust
Total property, plant and equipment, net
Intangible assets
Leasehold right in trust
Other
Total intangible assets
Investments and other assets

Total investments and other assets
Total noncurrent assets- 11 -

1,353,875

2,438,787

290,187,529

301,282,373

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(in thousands of yen)
21st Fiscal Period

22nd Fiscal Period(As of July 31, 2022)(As of January 31, 2023)

44,10040,131

Deferred assets
Investment corporation bond issuance costs
Investment unit issuance costs

59,23569,733

Total deferred assets

103,335

109,864

315,886,678

327,014,194

Operating accounts payable

786,274

674,463

Short-term loans payable

4,400,000

8,250,000-

1,000,000

Total assets
Liabilities
Current liabilities

Current portion of investment corporation bonds

14,050,000

18,100,000

Accounts payable-other386,351445,820

Accrued expenses

59,40859,238

Income taxes payable

605

605

Current portion of long-term loans payable

16,126

78,103

Advances received

1,387,348

1,448,324

Deposits received

84,024

93,981100

1,008

21,170,239

30,151,545

7,700,000

6,700,000

133,470,000

130,170,000-

140,000

Tenant leasehold and security deposits in trust

3,731,982

3,826,300

Tenant lump sum deposits in trust

4,414,784

4,325,202

Asset retirement obligations

68,451

68,638

Other

73,051-

149,458,269

145,230,141

170,628,508

175,381,687

125,564,617

130,379,080

13,187,100

13,187,100

Accrued consumption taxes

Other
Total current liabilities
Noncurrent liabilities
Investment corporation bonds
Long-term loans payable
Tenant leasehold and security deposits

Total noncurrent liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
SurplusCapital surplus
Voluntary retained earnings*2

Reserve for temporary difference adjustments

1,860,000*2

1,840,000

1,860,000

1,840,000

Unappropriated retained earnings (undisposed loss)

4,393,566

4,718,142

Total surplus

19,440,666

19,745,242

145,005,284

150,124,322

Deferred gains or losses on hedges

252,885

1,508,184

Total valuation and translation adjustments

252,885

1,508,184

Total voluntary retained earnings

Total unitholders' equity
Valuation and translation adjustments*1

Total net assets

145,258,169
315,886,678

Total liabilities and net assets- 12 -*1

151,632,506
327,014,194

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(2) Statements of Income and Retained Earnings(in thousands of yen）
21st Fiscal Period

22nd Fiscal Period

February 1, 2022 toAugust 1, 2022 toJuly 31, 2022

January 31, 2023

Operating revenues
Rent revenue-real estate*18,790,331*1

9,064,123

Other lease business revenue*1651,165*1

567,986⁻*2304,729

Gain on sale of real estate property
Dividends income
Total operating revenues

6,207

-

9,447,705

9,936,839

Operating expenses*1

Expenses related to rent business

3,549,451*1

3,517,747

Asset management fees

675,353

769,195

Asset custody fees

15,846

16,385Administrative service fees

52,33254,012

Directors' compensation

4,500

4,500

Other operating expenses

299,578

280,282

Total operating expenses

4,597,062

4,642,123

4,850,642

5,294,715

Operating income
Non-operating income
Interest income

46

46

Gain on forfeiture of unclaimed dividends

151

100

-

16

197

163

Interest expenses

523,531512,288

Interest expenses on investment corporation bonds

26,386

26,853

Borrowing expenses

153,526

135,305

3,968

3,968

Interest on refund
Total non-operating income
Non-operating expenses

Amortization of investment corporation bond issuance costs
Amortization of investment unit issuance costs

20,72822,627

Total non-operating expenses

728,141

701,045

Ordinary income

4,122,698

4,593,834

Income before income taxes

4,122,698

4,593,834

605

605

605

605

4,122,093

4,593,229

Income taxes
Current
Total income taxes
Net income
Retained earnings brought forward
Unappropriated retained earnings (undisposed loss)- 13 -

271,473

124,913

4,393,566

4,718,142

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(3) Statements of Changes in Net Assets
21st Fiscal Period（in thousands of yen）

February 1, 2022 to July 31, 2022

Unitholders'
capitalBalance at the beginning of current period
Changes of items during the period
Issuance of new investment units
Reversal of reserve for temporary
difference adjustments
Dividends from surplus
Net income
Net changes of items other thanunitholders' equity
Total changes of items during the period
Balance at the end of current period

116,322,630

Capital surplus

13,187,100

Unitholders' equity
Surplus
Voluntary reserve
UnappropriatedReserve forretained earnings
temporary
Total voluntary(undisposed loss)
difference
reserveadjustments
1,880,000
1,880,000
4,335,589

19,402,689-20,000

9,241,987* 1 125,564,617

135,725,319
9,241,987

9,241,987-20,000
1,860,000

13,187,100

Valuation and translation
adjustments

Balance at the beginning of current period
Changes of items during the period
Issuance of new investment units
Reversal of reserve for temporary
difference adjustments
Dividends from surplus
Net income
Net changes of items other thanunitholders' equity
Total changes of items during the period
Balance at the end of current period

Totalunitholders'equityTotal
surplusDeferred gains
and losses onhedgesTotal valuationand translation
adjustments

65,386

65,386

Total net
assets135,790,706
9,241,987-4,084,116
4,122,093

187,499

187,499

187,499

187,499
252,885

187,499
252,885

9,467,463
145,258,169- 14 --20,000-20,000
1,860,000

20,000---4,084,116
4,122,093-4,084,116
4,122,093-4,084,116
4,122,093

57,977
4,393,566

37,977
19,440,666

9,279,964
145,005,284

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
22nd Fiscal Period（in thousands of yen）

August 1, 2022 to January 31, 2023

Unitholders'
capitalBalance at the beginning of current period
Changes of items during the period
Issuance of new investment units
Reversal of reserve for temporary
difference adjustments
Dividends from surplus
Net income
Net changes of items other thanunitholders' equity
Total changes of items during the period
Balance at the end of current period

125,564,617

Capital surplus

13,187,100

Unitholders' equity
Surplus
Voluntary reserve
UnappropriatedReserve forretained earnings
temporary
Total voluntary(undisposed loss)
difference
reserveadjustments
1,860,000
1,860,000
4,393,566

19,440,666-20,000

4,814,462* 1 130,379,080

145,005,284
4,814,462

4,814,462-20,000
1,840,000

13,187,100

Valuation and translation
adjustments

Balance at the beginning of current period
Changes of items during the period
Issuance of new investment units
Reversal of reserve for temporary
difference adjustments
Dividends from surplus
Net income
Net changes of items other thanunitholders' equity
Total changes of items during the period
Balance at the end of current period

Totalunitholders'equityTotal
surplusDeferred gains
and losses onhedgesTotal valuationand translation
adjustments

252,885

252,885

Total net
assets145,258,169
4,814,462-4,288,653
4,593,229

1,255,298

1,255,298

1,255,298

1,255,298
1,508,184

1,255,298
1,508,184

6,374,337
151,632,506- 15 --20,000-20,000
1,840,000

20,000---4,288,653
4,593,229-4,288,653
4,593,229-4,288,653
4,593,229

324,575
4,718,142

304,575
19,745,242

5,119,038
150,124,322

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(4) Distributions
21st Fiscal Period(From February 1, 2022 to July 31, 2022)

22nd Fiscal Period(From August 1, 2022 to January 31, 2023)

I. Retained earnings at the end of period¥4,393,566,974¥4,718,142,642

II. Reversal of voluntary retained earnings
Reversal of reserve for temporary
difference adjustments *1¥20,000,000¥20,000,000¥4,288,653,558¥4,101¥4,556,833,281¥4,257¥124,913,416¥181,309,361

In accordance with the policy described in Article 38-1
of its Articles of Incorporation, the Investment
Corporation determines that the amount of distribution
shall exceed the amount equivalent to 90% of its
distributable profit as stipulated in Article 67-15 of theSpecial Taxation Measures Law, and shall not exceed its
accounting profits as the maximum amount. Following
this policy, the Investment Corporation has decided thatit shall distribute ¥4,288,653,558, which is the amountof ¥4,122,093,577 in net income and ¥146,559,981
from retained earnings brought forward and reversal ofreserve for temporary difference adjustments, as the
distribution of earnings.
Procedures for the distribution of amounts exceeding
distributable income are outlined in Article 38-2 of theInvestment Corporation’s Articles of Incorporation. In
the 21st fiscal period, the Investment Corporation has
decided not to distribute cash in excess of distributableprofit.

In accordance with the policy described in Article 381 of its Articles of Incorporation, the Investment
Corporation determines that the amount of distribution
shall exceed the amount equivalent to 90% of its
distributable profit as stipulated in Article 67-15 of theSpecial Taxation Measures Law, and shall not exceed
its accounting profits as the maximum amount.
Following this policy, the Investment Corporation has
decided that it shall distribute ¥4,556,833,281, whichis the amount deducted a part of gain on sale of realestate property and other adjustments from net income
and added reversal of reserve for temporary difference
adjustments, as the distribution of earnings.
Procedures for the distribution of amounts exceeding
distributable income are outlined in Article 38-2 of theInvestment Corporation’s Articles of Incorporation. In
the 22nd fiscal period, the Investment Corporation has
decided not to distribute cash in excess of distributableprofit.

III. Total distributions
Distributions per unit
Ⅳ. Retained earnings brought forward to
the next period
Method of calculating distribution amount- 16 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(5) Statements of Cash Flows(in thousands of yen)
21st Fiscal Period

22nd Fiscal Period

February 1, 2022 toAugust 1, 2022 toJuly 31, 2022

January 31, 2023

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

4,122,698

4,593,834

Depreciation and amortization

1,666,611

1,721,959

Amortization of investment corporation bond issuance expenses

3,968

3,968

Amortization of investment unit issuance costs

20,72822,627

Interest income

-46

-46

Interest expenses

549,917539,142

Decrease (increase) in operating accounts receivable

179,050-8,767

Decrease (increase) in consumption taxes refund receivable-9,475

9,475

Decrease (increase) in prepaid expenses-6,556

5,914

Increase (decrease) in operating accounts payable-66,422

101,379

Increase (decrease) in accounts payable-other-22,584

59,423

Increase (decrease) in accrued consumption taxes-15,817

61,977

Increase (decrease) in advances received

123,398

60,976

Decrease (increase) in long-term prepaid expenses

76,891

98,251-

831,329

Other, net

15,53910,659Subtotal

6,637,902

8,112,105

46

46-551,245-539,291-2,422

1,211

6,084,281

7,574,072

Decrease in net property, plant and equipment held in trust due to saleInterest income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities--2,099,311-13,866,514-10,676,912

Purchase of intangible assets in trust-739,596-

Proceeds from investment securities

Purchase of property, plant and equipment
Purchase of property, plant and equipment in trust

107,000-

Payments of lease and guarantee deposits

-120

-

Proceeds from lease and guarantee deposits

153

-

-

140,000

Repayments of tenant leasehold and security deposits in trust-146,972-146,848

Proceeds from tenant leasehold and security deposits in trust

414,185

241,166

Repayments of tenant lump sum deposits in trust-299,494-232,050

Proceeds from tenant lump sum deposits in trust

42,822

142,468-14,488,536-12,631,488

Proceeds from short-term loans payable

5,900,000

3,850,000

Repayments of short-term loans payable-4,000,000-

Proceeds from tenant leasehold and security deposits

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

Proceeds from long-term loans payable

15,400,000

7,000,000

Repayments of long-term loans payable-13,500,000-6,250,000

Proceeds from issuance of investment units

9,210,774

4,781,336

Dividends paid

-4,084,773-4,288,507

Net cash provided by (used in) financing activities

8,926,001

5,092,828

Net increase (decrease) in cash and cash equivalents

521,746

35,412

24,982,604

Cash and cash equivalents at the beginning of period*1Cash and cash equivalents at the end of period- 17 -

25,504,350

25,504,350*1

25,539,762

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(6) Notes to the Going Concern
Not applicable(7) Important Accounting Standards
1. Depreciation of fixed assets(1) Property, plant and equipment (includes trust assets)
The straight-line method is applied.
Useful lives of the assets ranging are as follows:
Buildings: 2 to 69 years
Structures: 3 to 65 years
Machinery and equipment: 3 to 40 years
Tools, furniture and fixtures: 2 to 30 years(2) Intangible assets(includes trust assets)
The straight-line method is applied.
Land leasehold: Fixed term land leaseholds is amortized over a contractual period under the straight-line method.
(3) Long-term prepaid expenses
The straight-line method is applied.

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

3. Accounting standards forrevenues and expenses(1) Property-related taxes including property taxes, city planning taxes and depreciable property taxes are imposed on
properties on a calendar year basis. These taxes are generally charged to operating expenses for the period, for the portionof 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 the Investment Corporation purchases properties, it typically allocates the portion of the property-related taxes
related to the period following the purchase date of each property through the end of the calendar year. The amounts of
those allocated portions of the property-related taxes are capitalized as part of the acquisition costs of the related
properties. Capitalized property-related taxes amounted to ¥35,972 thousand and ¥5,436 thousand as of July 31, 2022 andJanuary 31, 2023, respectively.
(2)The main content of the performance obligation regarding the revenue from contracts with the customers of theInvestment Corporation and the normal point of time when satisfying the said performance obligation (normal point oftime when recognizing revenue) are as follows.
1. Sale of real estate property
For the revenue from sale of real estate, etc., revenue is recorded when the buyer who is a customer gains control of
the real estate by performing the obligation of handover stipulated in the contract for real estate sales.
2. Utility charge reimbursements
For utility charge reimbursement, revenue is recorded in accordance with the supply of electricity, tap water, etc. tothe lessee who is a customer based on the lease agreement of real estate, etc. and the content of agreement incidental
to it. Of the utility charge reimbursement, for those that are determined to fall under the category of an agent by theInvestment Corporation, the net amount obtained by deducting the amount paid to other related parties supplying
electricity, gas, etc. from the amount received as the fee of electricity, gas, etc. is recognized as revenue

4. Accounting for hedges(1) Hedge accounting method
The deferred hedge method is applied. However, the special treatment is applied for the interest-rate swap agreementsthat meet the criteria.
(2) Hedging instruments and risks hedged
Hedge instruments
The Investment Corporation enters into interest-rate swap transactions.
Risks hedged
Interest rates on debt.
(3) Hedging policy
The Investment Corporation enters into derivative transactions based on its risk management policies with theobjective of hedging risks in accordance with its Articles of Incorporation.
(4) Method of evaluating 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 thetime 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 ofhedging activities is omitted in the case of interest rate swaps that meet the requirements for special treatment.

5. The scope of cash and cash
equivalents on statements ofcash 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 orless from the date of purchase.

- 18 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
6. Other significant accounting
policies utilized in the
preparation of financial
statements(1) Accounting method for trust beneficiary interests in real estate and other assets
The assets and liabilities as well as revenues and expenses of financial assets held in the form of trust beneficiaryinterests in real estate and other assets are recorded in full in the Investment Corporation’s balance sheets andstatements of income.
Important line items included in accounting for financial assets and liabilities in the Investment Corporation’s balance
sheet are as follows:
1. Cash and deposits in trust
2. Buildings in trust, structures in trust, machinery and equipment in trust, tools, furniture and fixtures in trust, landin trust, leasehold right in trust
3. Tenant leasehold and security deposits in trust, tenant lump sum deposits in trust(2) Accounting method for consumption tax
Consumption taxes are separately recorded. Non-deductible consumption taxes applicable to the acquisition of assets
are included in the cost of acquisition for each asset.

(8) Notes to the Financial Statements(Notes to the Balance Sheets)* 1. Minimum unitholders’ equity pursuant to Article 67-4 of the Law Concerning Investment Trusts and Investment Corporations Law(in thousands of yen)
As of July 31, 2022

As of January 31, 2023
50,00050,000*2. Reserve for temporary difference adjustments

21st Fiscal Period (As of July 31, 2022)
The following summarizes reserve for temporary difference adjustments.
Balance at
Initial amountthe beginningof the period
Gain on negative good will*

2,000,000(in thousands of yen)
Reserveduring theperiod

1,880,000

Reversalduring theperiod-Balance atthe end of
the period
20,0001,860,000

Reason for reserve andreversalAppropriate for
distribution* The Investment Corporation has reserved a part of gain on negative goodwill in the 13th fiscal period as reserve for temporary difference adjustments. At least
1% of the initial amount in equal installments over 50 years (100 fiscal periods) will be reversed every fiscal period starting from the next fiscal period after theperiod, in which the initial amount was reserved.

22nd Fiscal Period (As of January 31, 2023)
The following summarizes reserve for temporary difference adjustments.
Balance at
Initial amountthe beginningof the period
Gain on negative good will*

2,000,000(in thousands of yen)
Reserveduring theperiod

1,860,000

Reversalduring theperiod-Balance atthe end of
the period
20,0001,840,000

Reason for reserve andreversalAppropriate for
distribution* The Investment Corporation has reserved a part of gain on negative goodwill in the 13th fiscal period as reserve for temporary difference adjustments. At least
1% of the initial amount in equal installments over 50 years (100 fiscal periods) will be reversed every fiscal period starting from the next fiscal period after theperiod, in which the initial amount was reserved.

3. Commitment line contracts
KDR has commitment line contracts with the banks with which it does business.
As of July 31, 2022
Total amount of commitment line contracts

As of January 31, 2023
4,500,000

Balance of loans payable outstanding
Remaining amount- 19 -

4,500,000--

4,500,000

4,500,000

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Notes to the Statements of Income and Retained Earnings)* 1. Breakdown of real estate rental business profit and loss
(in thousands of yen)
From February 1, 2022
to July 31, 2022

From August 1, 2022
to January 31, 2023

A. Rental and other operating revenues:
Rental revenues

8,402,006

8,667,473

388,325

396,649

8,790,331

9,064,123

Parking space rental revenues

216,894

218,133

Miscellaneous

434,271

349,853

Subtotal

651,165

567,986

9,441,497

9,632,109

502,201

485,006

117,105

142,779

Taxes

573,379

572,380

Repairs and maintenance

398,804

332,342

Insurance

15,003

15,875

Trust fees

66,84462,198Depreciation

1,665,834

1,721,183

210,278

185,9813,549,451

3,517,747

5,892,045

6,114,362

Common area charges
Subtotal
Others:Total rental and other operating revenues
B. Property-related expenses:
Property management fees and facility management
fees
Utilities

OthersTotal property-related expenses
C. Net operating income (A-B)*2. Gain and Loss on sale of real estate property
21st Fiscal Period (February 1, 2022 to July 31, 2022): Not applicable
22nd Fiscal Period (August 1, 2022 to January 31, 2023):(in thousands of yen)
KDX Residence Higashi-sakuraⅡ
Revenue from sale of the investment property
Costs of the investment property
Other sales expenses

1,180,000
831,329
43,940304,729

Gain on sale of real estate property(Notes to the Statements of Changes in Net Assets)* 1. Total number of authorized investment units and total number of investment units issued and outstanding are as follows:
From February 1, 2022
to July 31, 2022

From August 1, 2022
to January 31, 2023

Total number of authorized investment units

10,000,000 units

10,000,000 units

Total number of investment units issued and outstanding

1,045,758 units

1,070,433 units- 20 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Notes to Distributions)21st Fiscal Period (February 1, 2022 to July 31, 2022)*1. Reserve for temporary difference adjustments
The Investment Corporation has reserved ¥2,000,000,000 as reserve for temporary difference adjustments from gain on negative goodwill in the 13th fiscal
period. At least 1% of the initial amount in equal installments over 50 years (100 fiscal periods) will be reversed every fiscal period applied to distribution
starting from the 14th fiscal period distribution. It has been decided that ¥20,000,000 shall be reversed and applied to distribution in the 21st fiscal period
distribution.

22nd Fiscal Period (August 1, 2022 to January 31, 2023)*1. Reserve for temporary difference adjustments
The Investment Corporation has reserved ¥2,000,000,000 as reserve for temporary difference adjustments from gain on negative goodwill in the 13th fiscal
period. At least 1% of the initial amount in equal installments over 50 years (100 fiscal periods) will be reversed every fiscal period applied to distribution
starting from the 14th fiscal period distribution. It has been decided that ¥20,000,000 shall be reversed and applied to distribution in the 22nd fiscal period
distribution.

(Notes to the Statements of Cash Flow)* 1. Reconciliation of balance sheet items to cash and cash equivalents at end of period in the cash flows statements(in thousands of yen)
From February 1, 2022
to July 31, 2022
Cash and deposits

14,043,415

From August 1, 2022
to January 31, 2023
13,949,810

Cash and deposits in trust

11,460,934

11,589,952

Cash and cash equivalents

25,504,350

25,539,762(Notes to the Lease Transactions)Operating lease transactions (Lessee)
Unearned lease payments(in thousands of yen)
As of July 31, 2022

As of January 31, 2023

Due in 1 year

12,00012,000Due after 1 year

515,000

509,000

Total

527,000

521,000

Operating lease transactions (Lessor)
Unearned lease payments(in thousands of yen)
As of July 31, 2022

As of January 31, 2023

Due in 1 year

4,152,082

4,581,500

Due after 1 year

18,725,548

22,618,705

Total

22,877,631

27,200,205- 21 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Notes to the Financial Instruments)(A) Overview(1) Policy for financial instruments
The Investment Corporation 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, theInvestment Corporation 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. The Investment Corporation uses derivatives for the purpose of hedging 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 the Investment Corporation’s surplus funds and are exposed to credit risk such as the bankruptcy of financial institutions at whichfunds are deposited. Investment securities represent equity investments in an anonymous association and are exposed to credit risk of the issuer and interest rate
fluctuation risk. Borrowings and investment corporation bonds are made 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 8 years and 10 months for borrowings and also have a redemption date of a
maximum of 8 years and 4 months for investment corporation bonds as of January 31, 2023, the end of the 22nd fiscal period, are exposed to liquidity risk where
alternative funds may not be procured by the repayment date. Also, borrowings 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 borrowings.
(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. Investment securities represent equity
investments in an anonymous association and are exposed to credit risk of the issuer and interest rate fluctuation risk. To manage this credit risk, the Investment
Corporation regularly evaluates the results of operations and the financial condition of the issuer, etc. In utilizing derivatives, the Investment Corporation aims to
mitigate counterparty risk such as by transacting with financial institutions with favorable ratings.

b.

Market risk

While borrowings with floating rates are exposed to interest rate volatility risk, such risk is monitored by adjusting the rate of the balance of borrowings with floating
rates against the total borrowings 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. The
Investment Corporation periodically reviews the value of the property and financial condition of the issuer with regard to investment securities.

c.

Liquidity risk

Though borrowings are subject to liquidity risk, the Investment Corporation 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.

(4) Supplementary explanation of the estimated fair value of financial instruments
The fair value of financial instruments is based on their quoted market price, if available. When there is no quoted market price available, fair value is reasonably
estimated. Since various assumptions and factors are reflected in estimating the fair value, different assumptions and factors could result in a different fair value.

(B) Estimated Fair Value of Financial Instruments
The carrying value of financial instruments on the balance sheet as of July 31, 2022 and estimated fair value are shown in the following table. Moreover, because“Cash and deposits,” “Cash and deposits in trust” and “Short-term loans payable” are settled with cash in the short term, the fair value can be considered as equivalent
to the book value. Therefore, the notes for these accounts have been omitted.
As of July 31, 2022
Carrying amount(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

14,050,000
7,700,000
133,470,000
155,220,000
252,885- 22 -(in thousands of yen)
Difference
14,044,551-5,448
7,667,450-32,550
133,463,068-6,931
155,175,069-44,930
252,885-

Estimated fair value

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)* Figures indicate net amount of derivative assets/liabilities derived from derivative transactions, with minus representing net liabilities.
As of January 31, 2023
Carrying amount
1,000,000
18,100,000
6,700,000
130,170,000
155,970,000
1,508,184(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(in thousands of yen)
Estimated fair value
Difference
999,900-100
18,106,039
6,039
6,530,860-169,140
129,736,042-433,957
155,372,842-597,157
1,508,184-* Figures indicate net amount of derivative assets/liabilities derived from derivative transactions, with minus representing net liabilities.

Note 1: Methods to determine the estimated fair value of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of long-term loans payable and (3) 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 the estimated interest rate to be applied in the event that the Investment Corporation conducts new borrowings of the same type. As for the fair valueof 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 the Investment Corporation has not changed significantly since the loans were made. (However, the fairvalue of long-term loans payable subject to the special treatment for interest-rate swaps is based on the present value of the total 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 the Investment Corporation conducts new
borrowings of the same type.)(2) Investment corporation bonds
The fair value of investment corporation bonds is based on market prices.
Derivative transactions
Please refer to “Notes to the Derivative Transactions”.

Note 2: Redemption schedule for loans payable and investment corporation bonds
As of July 31, 2022

Investment corporation bonds
Long-term loans payable
Total

Due in 1 year or
less
14,050,000
14,050,000

Due after 1 year
through 2 years
1,000,000
18,850,000
19,850,000

Due after 2 years
through 3 years
21,350,000
21,350,000

Due after 3 years
through 4 years
23,300,000
23,300,000(in thousands of yen)
Due after 4 years
Due after 5 years
through 5 years
1,000,000
5,700,000
21,500,000
48,470,000
22,500,000
54,170,000

Due in 1 year or
less
1,000,000
18,100,000
19,100,000

Due after 1 year
through 2 years
18,400,000
18,400,000

Due after 2 years
through 3 years
24,300,000
24,300,000

Due after 3 years
through 4 years
1,000,000
25,000,000
26,000,000(in thousands of yen)
Due after 4 years
Due after 5 years
through 5 years
5,700,000
24,400,000
38,070,000
24,400,000
43,770,000

As of January 31, 2023

Investment corporation bonds
Long-term loans payable
Total(Notes on Revenue Recognition)- 23 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
1. Information on the Breakdown of Revenue from Contracts with Customers
21st Fiscal Period (February 1, 2022 to July 31, 2022)(in thousands of yen)
Net sales to external customers

Revenue from contracts with customers *Revenue from sale of real estate, etc.

⁻⁻

49,18449,184Other⁻

9,398,520

Total

49,184

9,447,705

Utility charge reimbursement* The rental revenues, etc. subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No. 13) and the saleof real estate, etc. 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 Japanese Institute of Certified Public
Accountants) are not included in the above amount as they are not applied to the Revenue Recognition AccountingStandard. Moreover, the main revenue from contracts with customers are revenue from sale of real estate, etc. and utility
charge reimbursement.
22nd Fiscal Period (August 1, 2022 to January 31, 2023)
Revenue from contracts with customers *1(in thousands of yen)
Net sales to external customers

Revenue from sale of real estate, etc.

1,180,000*2 304,729

Utility charge reimbursement
Other
Total

54,984⁻
1,234,984

54,984
9,577,125
9,936,839*1 The rental revenues, etc. subject to the “Accounting Standard for Lease Transactions” (ASBJ Statement No. 13) and the saleof real estate, etc. 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 Japanese Institute of Certified Public
Accountants) are not included in the above amount as they are not applied to the Revenue Recognition Acc ountingStandard. Moreover, the main revenue from contracts with customers are revenue from sale of real estate, etc. and utility
charge reimbursement.
*2 As proceeds from sale of real estate property are recorded as gain on sale of real estate property in the statements of income
and retained earnings, the amount calculated by deducting the cost of real estate property sales and other sales expenses
from proceeds from sale of real estate property is indicated.
2. Information Utilized as the Base for Understanding Revenue from Contracts with Customers
The information is as described in the notes on important accounting standards.
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 Calculation Period or Thereafter from Contracts with C ustomers Existing at
the End of the Current Calculation Period(1) Balance of contract assets and contract liabilities, etc.

21st Fiscal Period(February 1, 2022 to July 31, 2022)(in thousands of yen)
22nd Fiscal Period(August 1, 2022 to January 31, 2023)

2,969

4,864

4,864

5,699

-

-

Contract assets (balance at end of fiscal year)--

Contract liabilities (balance at beginning of fiscal year)--

Contract liabilities (balance at end of fiscal year)--

Claims generated from contracts with customers(balance at beginning of fiscal year)
Claims generated from contracts with customers(balance at end of fiscal year)
Contract assets (balance at beginning of fiscal year)(2) Transaction value allocated to remaining performance obligations
Not applicable.
With regard to utility charge reimbursements, as the Investment Corporation has the right to receive from customers an amount directly
corresponding to the value for the lessees, or customers, of sections for which performance is complete by the end of the fiscal period, the amountit has the right to claim is recognized as revenue in accordance with Paragraph 19 of the Implementation Guidance on Accounti ng Standard for
Revenue Recognition. Accordingly, such is not included in the note on transaction value allocated to remaining performance obligations through- 24 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
application of the provisions of Paragraph 80-22 (2) of the Accounting Standard for Revenue Recognition.
(Notes to the Derivative Transactions)(1) Transactions not subject to hedge accounting
As of July 31, 2022 and as of January 31, 2023: Not applicable(2) Transactions subject to hedge accounting

As of July 31, 2022
Hedge accounting
methodAccounting
method, inprinciple
Special treatment
of interest-rate
swaps

Type of derivative transactions

Hedged items

Interest rate swap transaction:
Receive/floating and pay/fixedLong-termloans payable

Interest rate swap transaction:
Receive/floating and pay/fixedLong-termloans payable
Total

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

Fair value(in thousandsof yen)Calculation method
for applicable fair value
Based on the amountprovided by counterparty
financial institutions

98,020,000

90,520,000

252,885

16,700,000

12,450,000*

114,720,000

102,970,000

252,885-*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 the hedged long-term loans payable.

As of January 31, 2022
Hedge accounting
methodAccounting
method, inprinciple
Special treatment
of interest-rate
swaps

Type of derivative transactions

Hedged items

Interest rate swap transaction:
Receive/floating and pay/fixedLong-termloans payable

Interest rate swap transaction:
Receive/floating and pay/fixedLong-termloans payable
Total

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

Fair value(in thousandsof yen)Calculation method
for applicable fair value
Based on the amountprovided by counterparty
financial institutions

97,920,000

88,520,000

1,508,184

13,950,000

8,650,000*

111,870,000

97,170,000

1,508,184-*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 the hedged long-term loans payable.

(Notes to the Related-Party Transactions)
1．Parent Company, major corporate unitholders and other21st Fiscal Period (February 1, 2022 to July 31, 2022) and 22nd Fiscal Period (August 1, 2022 to January 31, 2023): Not applicable

2．Affiliated companies and other21st Fiscal Period (February 1, 2022 to July 31, 2022) and 22nd Fiscal Period (August 1, 2022 to January 31, 2023): Not applicable

3．Fellow subsidiary companies and other21st Fiscal Period (February 1, 2022 to July 31, 2022) and 22nd Fiscal Period (August 1, 2022 to January 31, 2023): Not applicable

4．Directors, major individual unitholders and other21st Fiscal Period (February 1, 2022 to July 31, 2022) and 22nd Fiscal Period (August 1, 2022 to January 31, 2023): Not applicable- 25 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Notes to the Tax-Effect Accounting)
The significant components of deferred tax assets and liabilities:(in thousands of yen)
As of July 31, 2022

As of January 31, 2023

Deferred tax assets:
Valuation difference on other assets acquired by merger

611,183

Deferred gains or losses on hedges

23,013317

Asset retirement obligations

21,534

21,593

Amortization of leasehold right in trust

3,436

3,979

20

20

Subtotal deferred tax assets

659,189623,757

Valuation allowance

Other

597,846-659,189-623,757

Total deferred tax assets--

Net deferred tax assets--

The significant differences between the statutory tax rate and the effective tax rate:
As of July 31, 2022

As of January 31, 2023

Statutory tax rate

31.46%

31.46%

Deductible cash distributions-31.08%-31.20%

Others-0.37%-0.25%

Effective tax rate

0.01%

0.01%

(Notes to Asset Retirement Obligations)
Asset retirement obligations reported on balance sheets
1. Summary of the asset retirement obligations
KDR has recognized the original state restoration obligations assumed under the general fixed-term land leasehold agreement as the asset retirement obligations inconnection with Arute Ishiyagawa on June 3, 2019.
2. Method of calculating asset retirement obligations
Asset retirement obligations are calculated based on a discount rate of 0.54711% after the useful life has been estimated to be 47 years and one month based on thetime period from the date 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)

Balance at the beginning of period
Accretion adjustment
Balance at the end of period

From February 1, 2022
to July 31, 2022
68,264
186
68,451- 26 -

From August 1, 2022
to January 31, 2023
68,451
187
68,638KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Notes to the Investment and Rental Properties)
The Investment Corporation owns real estate for rental purposes in the Tokyo Metropolitan Area and other regional areas for the purpose of generating rental revenues.
The book value and fair value concerning the above real estate for rental purposes are as follows.
(in thousands of yen)
From February 1, 2022
to July 31, 2022

From August 1, 2022
to January 31, 2023

Book value
275,695,438

Balance at the beginning of period

288,832,748

Changes during the period

13,137,309

10,010,707

Balance at the end of period

288,832,748

298,843,455

365,903,000

391,623,000

Fair value at the end of period
Note 1: Book value excludes accumulated depreciation from acquisition costs.

Note 2: Among changes in the amount of real estate for rental purposes that occurred during the 21st fiscal period, the principal increase was the acquisition of realestate trust beneficiary interests in 8 properties totaling ¥13,990,070 thousand, and the principal decrease was depreciation of ¥1,665,648 thousand andduring the 22nd fiscal period, the principal increase was the acquisition of real estate in 2 properties and real estate trust beneficiary interests in 6 properties
totaling ¥11,712,656 thousand, and the principal decrease was the sales of real estate trust beneficiary interests in 1 property totaling ¥831,329 thousand anddepreciation of ¥1,720,996 thousand.
Note 3: The fair value at the end of the period is the appraisal value determined by outside appraisers.

Income and loss for real estate rental business in the fiscal periods ended July 31, 2022 and January 31, 2023 for real estate for rental purposes is listed in “Notes to
the Statements of Income and Retained Earnings”.

(Notes to the Segment Information)
Segment information for the periods from February 1, 2022 to July 31, 2022 and from August 1, 2022 to January 31, 2023 is as follows:(A) Segment information
Disclosure is omitted because the real estate leasing business is the Investment Corporation’s sole business and it has no reportable segment subject to disclosure.

(B) Related information(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 ofincome and retained earnings.

(2) Information about each geographic area(a) Net sales
Disclosure is omitted because net sales to external customers in Japan account for over 90% of the operating revenue on the statement of income and retained earnings.
(b) Property, plant and equipment
Disclosure is omitted because the amount of property, plant and equipment located in Japan accounts for over 90% of the amount of property, plant and equipmenton the balance sheet.

(3) Information about each major customer
Disclosure is omitted because net sales to a single external customer account for less than 10% of the operating revenue on the statement of income and retained
earnings.

- 27 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Notes to Per Unit Information)
From February 1, 2022
to July 31, 2022

From August 1, 2022
to January 31, 2023

Net asset value per unit

¥138,902¥141,655

Net income per unit

¥3,966¥4,361

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:
From February 1, 2022
to July 31, 2022

From February 1, 2022
to January 31, 2023

4,122,093

4,593,229--

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

4,122,093

4,593,229

Weighted average number of units during the period (units)

1,039,237

1,053,166

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

(Notes to Important Subsequent Events)
Not applicable- 28 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)（9）Changes in Unitholders’ Capital
The changes in unitholders’ capital and number of investment units issued and outstanding for last five years are as follows.
Number of investment units
Unitholders’ capital
Issued and outstanding(Million yen)
RemarkIncrease
Balance
Increase
Balance
Investment unit split
March 1, 2018
349,089
698,178
80,132(Note 1)
MergerMarch 1, 201884,750782,928
80,132(Note 2)
August 1, 2018
Public offering
82,100865,028
12,47092,602(Note 3)
August 29, 2018
Third-party allotment
4,105
869,133
623
93,226(Note 4)
February 20, 2019 Public offering
36,500905,633
6,195
99,421(Note 5)
Third-party allotment
March 11, 2019
1,825
907,458309
99,731(Note 6)
February 26, 2020 Public offering
43,800951,258
8,818
108,550(Note 7)
February 25, 2021 Public offering
42,500993,758
7,402
115,952(Note 8)
Third-party allotment
March 9, 2021
2,125
995,883370
116,322(Note 9)February 24, 2022 Public offering
47,5001,043,383
8,801
125,124(Note 10)
Third-party allotment
March 10, 2022
2,375
1,045,758
440
125,564(Note 11)
December 7, 2022 Public offering
23,5001,069,258
4,585
130,149(Note 12)
December 23, 2022 Third-party allotment
1,175
1,070,433
229
130,379(Note 13)
(Note 1) The Investment Corporation investment units was split 2-for-1 on the reference date as of February 28, 2018 and the effective
date as of March 1, 2018.
(Note 2) In connection with the Merger, the Investment Corporation unit following the Investment Unit Split was allocated to every JSL
unit with 84,750 JSL units newly issued on March 1, 2018.
(Note 3) New investment units were issued at a price of ¥157,047 per unit (subscription price of ¥151,892 per unit) through a public
offering in order to raise funds for acquiring new properties.
(Note 4) New investment units were issued at a price of ¥151,892 per unit through the third-party allotment in order to raise funds for
future acquisitions of specified assets and repayment of borrowings.
(Note 5) New investment units were issued at a price of ¥175,500 per unit (subscription price of ¥169,740 per unit) through a public
offering in order to raise funds for acquiring new properties.
(Note 6) New investment units were issued at a price of ¥169,740 per unit through the third-party allotment in order to raise funds for
future acquisitions of specified assets.
(Note 7) New investment units were issued at a price of ¥208,065 per unit (subscription price of ¥201,342 per unit) through a public
offering in order to raise funds for acquiring new properties.
(Note 8) New investment units were issued at a price of ¥179,985 per unit (subscription price of ¥174,170 per unit) through a public
offering in order to raise funds for acquiring new properties.
(Note 9) New investment units were issued at a price of ¥174,170 per unit through the third-party allotment in order to raise funds foracquiring new properties.
(Note 10) New investment units were issued at a price of ¥191,490 per unit (subscription price of ¥185,303 per unit) through a public
offering in order to raise funds for acquiring new properties.
(Note 11) New investment units were issued at a price of ¥185,303 per unit through the third-party allotment in order to raise funds foracquiring new properties.
(Note 12) New investment units were issued at a price of ¥201,630 per unit (subscription price of ¥195,115 per unit) through a public
offering in order to raise funds for acquiring new properties.
(Note 13) New investment units were issued at a price of ¥195,115 per unit through the third-party allotment in order to raise funds foracquiring new properties.
Date

Capital transaction- 29 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
3．Reference Information（1）Information on Price of the Managed Assets
Classificationof assets

Use

Area

21st
As of July 31, 2022
Total amountComposition
held
ratio (%)
(Millions of yen)
(Note 2)
（Note 1）

Residential

Tokyo Metropolitan Area (Note 4)

162,846
55,55325,32538,6481,226
5,058
288,659
173
173
27,053315,886

Other Regional Areas (Note 5)
Tokyo Metropolitan Area (Note 4)
Other Regional Areas(Note 5)
Healthcare
Other (Note 6)
Accommodation Tokyo Metropolitan Area (Note 4)
Total (Trust beneficiary interest in real estate)
RealTokyo Metropolitan Area (Note 4)
Healthcare
estate(Note 3)
Other Regional Areas (Note 5)
Total (Real estate)
Bank deposits and other assets
Total assets
Trustbeneficiaryinterest in
real
estate(Note 3)

51.6
17.6
8.0
12.2
0.4
1.6
91.4
0.1
0.1
8.6
100.0

21st
As of July 31, 2022
Composition
Amountratio (%)
(Millions of yen)
(Note 2)22nd
As of January 31, 2023
Total amountComposition
held
ratio (%)
(Millions of yen)
(Note 2)
（Note 1）

166,73154,663
27,412
41,456
1,268
5,044
296,577
2,092
173
2,265
28,170327,014

51.0
16.7
8.4
12.7
0.4
1.5
90.7
0.6
0.1
0.7
8.6
100.0

22nd
As of January 31, 2023
Composition
Amountratio (%)
(Millions of yen)
(Note 2)

Total liabilities (Note 7)

170,62854.0

175,38153.6

Total net assets (Note 7)

145,25846.0

151,63246.4

315,886100.0

327,014100.0

Total assets(Note 1)
(Note 2)
(Note 3)(Note 4)(Note 5)(Note 6)(Note 7)

“Total amount held” means carrying amounts on the balance sheet (amounts of Trust beneficiary interests in real property and real
property are book values net of depreciation) at the end of fiscal period and rounded off to one dismal place.
“Composition ratio” means the ratio of carrying amounts of each classified assets to total assets on balance sheet and rounded off to
one dismal place.
Rehabili-home Granda Mondoyakujin consists of both trust beneficiary interest in real estate and real estate, therefore, they are
remarked in each category of use distinctively.
“Tokyo Metropolitan Area” means major cities in Tokyo, Kanagawa, Saitama and Chiba.
“Other regional areas” include government-designed municipalities and other regional cities.
“Other” means cities except Tokyo Metropolitan Area and Other regional areas.
“Total liabilities” and “Total net assets” are those on the balance sheets.

- 30 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)②Overview of the Portfolio(A) Detail of Real Estate Portfolio Assets

The overview of assets under management of the Investment Corporation as of the end of the 22nd fiscal period.
Appraisal value

Area

Use

No.

Property nameLocation

Form ofownership(Note1)Book
value(Millions ofyen)

Acquisitionat the end ofprice
the fiscal period (Millions ofyen)(Millions of

Ratio
(%)

(Note 3)yen)(Note 2)

Tokyo Metropolitan Area

Residential properties

T-1

KDX Daikanyama Residence

7-1, Sarugakucho,Shibuyaku,Tokyo

TBI

4,688

7,960

4,700

1.6

T-3

KDX Odemma Residence

3-10, NihombashiOdemmacho,Chuo-ku,Tokyo

TBI

1,652

2,870

1,775

0.6

T-4

KDX Iwamoto-cho Residence

16-12, Iwamotocho 2-chome,
Chiyoda-ku,Tokyo

TBI

759

1,290

822

0.3

T-5

KDX Bunkyo Sengoku Residence

3-2, Honkomagome 6chome, Bunkyo-ku,Tokyo

TBI

1,532

2,270

1,488

0.5

T-6

KDX Azumabashi Residence

9-8, Azumabashi 1-chome,
Sumida-ku,Tokyo

TBI

591

1,150

650

0.2

T-7

KDX Shimura Sakaue Residence

TBI

2,553

4,340

2,830

0.9

T-9

Cosmo Heim Motosumiyoshi

TBI

2,154

2,640

2,087

0.7

T-10

KDX Musashi Nakahara Residence

TBI

646

797

637

0.2

T-11

KDX Chiba Chuo Residence

TBI

1,291

1,940

1,480

0.5

T-12

KDX Kawaguchi Saiwai-cho
Residence

14-24, Saiwaicho 2-chome,
Kawaguchi-shi, Saitama

TBI

1,159

1,880

1,150

0.4

T-13

KDX Residence Shirokane I

7-8, Shirokanedai 4-chome,
Minato-ku, Tokyo

TBI

3,062

4,490

3,000

1.0

T-15

KDX Residence Shirokane II

8-7, Shirokanedai 4-chome,
Minato-ku, Tokyo

TBI

2,841

4,380

2,800

0.9

T-16

KDX Residence Minami-aoyama

4-8, Minami-Aoyama 3chome, Minato-ku, Tokyo

TBI

2,264

2,860

2,230

0.7

T-17

KDX Residence Minami-azabu

3-22, Minami-Azabu 2chome, Minato-ku, Tokyo

TBI

2,122

3,380

2,080

0.7

T-18

KDX Residence Shiba Koen

4-16, Shiba 3-chome,
Minato-ku, Tokyo

TBI

1,789

2,840

1,781

0.6

T-19

KDX Residence Azabu East

25-2, Higashi-Azabu 1chome, Minato-ku, Tokyo

TBI

1,562

2,520

1,560

0.5

T-20

KDX Residence Takanawa

15-7, Takanawa 3-chome,
Minato-ku, Tokyo

TBI

781

1,370

770

0.3

T-21

KDX Residence Nishihara

37-4, Nishihara 1-chome,
Shibuya-ku, Tokyo

TBI

1,479

2,280

1,450

0.5

T-22

KDX Residence Daikanyama II

TBI

792

1,390

730

0.2

T-24

KDX Residence Nihombashi Suitengu

TBI

3,106

4,640

3,240

1.1

T-25

KDX Residence Nihombashi Hakozaki

TBI

1,119

1,550

1,147

0.4

T-26

KDX Residence Higashi-shinjuku

TBI

3,170

5,120

3,270

1.1

T-27

KDX Residence Yotsuya

22-50 Arakicho, Shinjukuku, Tokyo

TBI

2,291

3,700

2,260

0.8

T-28

KDX Residence Nishi-shinjuku

18-15, Nishi-Shinjuku 7chome, Shinjuku-ku, Tokyo

TBI

1,004

1,700

1,000

0.3

T-29

KDX Residence Kagurazaka

8-10, Tsukijimachi,
Shinjuku-ku, Tokyo

TBI

694

1,160

720

0.2

T-30

KDX Residence Futako Tamagawa

31-29, Seta 2-chome,
Setagaya-ku, Tokyo

TBI

1,264

1,820

1,250

0.4

T-31

KDX Residence Komazawa Koen

21-6 Komazawa 5-chome,
Setagaya-ku, Tokyo

TBI

883

1,410

920

0.3

T-32

KDX Residence Mishuku

37-13, Mishuku 2-chome,
Setagaya-ku, Tokyo

TBI

781

1,180

760

0.3

T-33

KDX Residence Yoga

34-21, Seta 5-chome,
Setagaya-ku, Tokyo

TBI

712

1,080

700

0.2

16-5, Higashi-Sakashita 1chome, Itabashi-ku,Tokyo
5-1, Kizuki Gioncho,
Nakahara-ku, Kawasaki-shi,
Kanagawa
18-22, Shimokodanaka 4chome, Nakahara-ku,
Kawasaki-shi, Kanagawa
2-17, Shindencho, Chuo-ku,
Chiba-shi, Chiba

11-22, Ebisu Nishi 2-chome,
Shibuya-ku, Tokyo
41-6 Nihombashi
Hakozakicho, Chuo-ku,
Tokyo
38-1 Nihombashi
Hakozakicho, Chuo-ku,
Tokyo
1-9 Okubo 2-chome,
Shinjuku-ku, Tokyo- 31 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Appraisal value

Area

Use

No.

Property nameLocation

Form ofownership(Note1)Book
value(Millions ofyen)

Acquisitionat the end ofprice
the fiscal period (Millions ofyen)(Millions of

Ratio
(%)

(Note 3)yen)(Note 2)

Tokyo Metropolitan Area

Residential properties

T-34

KDX Residence Shimouma

21-8, Shimouma 1-chome,
Setagaya-ku, Tokyo

TBI

625

930

600

0.2

T-35

Raffine Minami-magome

24-8, Minami-Magome 5chome, Ota-ku, Tokyo

TBI

1,228

1,640

1,250

0.4

T-36

KDX Residence Yukigaya Otsuka

15-13, Minami-Yukigaya 2chome, Ota-ku, Tokyo

TBI

1,032

1,590

1,050

0.3

T-37

KDX Residence Denen Chofu

40-14, Denenchofu Honcho,
Ota-ku, Tokyo

TBI

1,051

1,420

1,000

0.3

T-38

KDX Residence Tamagawa

9-17, Tamagawa 1-chome,
Ota-ku, Tokyo

TBI

700

1,130

776

0.3

T-39

KDX Residence Monzennakacho

6-7, Kiba 3-chome, Koto-ku,
Tokyo

TBI

776

1,200

773

0.3

T-40

KDX Residence Okachimachi

28-4, Taito 2-chome, Taitoku, Tokyo

TBI

857

1,310

850

0.3

T-41

KDX Residence Moto-asakusa

8-10, Motoasakusa 4-chome,
Taito-ku, Tokyo

TBI

797

1,220

800

0.3

T-42

KDX Residence Itabashi Honcho

13-16, Yamatocho, Itabashiku, Tokyo

TBI

572

956

620

0.2

T-43

KDX Residence Azusawa

TBI

536

778

550

0.2

T-45

KDX Residence Yokohama Kannai

TBI

750

1,170

800

0.3

T-46

KDX Residence Miyamaedaira

TBI

985

1,360

999

0.3

T-47

KDX Residence Machida

TBI

1,693

2,570

1,800

0.6

T-48

KDX Residence Kinshicho

TBI

1,321

2,140

1,350

0.4

T-49

KDX Residence Nihombashi Hamacho

TBI

1,023

1,610

996

0.3

T-50

KDX Residence Nihombashi
Ningyocho

TBI

553

819

530

0.2

T-51

KDX Residence Jiyugaoka

TBI

1,312

1,950

1,268

0.4

T-52

KDX Residence Togoshi

TBI

3,653

5,750

3,745

1.2

T-53

KDX Residence Shinagawa Seaside

TBI

2,577

3,720

2,593

0.9

T-54

KDX Residence Ojima

TBI

1,760

2,910

1,857

0.6

T-55

KDX Residence Oyama

8-8, Oyamakanaicho,
Itabashi-ku, Tokyo

TBI

2,542

3,970

2,679

0.9

T-56

KDX Residence Hanzomon

12-1, Kojimachi 2-chome,
Chiyoda-ku, Tokyo

TBI

4,903

7,060

4,832

1.6

T-57

KDX Residence Akihabara II )7, Kanda-Sudacho 1-chome,
Chiyoda-ku, Tokyo

TBI

893

1,320

850

0.3

T-58

KDX Residence Kagurazaka Dori120-1, Yaraicho, Shinjukuku, Tokyo

TBI

1,360

2,710

1,360

0.5

T-59

KDX Residence Sendagi

43-17, Sendagi 3-chome,
Bunkyo-ku, Tokyo

TBI

2,318

3,020

2,200

0.7

T-60

KDX Residence Seijo

16-25, Seijyo 4-chome,
Setagaya-ku, Tokyo

TBI

1,439

1,910

1,400

0.5

T-61

KDX Residence Akihabara

13-7, Taito 2-chome, Taitoku, Tokyo

TBI

1,216

1,940

1,250

0.4

T-62

KDX Residence Iriya

TBI

1,028

1,670

1,062

0.4

T-63

KDX Residence Tachikawa

TBI

2,934

4,310

3,026

1.0

T-64

KDX Residence Tsurumi

TBI

1,138

1,810

1,050

0.3

T-65

KDX Residence Morishita Chitose

TBI

1,073

1,500

1,100

0.4

7-13, Azusawa 1-chome,
Itabashi-ku, Tokyo
5-9, Bandaicho 3-chome,
Naka-ku, Yokohama-shi,
Kanagawa
14-3, Miyamaedaira 3chome, Miyamae-ku,
Kawasaki-shi, Kanagawa
13-32, Kamitsurumahoncho
3-chome, Minami-ku,
Sagamihara-shi, Kanagawa
24-13, Midori 4-chome,
Sumida-ku, Tokyo
33-4, Nishimbashi-Hamacho
3-chome, Chuo-ku, Tokyo
8-5, NihombashiHoridomecho 1-chome,
Chuo-ku, Tokyo
11-27, Yakumo 3-chome,
Meguro-ku, Tokyo
1-1, Togoshi 5-chome,
Shinagawa-ku, Tokyo
6-7, Higashi-Shinagawa 3chome, Shinagawa-ku,
Tokyo
8-4, Ojima 4-chome, Kotoku, Tokyo

10-7, Iriya 1-chome, Taitoku, Tokyo
28-29, Akebonocho 2chome, Tachikawa-shi,Tokyo
10, Mukaicho 1-chome,
Tsurumi-ku, Yokohama-shi,
Kanagawa
5-3, Chitose 1-chome,
Sumida-ku, Tokyo- 32 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Appraisal value

Area

Use

No.

Property nameLocation

Form ofownership(Note1)Book
value(Millions ofyen)

Acquisitionat the end ofprice
the fiscal period (Millions ofyen)(Millions of

Ratio
(%)

(Note 3)yen)(Note 2)

Tokyo Metropolitan Area

Residential properties

T-66

KDX Residence Akasaka

13-11, Akasaka 6-chome,
Minato-ku, Tokyo

TBI

1,163

2,380

1,150

0.4

T-67

KDX Residence Kanda

8-2, Uchikanda 2-chome,
Chiyoda-ku, Tokyo

TBI

697

1,340

700

0.2

T-68

KDX Residence Ebisu

11-16, Ebisu Minami 1chome, Shibuya-ku, Tokyo

TBI

2,862

5,500

2,845

0.9

T-69

KDX Residence Nishi-magome

4-4, Minami-Magome 6chome, Ota-ku, Tokyo

TBI

1,136

1,460

1,130

0.4

T-70

KDX Residence Nishi-azabu

5-10, Nishi-Azabu 3-chome,
Minato-ku, Tokyo

TBI

1,225

2,020

1,224

0.4

T-71

KDX Residence Azabu Sendaizaka

TBI

793

1,330

792

0.3

T-72

KDX Residence Waseda Tsurumaki

TBI

546

969

561

0.2

T-73

KDX Residence Bunkyo Yushima

TBI

690

1,090

695

0.2

T-74

KDX Residence Kamishakujii

TBI

641

939

648

0.2

T-75

KDX Residence Shin-otsuka

TBI

751

1,230

764

0.3

T-76

KDX Residence Sakurajosui

TBI

878

1,340

894

0.3

T-77

KDX Residence Ryogoku

TBI

824

1,430

842

0.3

T-78

KDX Residence Toyosu

2-33, Toyosu 1-chome, Kotoku, Tokyo

TBI

7,538

8,070

7,500

2.5

T-79

KDX Residence Asagaya

1-47-24, Asagayaminami,
Suginami-ku, Tokyo

TBI

1,960

2,610

1,930

0.6

T-80

KDX Residence Hiyoshi

7-17-35, Hiyoshi, Kohoku-ku,
Yokohama-shi, Kanagawa

TBI

2,662

3,160

2,635

0.9

T-81

KDX Residence Kamikitazawa

4-23-15, Kamikitazawa,
Setagaya-ku, Tokyo

TBI

1,392

1,660

1,360

0.5

T-82

KDX Residence Kaminoge

3-2-11, Noge, Setagaya-ku,
Tokyo

TBI

1,122

1,460

1,111

0.4

T-83

KDX Residence Higashi-Asakusa

1-9-8 Higashi-Asakusa, Taitoku, Tokyo

TBI

699

859

687

0.2

T-84

KDX Residence Nishi-Funabashi

413-1 Hongo-cho, Funabashishi, Chiba

TBI

1,001

1,180

975

0.3

T-85

KDX Residence Hatagaya

2-24-7 Hatagaya Shibuya-ku,
Tokyo

TBI

2,617

2,920

2,500

0.8

T-86

KDX Residence Asagaya II

3-31-5 Asagaya-minami,
Suginami-ku, Tokyo

TBI

970

1,110

939

0.3

T-87

KDX Residence Gakugeidaigaku

2-4-3 Takaban, Meguro-ku,
Tokyo

TBI

774

831

750

0.2

T-88

KDX Residence Kamata-minami

TBI

1,949

2,460

1,918

0.6

T-89

KDX Residence Kichijoji

TBI

648

650

621

0.2

T-90

KDX Residence Mitaka

TBI

2,662

3,280

2,530

0.8

T-91

KDX Residence Nakanobu

6-6-1, Nakanobu, Shinagawaku, Tokyo

TBI

846

915

830

0.3

T-92

KDX Residence Ichikawa

2-6-12, Ichikawa, Ichikawashi, Chiba

TBI

872

940

840

0.3

T-93

KDX Residence Hatchobori

1-8-5, Irifune, Chuo-ku,
Tokyo

TBI

3,192

3,680

3,000

1.0

T-94

KDX Residence Nakaitabashi

68-11, Yayoicho, Itabashi-ku,
Tokyo

TBI

1,842

2,030

1,736

0.6

T-95

KDX Residence Shonandai

2-9-10, Shonandai, Fujisawashi, Kanagawa

TBI

1,545

1,690

1,500

0.5

T-96

KDX Residence Ikebukuro West

2-6, Nakamarucho, Itabashiku, Tokyo

TBI

2,331

2,580

2,237

0.7

T-97

KDX Residence Tennocho

1-30-2, Tennocho, Hodogayaku, Yokohama-shi, Kanagawa

TBI

898

922

843

0.3

1-7, Minami-Azabu 3chome, Minato-ku, Tokyo
574-25, WasedaTsurumakicho, Shinjuku-ku,
Tokyo
29-2, Yushima 2-chome,
Bunkyo-ku, Tokyo
18-5, Kamishakujii 1-chome,
Nerima-ku, Tokyo
44-16, Higashi-Ikebukuro 5chome, Toshima-ku,
Tokyo
26-14, Shimotakaido 1chome, Suginami-ku,
Tokyo
19-13, Kamezawa 2-chome,
Sumida-ku, Tokyo

3-9-4 Minami-Rokugo, Otaku, Tokyo
1-23-20, KichijojiHigashicho, Musashino-shi,Tokyo
4-15-31, Shimorenjaku,
Mitaka-shi,Tokyo- 33 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Appraisal value

Area

Use

No.

Property nameLocation

Form ofownership(Note1)Book
value(Millions ofyen)

Acquisitionat the end ofprice
the fiscal period (Millions ofyen)(Millions of

Ratio
(%)

(Note 3)yen)(Note 2)

Tokyo Metropolitan Area
Residential properties
Other Regional Areas

T-98

KDX Residence Kawasaki

1-1-12, Nakajima Kawasakiku,, Kawasaki-shi, Kanagawa

TBI

943

1,040

910

0.3

T-99

KDX Residence Kamata-minami II

3-9-13, Minami-rokugo, Otaku, Tokyo

TBI

807

939

780

0.3

T-100

KDX Residence Kamishakujii II

2-18-5, Kamishakujii 2chome, Nerima-ku, Tokyo

TBI

3,200

3,480

3,087

1.0

T-101

KDX Residence Tsudanuma

4-13-35, Maebara-nishi,
Funabashi-shi, Chiba

TBI

1,207

1,360

1,150

0.4

T-102

KDX Residence Yokohama
Momijizaka

6-1, Momijigaoka, Nishi-ku
Yokohama-shi, Kanagawa

TBI

5,171

5,720

5,000

1.7

T-103

KDX Residence Umejima

1-25-19, Umejima, Adachiku, Tokyo

TBI

2,474

2,940

2,373

0.8

T-104

KDX Residence Mizonokuchi

3-4-29, Shinsaku, Takatsu-ku,
Kawasaki-shi, Kanagawa

TBI

2,938

3,070

2,781

0.9

T-105

KDX Residence Hachioji Otsuka

628-3, Otsuka, Hachioji-shi,
Tokyo

TBI

1,608

1,640

1,490

0.5

T-106

KDX Residence Tsudanuma II

4-13-25, Maebaranishi,
Funabashi-shi, Chiba

TBI

954

993

920

0.3

T-107

KDX Residence Oyamadai

１-16-23, Tamazutsumi,
Setagaya-ku, Tokyo

TBI

3,306

3,690

3,205

1.1

T-108

KDX Residence Asakusa

7-2-10, Asakusa, Taito-ku,
Tokyo

TBI

968

1,160

932

0.3

R-2

KDX Jozenji Dori Residence

3-25, Kasugamachi, Aoba-ku,
Sendai-shi, Miyagi

TBI

868

1,420

1,015

0.3

R-3

KDX Izumi Residence

24-28, Izumi 2-chome,
Higashi-ku, Nagoya-shi, Aichi

TBI

996

1,660

1,120

0.4

R-4

KDX Chihaya Residence

49-6, Shinsakae 1-chome,
Naka-ku, Nagoya-shi, Aichi

TBI

939

1,670

1,080

0.4

R-5

KDX Sakaisuji Hommachi Residence

7-15, Kawaramachi 1-chome,
Chuo-ku, Osaka-shi, Osaka

TBI

2,570

4,130

2,910

1.0

R-7

KDX Takarazuka Residence

TBI

1,254

2,230

1,510

0.5

R-8

KDX Shimizu Residence

TBI

1,477

2,400

1,680

0.6

R-9

KDX Residence Odori Koen

TBI

739

1,140

765

0.3

R-10

KDX Residence Kikusui Yojo

TBI

831

1,190

830

0.3

R-11

KDX Residence Toyohira Koen

TBI

450

661

445

0.1

R-13

KDX Residence Ichiban-cho

TBI

471

751

530

0.2

R-16

KDX Residence Higashi-sakura I

TBI

2,152

2,680

2,350

0.8

R-18

KDX Residence Jingumae

TBI

766

1,120

840

0.3

R-19

KDX Residence Nishi-oji

TBI

753

974

813

0.3

R-20

KDX Residence Saiin

TBI

405

545

440

0.1

R-21

KDX Residence Namba

6-16, Inari 1-chome, Naniwaku, Osaka-shi, Osaka

TBI

1,324

1,930

1,410

0.5

R-22

KDX Residence Namba-minami

11-9, Shiokusa 3-chome,
Naniwa-ku, Osaka-shi, Osaka

TBI

1,212

1,790

1,350

0.4

R-24

KDX Residence Ibaraki I・II (Note 4)

9-11, 9-12, Takehashicho,
Ibaragi-shi, Osaka

TBI

1,293

1,628

1,275

0.4

R-25

KDX Residence Toyonaka-minami

7-22, Shonaihigashimachi 2chome, Toyonaka-shi, Osaka

TBI

633

1,070

740

0.2

R-26

KDX Residence Moriguchi

12-12, Dainichihigasihmachi,
Moriguchi-shi, Osaka

TBI

486

782

551

0.2

R-27

KDX Residence Sannomiya

8-10, Ninomiyacho 4-chome,
Chuo-ku, Kobe-shi, Hyogo

TBI

1,037

1,410

1,080

0.4

2-43, Sakaemachi 3-chome,
Takarazuka-shi, Hyogo
21-27, Shimizu 1-chome,
Minami-ku, Fukuoka-shi,
Fukuoka
10-1000-4, Minami Nijo,
Chuo-ku, Sapporo-shi,
Hokkaido
2-35, Kikusui 4-jo 3-chome,
Shiroishi-ku, Sapporo-shi,
Hokkaido
4-16, Hiragishi 4-jo 3-chome,
Toyohira-ku, Sapporo-shi,
Hokkaido
15-42, Ichibancho 1-chome,
Aoba-ku, Sendai-shi, Miyagi
13-22, Higashi-sakura 2chome, Higashi-ku, Nagoyashi, Aichi
4-27, Yokota 2-chome, Atsutaku, Nagoya-shi, Aichi
40-3, Nishi 7-jo
Kakegoshicho, Shimogyo-ku,
Kyoto-shi, Kyoto
30-2, Saiintakadacho, Ukyoku, Kyoto-shi, Kyoto- 34 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Appraisal value

Area

Use

No.

Property nameLocation

Form ofownership(Note1)Book
value(Millions ofyen)

Acquisitionat the end ofprice
the fiscal period (Millions ofyen)(Millions of

Ratio
(%)

(Note 3)yen)(Note 2)
20-10, Oharacho, Ashiya-shi,
Hyogo

Other Regional Areas

Residential properties

R-28

Ashiya Royal Homes

R-29

KDX Residence Funairi Saiwai-cho

R-30

KDX Residence Tenjin-higashi II

R-32

KDX Residence Nishi Koen

R-33

KDX Residence Hirao Josui-machi

R-35

Leopalace Flat Shin-sakae

R-36

KDX Residence Konan Yamate

R-37

KDX Residence Hommachibashi

R-38

KDX Residence Minami-kusatsu

R-39

KDX Residence Ohori Harbor View
Tower

R-40

KDX Residence Minami-sanjo

R-41

Serenite Kita-kyuhoji

R-42

Serenite Nishinomiya Hommachi

R-43

KDX Residence Nishijin

R-44

Serenite Kobe Motomachi

R-45

KDX Residence Shukugawa Hills

R-46

KDX Residence Sendai Station East

R-47

Serenite Koshien Plie

10-5, Funairisaiwaicho, Nakaku, Hiroshima-shi, Hiroshima
6-22, Chikkohonmachi,
Hakata-ku, Fukuoka-shi,
Fukuoka
5-7, Minato 3-chome, Chuoku, Fukuoka-shi, Fukuoka
10-17, Hiraojosuimachi,
Chuo-ku, Fukuoka-shi,
Fukuoka
5-31, Shinsakae 1-chome,
Naka-ku, Nagoya-shi, Aichi
9-3, Moriminamimachi 1chome, Higashinada-ku,
Kobe-shi, Hyogo
2-14, Hommachibashi, Chuoku, Osaka-shi, Osaka
1-8, Minamikusatsu 1-chome,
Kusatsu-shi, Shiga
2-18, Minato 1-chome, Chuoku, Fukuoka-shi, Fukuoka
3-2, Minami 3-jo Nishi 8chome, Chuo-ku, Sapporo-shi,
Hokkaido
3-15, Kitakyuhojimachi 1chome, Chuo-ku, Osaka-shi,
Osaka
5-26, Hommachi,
Nishinomiya-shi, Hyogo
24-30, Nishijin 2-chome,
Sawara-ku, Fukuoka-shi,
Fukuoka
1-22, Kaigandori 3-chome,
Chuo-ku, Kobe-shi, Hyogo
7-1, Hinoike-cho,Nishinomiya-shi, Hyogo
2-13 Teppocho-nihsi,
Miyagino-ku, Sendai-shi,
Miyagi5-2-6, Naruo-cho,Nishinomiya-shi, Hyogo

TBI

1,619

2,370

1,360

0.5

TBI

518

824

588

0.2

TBI

624

1,090

680

0.2

TBI

699

1,080

763

0.3

TBI

725

1,090

760

0.3

TBI

3,381

4,640

3,500

1.2

TBI

937

1,350

973

0.3

TBI

3,037

4,180

3,201

1.1

TBI

1,897

2,610

1,974

0.7

TBI

4,280

5,240

4,606

1.5

TBI

921

1,970

915

0.3

TBI

1,208

1,740

1,290

0.4

TBI

611

782

617

0.2

TBI

1,715

1,820

1,600

0.5

TBI

2,390

2,780

2,390

0.8

TBI

7,229

7,500

6,884

2.3

TBI

1,379

1,590

1,340

0.4

TBI

819

845

770

0.3

221,395

308,149

222,570

74.0

Subtotal

Tokyo Metropolitan Area

Healthcare Facilities

H-1

Irise Kamata/Yuseien

2-15-21 Kitakojiya, Ota-ku,
Tokyo

TBI

1,060

1,100

1,120

0.4

H-2

Nichii Home Nakano-Minamidai

3-26-24 Minamidai, Nakanoku, Tokyo

TBI

1,751

2,070

1,780

0.6

H-3

Joy Stage Hachioji

TBI

3,745

4,050

3,690

1.2

H-4

Yuimaru Hijirigaoka(Note 4)

TBI

1,032

1,200

1,120

0.4

H-5

Nichii Home Tama Plaza

TBI

2,688

3,110

2,940

1.0

H-21

Plaisant Grand Ota tamagawa

TBI

3,171

3,490

3,057

1.0

H-22

Tsukui Sun-shine Machida (Note4)

TBI

6,929

7,670

6,934

2.3

H-23

Serabi Ebisu

TBI

1,707

1,740

1,690

0.6

H-27

Grapes Kawasaki Shimmachi

2-3-2, Odasakae,Kawasakishi, Kanagawa

TBI

1,524

1,560

1,470

0.5

H-28

SOMPO care Sompo no ie S Fujimino(Note 5)

1-15-12, Minamidai,
Fujimino-shi, Saitama

TBI

1,582

1,590

1,520

0.5

924-2 Yokokawamachi,
Hachioji-shi, Tokyo
2-22-4 Hijirigaoka, Tama-shi,
Tokyo (Building A)
2-20-6 Hijirigaoka, Tama-shi,
Tokyo (Building B)
2-21-2 Hijirigaoka, Tama-shi,
Tokyo (Building C)
2-23-6, Inukura, Miyamae-ku,
Kawasaki-shi, Kanagawa
2-19-4 Tamagawa,Ota-ku,
Tokyo
1-11-7 Oyamagaoka Machidashi, Tokyo (West Tower)
1-11-8 Oyamagaoka Machidashi, Tokyo (East Tower)
2-10-20, Mita, Meguro-ku,Tokyo- 35 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Appraisal value

Area

Use

No.

Property nameLocation

Form ofownership(Note1)Book
value(Millions ofyen)

Acquisitionat the end ofprice
the fiscal period (Millions ofyen)(Millions of

Ratio
(%)

(Note 3)yen)(Note 2)

Tokyo Metropolitan
Area

H-32

Tsukui Sun-shine Adachi

6-10-3, Hanahata, Adachi,
Tokyo

RE

865

918

830

0.3

H-33

SOMPO Care LAVIERE Ichinoe

4-5-2, Nishi ichinoe,
Egogawa, Tokyo

RE

1,226

1,260

1,184

0.4

H-34

Nichii Home Hachimanyama

TBI

2,217

2,400

2,065

0.7

H-6

Ten

TBI

2,479

2,670

2,630

0.9

H-7

Irise Nishioka

TBI

774

877

858

0.3

H-8

Izarie Eniwa Building

TBI

1,483

1,810

1,660

0.6

H-9

Sawayaka Sakura Nibankan

TBI

874

1,010

989

0.3

H-10

Activa Biwa(Note 4)

TBI

6,237

6,510

6,560

2.2

H-11

Sompo Care LAVIERE Kobe Tarumi

TBI

2,007

2,200

2,110

0.7

H-12

Rehabili-home Granda Mondo Yakujin

TBI and RE

1,160

1,310

1,253

0.4

H-13

Excellent Nishinomiya

TBI

886

956

971

0.3

H-15

Excellent Kitano

TBI

734

818

737

0.2

H-16

Anesis Teradacho

TBI

3,340

3,690

3,490

1.2

H-17

Rococo-riha

TBI

1,980

2,200

2,100

0.7

H-18

Orage Suma

TBI

2,664

2,820

2,810

0.9

H-19

Canadian Hill

TBI

1,811

1,880

1,830

0.6

H-20

Anesis Hyogo

TBI

1,360

1,440

1,420

0.5

H-24

Arute Ishiyagawa

TBI

1,063

1,360

1,061

0.4

TBI

2,801

2,890

2,709

0.9

TBI

1,778

1,990

1,720

0.6

TBI

1,254

1,380

1,200

0.4

TBI

1,363

1,440

1,287

0.4

TBI

2,464

2,540

2,340

0.8

TBI

1,172

1,200

1,088

0.4

TBI

1,095

1,110

1,020

0.3

TBI

839

885

758

0.3

1-19-18, Hachimanyama,
Setagaya-ku, Tokyo
6-3-1 Tsukisamuchuodori,Toyohira-ku, Sapporo-shi,
Hokkaido
13-7-10 Nishioka Sanjo,
Toyohira-ku, Sapporo-shi,
Hokkaido
1-8-1 Aioimachi, Eniwa-shi,
Hokkaido
1-10-3 Oroshimachi, Akitashi, Akita
6-16-16 Ogoto, Otsu-shi, Shiga
6-11-8 Ogoto, Otsu-shi, Shiga
6-17-17 Ogoto, Otsu-shi,
Shiga
285 Sarukura, Myodanicho,
Tarumi-ku, Kobe-shi, Hyogo
10-10 Hayashidacho,
Nishinomiya-shi, Hyogo
2-4-3 Sumiredai,
Nishinomiya-shi, Hyogo
10 Kitanohigashi, Kobaicho,
Kita-ku, Kyoto-shi, Kyoto
1-4-24, Hayashiji, Ikuno-ku,

Other Regional Areas

Healthcare Facilities

Osaka-shi, Osaka
6-7 Hozan-cho,
Toyonaka-shi, Osaka
3-622-11, Wakakusa-cho,Suma-ku, Kobe-shi, Hyogo
2-3-1 Nagaminedai, Nada-ku,
Kobe-shi, Hyogo
1-8-21, Yoshida-cho,
Hyogo-ku, Kobe-shi, Hyogo
1-10-13, Mikage tsuka-machi,
Higashi nada-ku, Kobe-shi,
Hyogo

H-25

Medical-home Granda Kurakuen

H-26

Rehabili-home Granda Kobe Kitano

H-29

Irise Kobe Rokko

H-30

Excellent Hanayashiki Garden Hills

H-31

Excellent Takarazuka Garden Hills

H-35

Life ship Oasa

H-36

Life ship Yunokawa

H-37Life ship Fukagawa

6-6, Okuhata,
Nishinomiya-shi, Hyogo
4-12-1, Kitano-cho, Chuo-ku,
Kobe-shi, Hyogo
4-6-3, Shinohara Hommachi,
Nada-ku, Kobe-shi, Hyogo
4-1-6, Hanayashiki Shoen,
Takarazuka-shi, Hyogo
5-4-1, Hirai, Takarazuka-shi,
Hyogo
4-9, Oasa Ougimachi,
Ebetsu-shi, Hokkaido
3-12-15, Yunokawa-cho,
Hakodate-shi, Hokkaido
8-13, Taishimachi,
Fukagawa-shi, Hokkaido- 36 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Appraisal value

Area

Use

No.

Property nameLocation

Form ofownership(Note1)Book
value(Millions ofyen)

Acquisitionat the end ofprice
the fiscal period (Millions ofyen)(Millions of

Ratio
(%)

(Note 3)yen)(Note 2)

OthersHealthcare
Facilities

57-2 Tachino Oura-aza,
H-14

Gran Hills Ogawarako

1,268

1,360

1,380

0.5

72,40378,50473,382

24.4

TBI

2,430

2,370

2,390

0.8

TBI

2,613

2,600

2,570

0.9

Subtotal

5,044

4,970

4,960

1.6

Total

298,843

391,623

300,912

100.0

Tohokumachi-Oaza,

TBI

Kamikita-gun, Aomori
Subtotal

Tokyo
Metropolitan
Area
Accommodation
Facilities

A-1

Hotel LiVEMAX Tokyo-OtsukaEkimae

3-44-12 Minami-Otsuka,

A-2

Hotel LiVEMAX YokohamaekiNishiguchi

2-10-32 Kitasaiwai, Nishi-ku,

Toshima-ku, Tokyo
Yokohama-shi, Kanagawa(Note 1) “TBI” represents trust beneficiary interest in real estate and “RE” represents real estate.
(Note 2) “Appraisal value at the end of the fiscal period” is the appraisal value in a real property appraisal prepared, pursuant to the asset appraisal techniques and standards in
the Investment Corporation’s certificate of incorporation and the rules of the Investment Trusts Association, Japan, by Japan Real Estate Institute, Daiwa Real EstateAppraisal Co., Ltd., JLL Morii Valuation & Advisory K.K. or Tanizawa Sogo Appraisal Co., Ltd.
(Note 3) “Ratio” represents the percentage of the acquisition price for each property in the total acquisition price, rounded to the nearest tenth.
(Note 4) R-24 and H-22 consist of two buildings and H-4, H-10 consist of three buildings, book value and appraisal value are total amount of each value of the properties.
(Note 5) The name of property (H-28) was changed from “Grapes Fujimino” on February 1, 2023. The same shall apply hereinafter.

- 37 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(B) Overview of Tenants
Rental operating revenues

Use

No.

Property name

Type(Note 1,2)

Leasablearea(㎡)(Note 3)

Leased area Occupancy(㎡)(%)(Note 4)(Note 5)

Leasableunits (unit)(Note 6)

LeasedNumber ofunits (unit)
tenants(Note 7)(Note8)(Note 9)(Millions of
yen)

Share
(%)

Residential properties

SmallfamilySmallfamilySmallfamily5,338.99

5,044.28

94.5

86

80

1

164

1.7

2,353.23

2,224.09

94.5

54

51

1

60

0.6

1,131.24

1,099.96

97.2

36

35

1

28

0.3

KDX Bunkyo Sengoku ResidenceSingle2,054.10

2,028.40

98.7

77

76

1

52

0.5

T-6

KDX Azumabashi ResidenceSingle1,054.83

983.61

93.2

41

38

1

26

0.3

T-7

KDX Shimura Sakaue Residence

Family6,117.48

6,117.48

100.0

85

85

1

109

1.1

T-9

Cosmo Heim Motosumiyoshi

Single4,538.04

4,143.61

91.3

180

159

1

69

0.7

T-10

KDX Musashi Nakahara Residence

Family2,123.46

2,062.96

97.2

35

34

1

28

0.3

T-11

KDX Chiba Chuo ResidenceSingle3,546.91

3,521.71

99.3

106

105

1

62

0.6

2,491.66

2,297.68

92.2

61

56

1

49

0.5

3,617.32

3,509.49

97.0

50

48

1

119

1.2

2,889.66

2,853.78

98.8

85

84

1

94

1.0

1,680.79

1,602.59

95.3

20

19

1

60

0.6

2,785.42

2,595.64

93.2

62

57

1

75

0.8

2,507.52

2,467.38

98.4

64

63

1

65

0.7

1,849.00

1,827.99

98.9

76

75

1

55

0.6

1,034.27

967.73

93.6

27

25

1

30

0.3

2,310.08

2,255.78

97.6

39

38

1

52

0.5

T-1

KDX Daikanyama Residence

T-3

KDX Odemma Residence

T-4

KDX Iwamoto-cho Residence

T-5

T-12

KDX Kawaguchi Saiwai-cho Residence

T-13

KDX Residence Shirokane I

T-15

KDX Residence Shirokane II

T-16

KDX Residence Minami-aoyama

T-17

KDX Residence Minami-azabu

T-18

KDX Residence Shiba Koen

T-19

KDX Residence Azabu East

SmallfamilySmallfamilySingleSmallfamilySmallfamilySmallfamilySingleSmallfamilySmallfamilyT-20

KDX Residence Takanawa

T-21

KDX Residence Nishihara

T-22

KDX Residence Daikanyama II

Family985.10985.10

100.0

17

17

1

31

0.3

T-24

KDX Residence Nihombashi Suitengu

Family5,534.86

5,534.86

100.0

79

79

1

107

1.1

T-25

KDX Residence Nihombashi Hakozaki

Single1,537.38

1,448.19

94.2

60

57

1

40

0.4

T-26

KDX Residence Higashi-shinjuku

Single4,358.43

4,316.04

99.0

179

177

1

113

1.2

T-27

KDX Residence Yotsuya

Family3,101.16

2,983.76

96.2

42

40

1

80

0.8

T-28

KDX Residence Nishi-shinjuku

Single1,345.92

1,321.61

98.2

54

53

1

37

0.4

T-29

KDX Residence Kagurazaka

Single890.93816.35

91.6

34

31

1

24

0.3

T-30

KDX Residence Futako Tamagawa

Family2,339.62

2,278.65

97.4

38

37

1

44

0.5

T-31

KDX Residence Komazawa Koen

Smallfamily1,020.18

1,020.18

100.0

32

32

1

29

0.3

T-32

KDX Residence Mishuku

Single1,103.82

997.92

90.4

39

36

1

26

0.3

T-33

KDX Residence Yoga

Single1,012.80

1,012.80

100.0

38

38

1

24

0.3

T-34

KDX Residence Shimouma

Single829.05778.68

93.9

29

27

1

20

0.2

T-35

Raffine Minami-magome

Single2,408.56

2,408.56

100.0

56

56

1

41

0.4

T-36

KDX Residence Yukigaya Otsuka

Single1,526.98

1,482.82

97.1

72

70

1

38

0.4

T-37

KDX Residence Denenchofu

Family2,359.44

2,359.44

100.0

36

36

1

39

0.4

T-38

KDX Residence Tamagawa

Single1,170.40

1,085.40

92.7

52

48

1

26

0.3

T-39

KDX Residence MonzennakachoSingle1,171.41

1,127.21

96.2

49

47

1

27

0.3

T-40

KDX Residence Okachimachi

Single1,329.79

1,329.79

100.0

51

51

1

30

0.3

KDX Residence Moto-asakusa

Smallfamily1,314.91

1,282.16

97.5

44

43

1

29

0.3

T-41

- 38 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Rental operating revenues

Use

No.

Property name

Type(Note 1,2)

Leasablearea(㎡)(Note 3)

Leased area Occupancy(㎡)(%)(Note 4)(Note 5)

Leasableunits (unit)(Note 6)

LeasedNumber ofunits (unit)
tenants(Note 7)(Note8)(Note 9)(Millions of
yen)

Share
(%)

Residential properties

T-42

KDX Residence Itabashi Honcho

Single1,127.58

1,127.58

100.0

46

46

1

22

0.2

T-43

KDX Residence Azusawa

Single989.82989.82

100.0

39

39

1

20

0.2

T-45

KDX Residence Yokohama Kannai

Single1,602.16

1,513.98

94.5

72

68

1

34

0.4

T-46

KDX Residence Miyamaedaira

Family2,448.27

2,393.94

97.8

40

39

1

37

0.4

T-47

KDX Residence Machida

Family3,832.53

3,752.12

97.9

52

51

1

70

0.7

T-48

KDX Residence Kinshicho

Family2,024.81

1,896.33

93.7

33

31

1

46

0.5

T-49

KDX Residence Nihombashi Hamacho

Family1,756.27

1,651.37

94.0

28

26

1

36

0.4

T-50

KDX Residence Nihombashi Ningyocho

Single877.14877.14

100.0

27

27

1

20

0.2

T-51

KDX Residence Jiyugaoka

1,637.00

1,532.19

93.6

48

45

1

40

0.4

T-52

KDX Residence Togoshi

4,591.76

4,378.11

95.3

144

136

1

120

1.2

T-53

KDX Residence Shinagawa Seaside

Single3,314.75

3,129.15

94.4

127

121

1

83

0.9

T-54

KDX Residence Ojima

Single2,372.67

2,210.42

93.2

117

109

1

63

0.7

T-55

KDX Residence Oyama

Smallfamily4,009.07

3,901.77

97.3

145

140

1

92

1.0

T-56

KDX Residence Hanzomon

Family4,854.23

4,657.11

95.9

85

81

1

135

1.4

T-57

KDX Residence Akihabara II

Single1,254.50

1,254.50

100.0

52

52

1

26

0.3

T-58

KDX Residence Kagurazaka DoriSingle1,809.84

1,738.62

96.1

70

67

1

52

0.5

T-59

KDX Residence Sendagi

Family3,159.89

2,973.66

94.1

40

37

1

69

0.7

T-60

KDX Residence Seijo

2,198.56

2,198.56

100.0

38

38

1

43

0.4

T-61

KDX Residence Akihabara

1,929.61

1,929.61

100.0

32

32

1

43

0.5

T-62

KDX Residence Iriya

Single1,899.29

1,873.31

98.6

57

56

1

39

0.4

T-63

KDX Residence Tachikawa

Single4,314.87

4,121.59

95.5

174

166

1

100

1.0

T-64

KDX Residence Tsurumi

Smallfamily3,499.84

3,446.92

98.5

59

58

1

56

0.6

T-65

KDX Residence Morishita Chitose

Single1,614.28

1,540.93

95.5

65

62

1

38

0.4

1,180.71

1,098.47

93.0

28

26

1

41

0.4

1,031.09

952.59

92.4

30

28

1

29

0.3

2,659.66

2,371.22

89.2

65

57

1

93

1.0

Small
familySmallfamilySmallfamilySmallfamilySmallfamilySmallfamilySmallfamilyT-66

KDX Residence Akasaka

T-67

KDX Residence Kanda

T-68

KDX Residence Ebisu

T-69

KDX Residence Nishi-magome

Single1,297.27

1,246.73

96.1

47

45

1

31

0.3

T-70

KDX Residence Nishi-azabu

Smallfamily1,357.88

1,206.66

88.9

33

29

1

37

0.4

T-71

KDX Residence Azabu Sendaizaka

Single878.50828.29

94.3

30

28

1

28

0.3

T-72

KDX Residence Waseda Tsurumaki

Single808.54808.54

100.0

39

39

1

21

0.2

T-73

KDX Residence Bunkyo Yushima

Single939.89939.89

100.0

38

38

1

24

0.3

T-74

KDX Residence Kamishakujii

Single1,032.18

1,032.18

100.0

47

47

1

23

0.2

T-75

KDX Residence Shin-otsuka

Single872.00872.00

100.0

40

40

1

25

0.3

T-76

KDX Residence SakurajosuiSingle1,227.16

1,201.96

97.9

43

42

1

27

0.3

T-77

KDX Residence Ryogoku

Single1,190.53

1,045.60

87.8

36

33

1

28

0.3

T-78

KDX Residence Toyosu

Single6,811.38

6,811.38

100.0

242

242

1

181

1.9

T-79

KDX Residence Asagaya

Smallfamily1,996.08

1,996.08

100.0

44

44

1

52

0.5

T-80

KDX Residence Hiyoshi

Family6,131.93

6,015.05

98.1

92

90

1

82

0.9

- 39 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Rental operating revenues

Use

No.

Property name

Type(Note 1,2)

Leasablearea(㎡)(Note 3)

Leased area Occupancy(㎡)(%)(Note 4)(Note 5)

Leasableunits (unit)(Note 6)

LeasedNumber ofunits (unit)
tenants(Note 7)(Note8)(Note 9)(Millions of
yen)

Share
(%)

T-81

KDX Residence Kamikitazawa

Smallfamily1,971.07

1,768.96

89.7

39

35

1

37

0.4

T-82

KDX Residence Kaminoge

Single1,224.87

1,224.87

100.0

34

34

1

26

0.3

T-83

KDX Residence Higashi-Asakusa

Single1,013.40

988.57

97.5

36

35

1

20

0.2

T-84

KDX Residence Nishi-Funabashi

Single1,277.78

1,277.78

100.0

57

57

1

28

0.3

T-85

KDX Residence Hatagaya

Single2,659.50

2,550.80

95.9

87

83

1

60

0.6

957.67897.29

93.7

32

30

1

23

0.2

820.01820.01

100.0

23

23

1

17

0.2

2,203.87

2,203.87

100.0

80

80

1

50

0.5

665.39636.53

95.7

21

20

1

15

0.2

2,631.45

2,631.45

100.0

51

51

1

71

0.7

Small
familySmallfamilyResidential properties

T-86

KDX Residence Asagaya II

T-87

KDX Residence Gakugeidaigaku

T-88

KDX Residence Kamata-minami

T-89

KDX Residence Kichijoji

T-90

KDX Residence Mitaka

T-91

KDX Residence Nakanobu

Single845.78825.61

97.6

32

31

1

23

0.2

T-92

KDX Residence Ichikawa

Single1,015.39

972.17

95.7

47

45

1

22

0.2

T-93

KDX Residence Hatchobori

Family2,821.15

2,679.62

95.0

46

44

1

84

0.9

T-94

KDX Residence Nakaitabashi

Single1,972.49

1,947.31

98.7

78

77

1

43

0.5

T-95

KDX Residence Shonandai

Single2,723.20

2,723.20

100.0

104

104

1

48

0.5

T-96

KDX Residence Ikebukuro West

Single2,274.70

2,274.70

100.0

89

89

1

55

0.6

T-97

KDX Residence Tennocho

Single1,185.08

1,159.08

97.8

29

28

1

22

0.2

T-98

KDX Residence Kawasaki

Single1,179.11

1,179.11

100.0

57

57

1

25

0.3

T-99

KDX Residence Kamata-minami II

Single881.96856.77

97.1

34

33

1

20

0.2

T-100 KDX Residence Kamishakujii II

Smallfamily3,988.06

3,917.60

98.2

114

112

1

85

0.9

KDX Residence Tsudanuma(Note 3)Single2,477.01

2,477.01

100.0

99

99

1

19

0.2

T-102 KDX Residence Yokohama Momijizaka

Family4,795.16

4,665.15

97.3

75

73

1

123

1.3

T-103 KDX Residence Umejima

Smallfamily3,265.57

3,133.52

96.0

90

87

1

64

0.7

T-104 KDX Residence Mizonokuchi

Single4,103.23

4,004.53

97.6

98

96

1

72

0.8

T-105 KDX Residence Hachioji Otsuka

Single2,914.23

2,914.23

100.0

110

110

1

39

0.4

T-106 KDX Residence Tsudanuma II

Smallfamily1,647.07

1,647.07

100.0

51

51

1

25

0.3

T-107 KDX Residence Oyamadai

Family2,993.65

2,927.52

97.8

46

45

1

6

0.1

T-108 KDX Residence Asakusa

Single907.20881.10

97.1

27

26

1

2

0.0

R-2

KDX Jozenji Dori ResidenceSingle3,330.15

3,330.15

100.0

92

92

1

52

0.5

R-3

KDX Izumi Residence

Family2,798.20

2,731.74

97.6

40

39

1

43

0.4

2,936.40

2,806.44

95.6

92

87

1

45

0.5

6,385.70

6,131.08

96.0

160

152

1

110

1.2

4,631.16

4,631.16

100.0

80

80

1

60

0.6

6,255.16

6,186.19

98.9

148

146

1

76

0.8

2,762.76

2,762.76

100.0

78

78

1

34

0.4

3,413.06

3,276.53

96.0

84

81

1

39

0.4

2,253.81

1,945.64

86.3

65

56

1

23

0.2

1,818.09

1,818.09

100.0

45

45

1

27

0.3

T-101

R-4

KDX Chihaya Residence

R-5

KDX Sakaisuji Hommachi Residence

R-7

KDX Takarazuka Residence

R-8

KDX Shimizu Residence

R-9

KDX Residence Odori Koen

R-10 KDX Residence Kikusui Yojo
R-11 KDX Residence Toyohira Koen
R-13 KDX Residence Ichiban-cho

SingleSmallfamilySmallfamilySmallfamilySmallfamilyFamilySmallfamilySmallfamilySmallfamilySmallfamilySmallfamily- 40 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Rental operating revenues

Use

No.

Property nameR-16 KDX Residence Higashi-sakura I
R-17 KDX Residence Higashi-sakura II(Note 10)
R-18 KDX Residence Jingumae

Type(Note 1,2)

SmallfamilySmallfamilySmallfamilyLeasablearea(㎡)(Note 3)

Leased area Occupancy(㎡)(%)(Note 4)(Note 5)

Leasableunits (unit)(Note 6)

LeasedNumber ofunits (unit)
tenants(Note 7)(Note8)(Note 9)(Millions of
yen)

Share
(%)

6,221.83

5,756.09

92.5

187

173

1

86

0.9

－

－

－

－

－

－

25

0.3

2,724.19

2,616.53

96.0

95

91

1

37

0.4

Residential properties

R-19 KDX Residence Nishi-oji

Single2,353.55

2,305.95

98.0

76

74

1

34

0.4

R-20 KDX Residence Saiin

Single1,094.81

1,051.78

96.1

49

47

1

18

0.2

R-21 KDX Residence Namba

Single3,387.30

3,258.95

96.2

118

113

1

53

0.6

R-22 KDX Residence Namba-minami

Single3,813.31

3,788.11

99.3

131

130

1

55

0.6

R-24 KDX Residence Ibaraki I・II (Note 4)

Family4,701.87

4,701.87

100.0

61

61

1

56

0.6

R-25 KDX Residence Toyonaka-minami

Smallfamily2,024.50

1,881.80

93.0

70

65

1

28

0.3

R-26 KDX Residence Moriguchi

Family1,942.78

1,942.78

100.0

28

28

1

24

0.3

R-27 KDX Residence Sannomiya

Single2,292.72

2,242.18

97.8

86

84

1

37

0.4

R-28 Ashiya Royal Homes

Family4,044.46

3,119.82

77.1

22

17

1

56

0.6

R-29 KDX Residence Funairi Saiwai-cho

Single1,889.53

1,889.53

100.0

64

64

1

27

0.3

R-30 KDX Residence Tenjin-higashi II

Smallfamily2,602.53

2,519.91

96.8

63

61

1

31

0.3

R-32 KDX Residence Nishi Koen

Family2,522.16

2,522.16

100.0

36

36

1

32

0.3

R-33 KDX Residence Hirao Josui-machi

Family2,098.68

2,098.68

100.0

24

24

1

29

0.3

R-35 Leopalace Flat Shin-sakae

Single11,589.95

11,589.95

100.0

274

274

1

121

1.3

1,923.22

1,833.61

95.3

55

52

1

32

0.3

6,511.88

6,304.98

96.8

134

130

1

105

1.1

5,735.96

5,592.74

97.5

170

165

1

104

1.1

11,855.63

11,373.13

95.9

212

202

1

187

1.9

5,269.39

5,121.66

97.2

114

111

1

56

0.6

R-36 KDX Residence Konan Yamate
R-37 KDX Residence Hommachibashi

SmallfamilySmallfamilyR-38 KDX Residence Minami-kusatsu

SingleKDX Residence Ohori Harbor
R-39
View Tower

SmallfamilySmallfamilyR-40 KDX Residence Minami-sanjo
R-41 Serenite Kita-kyuhojiSingle2,277.14

2,203.17

96.8

85

82

1

43

0.5

R-42 Serenite Nishinomiya Hommachi

Single1,351.68

1,326.33

98.1

51

50

1

22

0.2

R-43 KDX Residence Nishijin

Smallfamily4,472.72

4,331.38

96.8

128

124

1

56

0.6

R-44 Serenite Kobe Motomachi

Single3,787.85

3,712.06

98.0

138

135

1

75

0.8

R-45 KDX Residence Shukugawa Hills

Family17,575.39

16,772.78

95.4

239

227

1

217

2.3

R-46 KDX Residence Sendai Station East

Single2,254.34

2,203.12

97.7

88

86

1

40

0.4

R-47 Serenite Koshien Plie

Smallfamily1,438.36

1,438.36

100.0

49

49

1

25

0.3

385,055.55

372,993.67

96.9

10,046

9,724

141

7,423

77.1

2,086.40

2,086.40

100.0

－

－

1

3,339.00

3,339.00

100.0

－

－

1

13,812.27

13,812.27

100.0

－

－

1

4,385.53

4,385.53

100.0

－

－

1

8,208.65

8,208.65

100.0

－

－

1

6,473.60

6,473.60

100.0

－

－

1

3,140.27

3,140.27

100.0

－

－

1

5,343.39

5,343.39

100.0

－

－

1

Subtotal

Healthcare Facilities

H-1

Irise Kamata/Yuseien

H-2

Nichii Home Nakano-Minamidai

H-3

Joy Stage Hachioji

H-4

Yuimaru Hijirigaoka

H-5

Nichii Home Tama Plaza

H-6

Ten

H-7

Irise Nishioka

H-8

Izarie Eniwa Building

Fee-basednursingFee-basednursingFee-basednursingFee-based
residential
Fee-basednursingFee-basednursingFee-based
residential
Fee-basednursing- 41 -

Not
disclosed(Note 11)

Not
disclosed(Note 11)

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Rental operating revenues

Use

No.

Property name

H-9

Sawayaka Sakura Nibankan

H-10 Activa Biwa(Note 4)
H-11 Sompo Care LAVIERE Kobe Tarumi
H-12 Rehabili-home Granda Mondo Yakujin
H-13 Excellent Nishinomiya
H-14 Gran Hills Ogawarako
H-15 Excellent Kitano
H-16 Anesis Teradacho
H-17 Rococo-riha
H-18 Orage Suma
H-19 Canadian Hill
H-20 Anesis Hyogo
H-21 Plaisant Grand Ota tamagawa

Healthcare Facilities

H-22 Tsukui Sun-shine Machida (Note4)
H-23 Serabi Ebisu
H-24 Arute Ishiyagawa
H-25 Medical-home Granda Kurakuen
H-26 Rehabili-home Granda Kobe Kitano
H-27 Grapes Kawasaki Shimmachi
H-28 SOMPO care Sompo no ie S Fujimino
H-29 Irise Kobe Rokko
H-30 Excellent Hanayashiki Garden Hills
H-31 Excellent Takarazuka Garden Hills
H-32 Tsukui Sun-shine Adachi
H-33 SOMPO Care LAVIERE Ichinoe
H-34 Nichii Home Hachimanyama
H-35 Life ship Oasa
H-36 Life ship Yunokawa
H-37 Life ship Fukagawa

Type(Note 1,2)

Fee-basednursingFee-basednursingFee-basednursingFee-based
residential
Fee-basednursingServicedhousingFee-based
residential
Fee-basednursingFee-basednursingFee-basednursingFee-basednursingFee-basednursingFee-basednursingFee-basednursingFee-basednursingFee-basednursingFee-basednursingFee-basednursingServicedhousingServicedhousingFee-basednursingFee-basednursingFee-basednursingFee-basednursingFee-basednursingFee-basednursingServicedhousingServicedhousingServicedhousing

Leasablearea(㎡)(Note 3)

Leased area Occupancy(㎡)(%)(Note 4)(Note 5)

Leasableunits (unit)(Note 6)

LeasedNumber ofunits (unit)
tenants(Note 7)(Note8)3,628.51

3,628.51

100.0

－

－

1

39,649.84

39,649.84

100.0

－

－

1

4,493.35

4,493.35

100.0

－

－

1

3,287.80

3,287.80

100.0

－

－

1

2,685.48

2,685.48

100.0

－

－

1

4,180.28

4,180.28

100.0

－

－

1

1,339.58

1,339.58

100.0

－

－

1

7,856.64

7,856.64

100.0

－

－

1

3,860.29

3,860.29

100.0

－

－

1

5,995.74

5,995.74

100.0

－

－

1

3,731.26

3,731.26

100.0

－

－

1

4,415.16

4,415.16

100.0

－

－

1

3,175.15

3,175.15

100.0

－

－

1

15,553.33

15,553.33

100.0

－

－

1

1,557.73

1,557.73

100.0

－

－

1

3,444.81

3,444.81

100.0

－

－

1

3,900.59

3,900.59

100.0

－

－

1

2,725.53

2,725.53

100.0

－

－

1

3,455.79

3,455.79

100.0

－

－

1

3,693.83

3,693.83

100.0

－

－

1

2,278.43

2,278.43

100.0

－

－

1

3,469.84

3,469.84

100.0

－

－

1

5,414.02

5,414.02

100.0

－

－

1

2,204.45

2,204.45

100.0

－

－

1

2,306.95

2,306.95

100.0

－

－

1

2,739.47

2,739.47

100.0

－

－

1

3,406.41

3,406.41

100.0

－

－

1

3,413.76

3,413.76

100.0

－

－

1

3,397.74

3,397.74

100.0

－

－

1

198,050.87

198,050.87

100.0

－

－

37

Accommodation
Facilities

A-1

Hotel LiVEMAX Tokyo-Otsuka-Ekimae－

1,660.21

1,660.21

100.0

－

－

1

A-2

Hotel LiVEMAX YokohamaekiNishiguchi－

1,997.18

1,997.18

100.0

－

－

1

Subtotal

3,657.39

3,657.39

100.0

－

－

2

Total

586,763.81

574,701.93

97.9

10,0469,724

180- 42 -(Note 9)(Millions of
yen)

Share
(%)

Not
disclosed

Not
disclosed(Note 11)

2,091

Not
disclosed(Note 11)

9,632

(Note 11)

21.7

Not
disclosed(Note 11)100.0

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Note 1) “Type” is the classification of the principal residential unit of the building, the studio type, the small family type or family type as described

below.
Small family type(housing mainly for married-couple
households and family households withan infant)
The exclusively owned area per The exclusively owned area perresidential unit contains at least 18m2, but residential unit contains at least 30m2, butless than 30m2 and at least 20 residential less than 60m2 and at least 15 residential
units per property.
units per property.
Studio type(housing mainly for single households)

Family type(housing mainly for family
households of 3 person or more)
The exclusively owned area perresidential unit contains at least 60m2
per unit and at least 5 residential units
per property.

(Note 2) “Category” is according to the below classification:
Serviced
Housing for theGeriatric Health Services Facilities
Elderly
Paid nursing homes for the elderly that Nursing homes for the elderly that neither Rental housing or paid nursing homes Facilities approved by prefectures aiming
fall under the prefectural government’s fall under the prefectural government’s registered in prefectures that meet criteria to provide medical treatment, nursing
designation of Daily Life Long-Term designation of “Daily Life Long-Term of housing conditions (floor area, care and functional training under
Care Admitted to a Specified Facility” for Care Admitted to a Specified Facility” for equipment, and structure), services for medical supervision, other necessary
long-term insurance.
long-term insurance nor care homes.
residents, and contracts with residents medical services, and everyday care forprescribed in Act on Securement of those who require nursing care based on
Stable Supply of Elderly Persons' the facility’s service plan.
Housing.
Paid Nursing Home

Residential Type Paid Nursing Home

(Note 3) “Total leasable area” is the floor area described in the lease agreements that is leasable at the asset (in case the asset contains more than one building, the sum of theleasable floor area of such buildings) as of January 31, 2023.
(Note 4) “Leased area” indicates the total leased area based on the lease agreements for each property as of January 31, 2023.
(Note 5) The “occupancy rate” = leased area / leasable area x 100. The “total” for the “occupancy rate” column is the occupancy rate for the portfolio as a whole.
(Note 6) “Leasable unit” indicates the number of units described in the lease agreements that is leasable at the property (including retail shops) as of January 31, 2023.
(Note 7) “Leased units” indicates the total leased units based (including retail shops) on the lease agreements for each property as of January 31, 2023.
(Note 8) Regarding residential, in the “number of tenants” column, if a master lease agreement has been executed with a master lease company, 1 is entered as the number oftenants. As of January 31, 2023, master lease agreements had been executed for all investment assets of the Investment Corporation except for Raffine Minami-magome;
the “total” for the “number of tenants” is the sum of the master lease agreements for the properties (running number); and for the properties with no master leaseagreement, the number of end tenants is entered. For reference, the total number of master lease companies is 11. "Total number of tenants" of the healthcare facility andaccommodation facility lists the total number of tenants of the master lease contract pertaining to each asset effective as of January 31, 2023. For properties with nomaster lease agreement , the number of direct contractors (tenants) by the trustee or the Investment Corporation is indicated. As of January 31, 2023, no master lease
contracts have been signed in H-27 Grapes Kawasaki Shimmachi, H-28 SOMPO care Sompo no ie S Fujimino, H-32 Tsukui Sun-shine Adachi and H-33 SOMPO Care.
LAVIERE Ichinoe.) Furthermore, the said master lease agreement is so-called pass through lease agreement, and as of January 31, 2023, the leased area under the said
master lease agreement with the tenant is 186,389.79㎡ and the security deposit and guarantee is 0 yen.
(Note 9) “Rental and other operating revenues” is the sum of a property’s rental business income for each fiscal period.
(Note 10) KDX Residence Higashi-sakura II was sold on December 20, 2022.
(Note 11) The Investment Corporation has not obtained consent from the tenant to release this information.

- 43 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(C) Overview of Appraisal Reports
Appraisal (Note 1)
Direct capitalization method
Appraisal
Estimated
Estimated
value
value
Cap ratevalue(Millions of(Millions of(%)(Millions of
yen)
yen)
yen)

No.

Property nameT-1

KDX Daikanyama Residence

F

7,960

8,050

3.1

T-3

KDX Odemma Residence

F

2,870

2,900

T-4

KDX Iwamoto-cho Residence

F

1,290

1,300

T-5

KDX Bunkyo Sengoku Residence

F

2,270

T-6

KDX Azumabashi Residence

F

T-7

KDX Shimura Sakaue ResidenceF

T-9

Cosmo Heim Motosumiyoshi

F

T-10

KDX Musashi Nakahara Residence

F

T-11

KDX Chiba Chuo Residence

D

T-12

KDX Kawaguchi Saiwai-cho Residence

F

T-13

KDX Residence Shirokane I

T-15

KDX Residence Shirokane II

T-16

DCF method
Discount rate(%)

Terminal
capitalization
rate (%)

7,860

2.9

3.2

3.2

2,840

3.0

3.3

3.2

1,270

3.0

3.3

2,290

3.2

2,240

3.0

3.3

1,150

1,160

3.3

1,130

3.1

3.4

4,340

4,370

3.6

4,300

3.4

3.7

2,640

2,660

3.8

2,610

3.6

3.9

797

802

4.0

792

3.8

4.1

1,940

1,950

4.5

1,930

4.3

4.7

1,880

1,890

3.8

1,870

3.6

3.9

F

4,490

4,540

3.2

4,440

3.0

3.3

F

4,380

4,430

3.1

4,320

2.9

3.2

KDX Residence Minami-aoyama

F

2,860

2,890

3.2

2,820

3.0

3.3

T-17

KDX Residence Minami-azabu

F

3,380

3,410

3.1

3,340

2.9

3.2

T-18

KDX Residence Shiba Koen

F

2,840

2,860

3.1

2,810

2.9

3.2

T-19

KDX Residence Azabu East

F

2,520

2,540

3.2

2,490

3.0

3.3

T-20

KDX Residence Takanawa

F

1,370

1,380

3.1

1,350

2.9

3.2

T-21

KDX Residence Nishihara

F

2,280

2,300

3.3

2,250

3.1

3.4

T-22

KDX Residence Daikanyama II

F

1,390

1,410

3.3

1,370

3.1

3.4

T-24

KDX Residence Nihombashi Suitengu

D

4,640

4,720

3.7

4,600

3.7

3.9

T-25

KDX Residence Nihombashi Hakozaki

D

1,550

1,580

3.7

1,540

3.5

3.9

T-26

KDX Residence Higashi-shinjuku

F

5,120

5,180

3.2

5,060

3.0

3.3

T-27

KDX Residence Yotsuya

F

3,700

3,740

3.3

3,660

3.1

3.4

T-28

KDX Residence Nishi-shinjuku

F

1,700

1,720

3.2

1,680

3.0

3.3

T-29

KDX Residence Kagurazaka

F

1,160

1,170

3.2

1,150

3.0

3.3

T-30

KDX Residence Futako Tamagawa

F

1,820

1,840

3.4

1,800

3.2

3.5

T-31

KDX Residence Komazawa Koen

F

1,410

1,420

3.2

1,390

3.0

3.3

T-32

KDX Residence Mishuku

F

1,180

1,190

3.2

1,170

3.0

3.3

T-33

KDX Residence Yoga

F

1,080

1,090

3.3

1,070

3.1

3.4

T-34

KDX Residence Shimouma

F

930

940

3.3

919

3.1

3.4

T-35

Raffine Minami-magome

F

1,640

1,650

4.2

1,620

4.0

4.3

T-36

KDX Residence Yukigaya Otsuka

F

1,590

1,600

3.5

1,570

3.3

3.6

T-37

KDX Residence Denenchofu

D

1,420

1,440

4.0

1,410

3.8

4.2

T-38

KDX Residence Tamagawa

F

1,130

1,140

3.6

1,120

3.4

3.7

T-39

KDX Residence Monzennakacho

F

1,200

1,210

3.3

1,190

3.1

3.4

T-40

KDX Residence Okachimachi

F

1,310

1,320

3.4

1,300

3.2

3.5

T-41

KDX Residence Moto-asakusa

F

1,220

1,230

3.4

1,210

3.2

3.5

T-42

KDX Residence Itabashi Honcho

F

956

963

3.6

949

3.4

3.7

T-43

KDX Residence Azusawa

F

778

783

3.6

772

3.4

3.7

T-45

KDX Residence Yokohama Kannai

F

1,170

1,170

3.8

1,160

3.6

3.9

T-46

KDX Residence Miyamaedaira

F

1,360

1,370

3.7

1,350

3.5

3.8

T-47

KDX Residence Machida

F

2,570

2,590

3.5

2,550

3.3

3.6

T-48

KDX Residence Kinshicho

F

2,140

2,160

3.3

2,110

3.1

3.4

T-49

KDX Residence Nihombashi Hamacho

F

1,610

1,620

3.3

1,600

3.1

3.4

T-50

KDX Residence Nihombashi Ningyocho

F

819

827

3.4

811

3.2

3.5

T-51

KDX Residence Jiyugaoka

F

1,950

1,970

3.1

1,920

2.9

3.2

T-52

KDX Residence Togoshi

F

5,750

5,810

3.3

5,690

3.1

3.4

T-53

KDX Residence Shinagawa Seaside

F

3,720

3,760

3.3

3,680

3.1

3.4

T-54

KDX Residence Ojima

F

2,910

2,940

3.4

2,880

3.2

3.5

Appraisal- 44 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

No.

Property nameAppraisal

Appraisal (Note 1)
Direct capitalization method
Appraisal
Estimated
Estimated
value
value
Cap ratevalue(Millions of(Millions of(%)(Millions of
yen)
yen)
yen)

DCF method
Discount rate(%)

Terminal
capitalization
rate (%)

T-55

KDX Residence Oyama

F

3,970

4,000

3.6

3,930

3.4

3.7

T-56

KDX Residence Hanzomon

F

7,060

7,140

3.2

6,970

3.0

3.3

T-57

KDX Residence Akihabara II

F

1,320

1,330

3.2

1,300

3.0

3.3

T-58

KDX Residence Kagurazaka Dori

F

2,710

2,740

3.0

2,670

2.8

3.1

T-59

KDX Residence Sendagi

F

3,020

3,050

3.3

2,990

3.1

3.4

T-60

KDX Residence Seijo

F

1,910

1,930

3.3

1,890

3.1

3.4

T-61

KDX Residence Akihabara

F

1,940

1,950

3.3

1,920

3.1

3.4

T-62

KDX Residence Iriya

F

1,670

1,680

3.5

1,650

3.3

3.6

T-63

KDX Residence Tachikawa

F

4,310

4,350

3.5

4,270

3.3

3.6

T-64

KDX Residence Tsurumi

F

1,810

1,820

4.1

1,790

3.9

4.2

T-65

KDX Residence Morishita Chitose

M

1,500

1,530

3.6

1,470

3.4

3.8

T-66

KDX Residence Akasaka

F

2,380

2,410

2.9

2,340

2.7

3.0

T-67

KDX Residence Kanda

F

1,340

1,350

3.1

1,330

2.9

3.2

T-68

KDX Residence Ebisu

F

5,500

5,570

2.9

5,420

2.7

3.0

T-69

KDX Residence Nishi-magome

F

1,460

1,470

3.3

1,440

3.1

3.4

T-70

KDX Residence Nishi-azabu

F

2,020

2,040

3.0

1,990

2.8

3.1

T-71

KDX Residence Azabu Sendaizaka

F

1,330

1,340

3.0

1,310

2.8

3.1

T-72

KDX Residence Waseda Tsurumaki

F

969

979

3.2

958

3.0

3.3

T-73

KDX Residence Bunkyo Yushima

F

1,090

1,100

3.2

1,080

3.0

3.3

T-74

KDX Residence Kamishakujii

F

939

946

3.6

931

3.4

3.7

T-75

KDX Residence Shin-otsuka

F

1,230

1,240

3.6

1,220

3.4

3.7

T-76

KDX Residence Sakurajosui

F

1,340

1,350

3.2

1,320

3.0

3.3

T-77

KDX Residence Ryogoku

F

1,430

1,440

3.2

1,410

KDX Residence Toyosu

T

8,070

8,170

3.5

8,030

T-79

KDX Residence Asagaya

F

2,610

2,640

3.2

2,580

3.0
(1-4 years) 3.7(5 year~) 3.6
3.0

3.3

T-78

T-80

KDX Residence Hiyoshi

F

3,160

3,190

3.7

3,130

3.5

3.8

T-81

KDX Residence Kamikitazawa

F

1,660

1,680

3.6

1,640

3.4

3.7

T-82

KDX Residence Kaminoge

F

1,460

1,480

3.2

1,440

3.0

3.3

T-83

KDX Residence Higashi-Asakusa

F

859

867

3.4

850

3.2

3.5

T-84

KDX Residence Nishi-Funabashi

F

1,180

1,190

3.9

1,170

3.7

4.0

T-85

KDX Residence Hatagaya

F

2,920

2,950

3.4

2,880

3.2

3.5

T-86

KDX Residence Asagaya II

F

1,110

1,120

3.5

1,090

3.3

3.6

T-87

KDX Residence Gakugeidaigaku

T

831

858

3.5

820

3.6

3.7

T-88

KDX Residence Kamata-minami

F

2,460

2,480

3.4

2,440

3.2

3.5

T-89

KDX Residence Kichijoji

T

650

665

3.8

643

3.9

4.0

T-90

KDX Residence Mitaka

F

3,280

3,310

3.5

3,250

3.3

3.6

T-91

KDX Residence Nakanobu

T

915

930

3.7

909

3.8

3.9

T-92

KDX Residence Ichikawa

D

940

961

3.8

931

3.6

4.0

T-93

KDX Residence Hatchobori

T

3,680

3,760

3.4

3,650

3.5

3.6

T-94

KDX Residence Nakaitabashi

F

2,030

2,040

3.4

2,010

3.2

3.5

T-95

KDX Residence Shonandai

D

1,690

1,720

4.1

1,670

3.9

4.3

T-96

KDX Residence Ikebukuro West

D

2,580

2,640

3.5

2,550

3.3

3.7

T-97

KDX Residence Tennocho

D

922

944

3.8

912

3.6

4.0

T-98

KDX Residence Kawasaki

D

1,040

1,050

3.8

1,030

3.4

4.0

T-99

KDX Residence Kamata-minami II

F

939

952

3.4

926

3.2

3.5

T-100

KDX Residence Kamishakujii II

T

3,480

3,530

3.7

3,460

3.8

3.9

T-101

KDX Residence Tsudanuma

D

1,360

1,400

4.3

1,340

4.0

4.4

T-102

KDX Residence Yokohama Momijizaka

F

5,720

5,760

3.5

5,680

3.3

3.6

T-103

KDX Residence Umejima

F

2,940

2,960

3.5

2,910

3.3

3.6

T-104

KDX Residence Mizonokuchi

D

3,070

3,150

3.8

3,040

3.6

4.0

- 45 -

3.7
3.3

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

No.

Property nameAppraisal

T-105

KDX Residence Hachioji Otsuka

D

T-106

KDX Residence Tsudanuma II

T-107

KDX Residence Oyamadai

T-108

Appraisal (Note 1)
Direct capitalization method
Appraisal
Estimated
Estimated
value
value
Cap ratevalue(Millions of(Millions of(%)(Millions of
yen)
yen)
yen)

DCF method
Discount rate(%)

Terminal
capitalization
rate (%)

1,620

3.9

4.3

1,640

1,670

4.1

D

993

1,010

4.1

985

3.9

4.3

F

3,690

3,730

3.5

3,640

3.3

3.6

KDX Residence Asakusa

F

1,160

1,170

3.3

1,150

3.1

3.4

R-2

KDX Jozenji Dori Residence

D

1,420

1,430

4.7

1,420

4.5

4.9

R-3

KDX Izumi Residence

F

1,660

1,670

3.8

1,640

3.6

3.9

R-4

KDX Chihaya Residence

F

1,670

1,680

3.9

1,650

3.7

4.0

R-5

KDX Sakaisuji Hommachi Residence

F

4,130

4,160

3.6

4,090

3.4

3.7

R-7

KDX Takarazuka Residence

F

2,230

2,240

3.7

2,210

3.5

3.8

R-8

KDX Shimizu Residence

F

2,400

2,410

3.9

2,390

3.7

4.0

R-9

KDX Residence Odori Koen

F

1,140

1,150

4.1

1,130

3.9

4.2

R-10

KDX Residence Kikusui Yojo

F

1,190

1,190

4.3

1,180

4.1

4.4

R-11

KDX Residence Toyohira Koen

F

661

663

4.4

658

4.2

4.5

R-13

KDX Residence Ichiban-cho

D

751

755

4.7

749

4.5

4.9

R-16

KDX Residence Higashi-sakura I

F

2,680

2,690

3.8

2,660

3.6

3.9

R-18

KDX Residence Jingumae

F

1,120

1,120

4.1

1,110

3.9

4.2

R-19

KDX Residence Nishi-oji

D

974

981

4.4

971

4.2

4.6

R-20

KDX Residence Saiin

D

545

551

4.4

542

4.2

4.6

R-21

KDX Residence Namba

F

1,930

1,940

3.9

1,910

3.7

4.0

R-22

KDX Residence Namba-minami

F

1,790

1,800

4.0

1,780

3.8

4.1

R-24

KDX Residence Ibaraki I・II (Note 2)

F

1,628

1,630

4.2

1,616

4.0

4.3

R-25

KDX Residence Toyonaka-minami

F

1,070

1,080

4.1

1,060

3.9

4.2

R-26

KDX Residence Moriguchi

F

782

785

4.0

778

3.8

4.1

R-27

KDX Residence Sannomiya

F

1,410

1,420

3.6

1,400

3.4

3.7

R-28

Ashiya Royal Homes

F

2,370

2,380

3.6

2,350

3.4

3.7

R-29

KDX Residence Funairi Saiwai-cho

F

824

826

4.7

821

4.5

4.8

R-30

KDX Residence Tenjin-higashi II

F

1,090

1,090

3.9

1,080

3.7

4.0

R-32

KDX Residence Nishi Koen

F

1,080

1,090

3.9

1,070

3.7

4.0

R-33

KDX Residence Hirao Josui-machi

F

1,090

1,090

3.7

1,080

3.5

3.8

R-35

Leopalace Flat Shin-sakae

M

4,640

4,690

4.0

4,580

3.9

4.2

R-36

KDX Residence Konan Yamate

F

1,350

1,360

3.6

1,330

3.4

3.7

R-37

KDX Residence Hommachibashi

F

4,180

4,210

3.6

4,150

3.4

3.7

R-38

KDX Residence Minami-kusatsu

D

2,610

2,620

5.1

2,610

4.9

5.3

R-39

KDX Residence Ohori Harbor View Tower

D

5,240

5,280

4.4

5,220

4.2

4.6

R-40

KDX Residence Minami-sanjo

F

1,970

1,980

4.1

1,960

3.9

4.2

R-41

Serenite Kita-kyuhoji

M

1,740

1,770

3.7

1,700

3.5

3.9

R-42

Serenite Nishinomiya Hommachi

T

782

794

4.3

777

4.4

4.5

R-43

KDX Residence Nishijin

T

1,820

1,840

4.2

1,810

4.3

4.4

R-44

Serenite Kobe Motomachi

T

2,780

2,820

4.1

2,760

4.2

4.3

R-45

KDX Residence Shukugawa Hills

D

7,500

7,580

4.1

7,470

3.9

4.3

R-46

KDX Residence Sendai Station East

F

1,590

1,600

4.0

1,580

3.8

4.1

R-47

Serenite Koshien Plie

T

845

847

4.3

844

4.4

4.5

H-1

Irise Kamata/Yuseien

D

1,100

1,120

4.4

1,090

4.2

4.6

H-2

Nichii Home Nakano-Minamidai

D

2,070

2,100

4.1

2,050

4.3

H-3

Joy Stage Hachioji

T

4,050

4,070

5.0

H-4

Yuimaru Hijirigaoka

F

1,200

1,200

4.6

3.9
(1-10 years) 4.9
4,040(11 year~) 5.1
1,190
4.4

H-5

Nichii Home Tama Plaza

D

3,110

3,140

4.9

3,090

4.7

5.1

H-6

Ten

T

2,670

2,690

6.0

2,660

6.1

6.2

H-7

Irise Nishioka

F

877

880

5.0

874

4.8

5.1

H-8

Izarie Eniwa Building

F

1,810

1,810

5.4

1,800

5.2

5.5

- 46 -

5.2
4.7

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Appraisal (Note 1)
Direct capitalization method
Appraisal
Estimated
Estimated
value
value
Cap ratevalue(Millions of(Millions of(%)(Millions of
yen)
yen)
yen)

No.

Property name

H-9

Sawayaka Sakura Nibankan

D

1,010

1,020

5.4

1,010

H-10

Activa Biwa

T

6,510

6,490

5.7

Appraisal

DCF method
Discount rate(%)

Terminal
capitalization
rate (%)

5.2

5.6

6,520

5.8

5.9

(1-7 years) 4.7(8 year~) 4.8

4.9

4.0

4.4

H-11

Sompo Care LAVIERE Kobe Tarumi

T

2,200

2,230

4.7

2,190

H-12

Rehabili-home Granda Mondo Yakujin

F

1,310

1,320

4.3

1,290

H-13

Excellent Nishinomiya

T

956

961

4.8

954

H-14

Gran Hills Ogawarako

T

1,360

1,360

7.1

1,360

H-15

Excellent Kitano

T

818

827

4.5

814

H-16

Anesis Teradacho

D

3,690

3,750

4.9

3,670

H-17

Rococo-riha

D

2,200

2,230

5.0

2,190

(1-10 years) 4.8(11 years~) 4.9(First year) 7.0(2-7 years) 7.1(8 year~) 7.2(1-10 years) 4.5(11 year~) 4.6

5.0
7.3
4.7

4.7

5.1

4.8

5.2

(1-4 years) 5.0(5-10 years) 5.1(11 year~) 5.2(1-4 years) 4.6(5-10 years) 4.7(11 year~) 4.8(1-4 years) 4.7(5-10 years) 4.8(11 year~) 4.9

H-18

Orage Suma

T

2,820

2,840

5.2

2,810

H-19

Canadian Hill

T

1,880

1,900

4.7

1,870

H-20

Anesis Hyogo

T

1,440

1,450

4.8

1,430

H-21

Plaisant Grand Ota tamagawa

F

3,490

3,520

3.7

3,450

3.5

3.8

H-22

Tsukui Sun-shine Machida (Note3)

F

7,670

7,720

4.0

7,610

3.8

4.1

H-23

Serabi Ebisu

M

1,740

1,770

3.9

1,710

3.7

4.1

(1-4 years) 5.1(5-10 years) 5.2(11 year~) 5.2(1-10 years) 4.4(11 year~) 4.5

5.4

4.9

5.0

H-24

Arute Ishiyagawa

T

1,360

1,440

5.4

1,360

H-25

Medical-home Granda Kurakuen

T

2,890

2,920

4.4

2,870

H-26

Rehabili-home Granda Kobe Kitano

F

1,990

2,000

4.2

1,970

4.0

4.3

H-27

Grapes Kawasaki Shimmachi

D

1,560

1,590

3.9

1,540

3.7

4.1

H-28

SOMPO care Sompo no ie S Fujimino

D

1,590

1,620

4.1

1,580

3.9

4.3

(1-4 years) 4.4(5-7 years) 4.5(8 year~) 4.6(1-10 years) 4.5(11 year~) 4.6(1-10 years) 4.4(11 year~) 4.5

5.2
4.6

H-29

Irise Kobe Rokko

T

1,380

1,390

4.5

1,380

H-30

Excellent Hanayashiki Garden Hills

T

1,440

1,450

4.5

1,430

H-31

Excellent Takarazuka Garden Hills

T

2,540

2,560

4.4

2,530

H-32

Tsukui Sun-shine Adachi

D

918

935

3.7

911

3.5

3.9

H-33

SOMPO Care LAVIERE Ichinoe

F

1,260

1,270

3.7

1,250

3.5

3.8

H-34

Nichii Home Hachimanyama

F

2,400

2,420

3.7

2,370

3.5

3.8

H-35

Life ship Oasa

D

1,200

1,210

5.3

1,190

5.1

5.5

H-36

Life ship Yunokawa

D

1,110

1,120

5.4

1,100

5.2

5.6

H-37

Life ship Fukagawa

D

885

892

5.7

882

5.5

5.9

A-1

Hotel LiVEMAX Tokyo-Otsuka-Ekimae

T

2,370

2,420

4.1

2,350

A-2

Hotel LiVEMAX YokohamaekiNishiguchi

T

2,600

2,640

4.1

2,580

Total

-

391,623

395,494-

388,039- 47 -(First year) 4.0(2-6 years) 4.1(7 year~) 4.2(First year) 4.0(2-6 years) 4.1(7 year~) 4.2
-

4.7
4.7
4.6

4.3

4.3
-

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Note 1) Values under “Appraisal Report” are from the appraisal reports prepared based on the Investment Trusts Act, the Act on Real Estate Appraisal (Act No. 152 of
1963, as amended) and the Japanese Real Estate Appraisal Standards by Japan Real Estate Institute (“F”), Daiwa Real Estate Appraisal Co., Ltd. (“D”), JLL Morii
Valuation & Advisory K.K. (“M”), or Tanizawa Sogo Appraisal Co., Ltd. (“T”) after conducting appraisals for each asset. Appraisal Value and Value Indicated by
Income Approach are rounded down to the nearest million yen. Note that the appraisal reports constitute the judgment and opinion of the appraiser as of theappraisal date (January 31, 2023) and do not guarantee the validity and accuracy of their contents or possible transactions at the appraisal values.
(Note 2)The property is comprised of two buildings, and the Appraisal Vale and Value Indicated by Income Approach are calculated as the sum of the two buildings. Direct
Capitalization Rate, Discount Rate, and Terminal Cap Rate are based on values for KDX Residence Ibaraki I. Please refer to the following values for KDX
Residence Ibaraki Ⅱ.
Direct Capitalization Rate 4.2%, Discount Rate 4.0%, Terminal Cap Rate 4.3%
(Note 3) The property is comprised of two buildings, and the Appraisal Vale and Value Indicated by Income Approach are calculated as the sum of the two buildings. Direct
Capitalization Rate, Discount Rate, and Terminal Cap Rate are based on values for Tsukui Sun-shine Machida (West Tower). Please refer to the following values
for Tsukui Sun-shine Machida (East Tower).
Direct Capitalization Rate 4.0%, Discount Rate 3.8%, Terminal Cap Rate 4.1%

- 48 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(D) Overview of Building Condition Investigation Reports
Building Condition Investigation Reports(Note 1)
No.

Property name

Repair, maintenance andInvestigation
renovation expenses
company(Thousands of yen) (Note 2)

Investigation
performed in

PML Report
PML value(%)(Note 3)

T-1

KDX Daikanyama ResidenceD

161,561

July 2022

6.7

T-3

KDX Odemma Residence

D

79,292

July 2022

5.5

T-4

KDX Iwamoto-cho ResidenceD44,282

July 2022

5.5

T-5

KDX Bunkyo Sengoku ResidenceD

66,797

July 2022

4.1

T-6

KDX Azumabashi ResidenceT37,507

July 2022

4.9

T-7

KDX Shimura Sakaue ResidenceD

144,255

July 2022

7.0

T-9

Cosmo Heim MotosumiyoshiD

158,319

Oct. 2020

7.2

T-10

KDX Musashi Nakahara ResidenceT82,385

July 2022

6.7

T-11

KDX Chiba Chuo ResidenceT

63,026

July 2022

5.3

T-12

KDX Kawaguchi Saiwai-cho ResidenceT56,291

July 2022

5.8

T-13

KDX Residence Shirokane IH

144,930

Jan. 2019

3.4

T-15

KDX Residence Shirokane IIH135,390Jan. 2019

3.4

T-16

KDX Residence Minami-aoyama

H69,510July 2019

5.7

T-17

KDX Residence Minami-azabu

H

114,450

Jan. 2019

6.1

T-18

KDX Residence Shiba Koen

H

121,760

July 2019

4.4

T-19

KDX Residence Azabu EastT

75,109Jan. 2019

6.6

T-20

KDX Residence Takanawa

T30,480July 2019

6.6

T-21

KDX Residence NishiharaH

95,040Jan. 2019

7.0

T-22

KDX Residence Daikanyama IID

41,075Jan. 2019

3.9

T-24

KDX Residence Nihombashi Suitengu

D

112,545

July 2019

6.1

T-25

KDX Residence Nihombashi Hakozaki

D54,041

July 2019

5.1

T-26

KDX Residence Higashi-shinjuku

H

213,090

July 2019

4.0

T-27

KDX Residence YotsuyaT42,028July 2019

3.8

T-28

KDX Residence Nishi-shinjuku

T44,651

July 2019

7.4

T-29

KDX Residence Kagurazaka

T24,867

July 2019

5.9

T-30

KDX Residence Futako Tamagawa

T105,060

Jan. 2019

4.8

T-31

KDX Residence Komazawa Koen

T

31,147

July 2019

7.5

T-32

KDX Residence Mishuku

H

48,010Jan. 2019

5.3

T-33

KDX Residence Yoga

D

45,699Jan. 2019

8.0

T-34

KDX Residence ShimoumaT

23,645

July 2019

5.6

T-35

Raffine Minami-magome

H

104,990

July 2019

5.4

T-36

KDX Residence Yukigaya Otsuka

D

58,973

July 2019

8.1

T-37

KDX Residence Denenchofu

D51,194Jan. 2019

5.6

T-38

KDX Residence Tamagawa

T42,135Jan. 2019

6.9

T-39

KDX Residence MonzennakachoD48,300July 2019

8.1

T-40

KDX Residence Okachimachi

D

49,678Jan. 2019

5.7

T-41

KDX Residence Moto-asakusa

H69,210Jan. 2019

6.1

T-42

KDX Residence Itabashi HonchoT22,453

July 2019

4.8

T-43

KDX Residence Azusawa

T27,622

July 2019

7.0

T-45

KDX Residence Yokohama KannaiH

84,910Jan. 2019

7.1

T-46

KDX Residence MiyamaedairaT

92,813Jan. 2019

5.6

T-47

KDX Residence MachidaD

87,851

Jan. 2019

3.6

T-48

KDX Residence KinshichoT61,515Jan. 2020

6.0

T-49

KDX Residence Nihombashi Hamacho

D

40,215Jan. 2020

6.1

T-50

KDX Residence Nihombashi NingyochoH39,060Jan. 2020

5.5

T-51

KDX Residence Jiyugaoka

H61,550Jan. 2020

5.6

T-52

KDX Residence TogoshiT147,641Jan. 2020

3.8

T-53

KDX Residence Shinagawa SeasideT

124,589

Jan. 2020

5.4

T-54

KDX Residence Ojima

T

71,084Jan. 2020

6.1- 49 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Building Condition Investigation Reports(Note 1)
No.

Property name

PML Report

T-55

KDX Residence Oyama

T

Repair, maintenance andrenovation expenses(Thousands of yen) (Note 2)
108,080Jan. 2020

3.0

T-56

KDX Residence Hanzomon

T69,770Jan. 2021

4.5

T-57

KDX Residence Akihabara IID

44,883

July 2020

4.3

T-58

KDX Residence Kagurazaka DoriT

59,797Jan. 2021

2.7

T-59

KDX Residence SendagiH122,600

Jan. 2021

5.1

T-60

KDX Residence Seijo

H87,430Jan. 2021

5.9

T-61

KDX Residence AkihabaraT39,420Jan. 2021

7.1

T-62

KDX Residence IriyaT

45,896

Jan. 2021

5.3

T-63

KDX Residence Tachikawa

T

93,918Jan. 2021

2.6

T-64

KDX Residence Tsurumi

T

127,158

Jan. 2021

8.6

T-65

KDX Residence Morishita ChitoseD

58,434

July 2021

6.0

T-66

KDX Residence Akasaka

T17,850July 2021

5.6

T-67

KDX Residence Kanda

T

20,116

July 2021

3.8

T-68

KDX Residence Ebisu

T

35,839July 2021

7.0

T-69

KDX Residence Nishi-magomeD

26,380Jan. 2022

3.6

T-70

KDX Residence Nishi-azabu

T

46,893Jan. 2022

4.3

T-71

KDX Residence Azabu Sendaizaka

T36,926

Jan. 2022

5.9

T-72

KDX Residence Waseda TsurumakiD40,120Jan. 2022

5.0

T-73

KDX Residence Bunkyo YushimaD44,613Jan. 2022

4.8

T-74

KDX Residence Kamishakujii

T33,660Jan. 2022

5.7

T-75

KDX Residence Shin-otsuka

T

18,352

Jan. 2022

4.9

T-76

KDX Residence SakurajosuiD

25,482

Jan. 2022

7.1

T-77

KDX Residence Ryogoku

D

24,851

Jan. 2022

4.8

T-78

KDX Residence Toyosu

D126,882

July 2022

5.5

T-79

KDX Residence Asagaya

H64,870June 2018

6.7

T-80

KDX Residence HiyoshiH

141,070

June 2018

7.8

T-81

KDX Residence Kamikitazawa

H

70,950Dec. 2018

5.8

T-82

KDX Residence Kaminoge

D

12,422

Dec. 2018

6.8

T-83

KDX Residence Higashi-Asakusa

D

28,986

Dec. 2018

5.2

T-84

KDX Residence Nishi-Funabashi

D28,787

Sept. 2019

6.1

T-85

KDX Residence Hatagaya

D85,843

Sept. 2019

4.1

T-86

KDX Residence Asagaya IID23,871

Sept. 2019

6.2

T-87

KDX Residence Gakugeidaigaku

D

24,342

Dec. 2019

5.4

T-88

KDX Residence Kamata-minami

D

18,708Feb. 2020

6.0

T-89

KDX Residence Kichijoji

D

7,148

Mar. 2020

5.1

T-90

KDX Residence MitakaD

22,152June 2020

5.8

T-91

KDX Residence Nakanobu

D25,367

Dec. 2019

6.9

T-92

KDX Residence Ichikawa

D

22,374

Aug. 2020

9.0

T-93

KDX Residence HatchoboriD

26,328

Sept. 2020

4.9

T-94

KDX Residence Nakaitabashi

D15,974

Aug. 2020

6.6

T-95

KDX Residence Shonandai

D83,477

Oct. 2020

6.5

T-96

KDX Residence Ikebukuro WestD

16,906

Jan. 2021

4.4

T-97

KDX Residence Tennocho

D

6,247

Jan. 2021

7.1

T-98

KDX Residence Kawasaki

D

9,687

Jan. 2021

6.8

T-99

KDX Residence Kamata-minami II

D

8,337

Apr. 2021

5.8

T-100

KDX Residence Kamishakujii IID

30,934Jan. 2021

7.8

T-101

KDX Residence Tsudanuma

D62,850Oct. 2021

5.5

T-102

KDX Residence Yokohama Momijizaka

D51,189Oct. 2021

8.0

T-103

KDX Residence UmejimaD27,019Jan. 2022

8.4

T-104

KDX Residence MizonokuchiD31,872

Jan. 2022

8.9

T-105

KDX Residence Hachioji Otsuka

D

24,651

May 2022

5.5

Investigationcompany- 50 -

Investigation
performed in

PML value(%)(Note 3)

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Building Condition Investigation Reports(Note 1)
No.

Property name

PML Report

T-106

KDX Residence Tsudanuma II

D

Repair, maintenance andrenovation expenses(Thousands of yen) (Note 2)
28,678Apr. 2022

8.4

T-107

KDX Residence OyamadaiD24,181

Nov. 2022

7.6

T-108

KDX Residence Asakusa

D

8,986

Nov. 2022

5.8

R-2

KDX Jozenji Dori ResidenceD

124,091

July 2022

0.5

R-3

KDX Izumi ResidenceT58,447

July 2022

3.1

R-4

KDX Chihaya ResidenceT80,322

July 2022

2.4

R-5

KDX Sakaisuji Hommachi ResidenceT

189,433

July 2022

1.5

R-7

KDX Takarazuka ResidenceT

135,222

July 2022

0.8

R-8

KDX Shimizu ResidenceD

202,492

July 2022

0.8

R-9

KDX Residence Odori Koen

D

54,573

July 2019

0.1

R-10

KDX Residence Kikusui Yojo

D

76,194

July 2019

0.4

Investigationcompany

Investigation
performed in

PML value(%)(Note 3)

R-11

KDX Residence Toyohira Koen

D

50,020July 2019

0.3

R-13

KDX Residence Ichiban-choD42,526

Jan. 2019

1.2

R-16

KDX Residence Higashi-sakura IH

230,750

Jan. 2019

0.3

R-18

KDX Residence JingumaeH105,470

Jan. 2019

3.5

R-19

KDX Residence Nishi-oji

D65,443Jan. 2019

0.5

R-20

KDX Residence Saiin

D

39,114Jan. 2019

0.7

R-21

KDX Residence Namba

H

129,270

Jan. 2019

2.7

R-22

KDX Residence Namba-minami

H

138,500

Jan. 2019

5.0

R-24

KDX Residence Ibaraki I II (Note 4)

H

191,230

July 2019

2.9

R-25

KDX Residence Toyonaka-minami

T52,941

July 2019

2.2

R-26

KDX Residence Moriguchi

T

49,710July 2019

4.4

R-27

KDX Residence Sannomiya

H

119,100

July 2019

0.7

R-28

Ashiya Royal Homes

H

124,210

July 2019

1.4

R-29

KDX Residence Funairi Saiwai-choT47,878Jan. 2019

1.6

R-30

KDX Residence Tenjin-higashi IID68,091

July 2019

0.3

R-32

KDX Residence Nishi Koen

D

61,039July 2019

0.8

R-33

KDX Residence Hirao Josui-machi

D40,168July 2019

0.6

R-35

Leopalace Flat Shin-sakaeT217,404

Jan. 2021

1.2

R-36

KDX Residence Konan Yamate

T44,255Jan. 2021

2.3

R-37

KDX Residence Hommachibashi

T143,799

Jan. 2021

1.4

R-38

KDX Residence Minami-kusatsu

D

157,421Jan. 2021

0.4

R-39

KDX Residence Ohori Harbor View Tower

T

196,158

Jan. 2021

Below 0.1

R-40

KDX Residence Minami-sanjoT

96,951

July 2021

0.2

R-41

Serenite Kita-kyuhojiT38,269July 2021

1.2

R-42

Serenite Nishinomiya Hommachi

T24,013Jan. 2022

2.1

R-43

KDX Residence NishijinD

104,620

July 2022

1.0

R-44

Serenite Kobe Motomachi

H55,780June 2018

0.5

R-45

KDX Residence Shukugawa Hills

D

401,086

June 2018

1.0

R-46

KDX Residence Sendai Station East

D

13,056

Sept. 2019

0.3

R-47

Serenite Koshien PlieD

16,652

Jan. 2022

2.8

H-1

Irise Kamata/YuseienT

95,186

July 2021

10.2

H-2

Nichii Home Nakano-MinamidaiT48,688July 2021

6.9

H-3

Joy Stage Hachioji

TK155,210

June 2021

5.2

H-4

Yuimaru Hijirigaoka(Note 4)

E

82,510July 2021

6.3

H-5

Nichii Home Tama PlazaH

123,600

Apr. 2021

7.8

H-6

Ten

TK

74,510Aug. 2022

1.6

H-7

Irise Nishioka

E50,620July 2021

0.6

H-8

Izarie Eniwa Building

TK

58,660July 2021

2.8

H-9

Sawayaka Sakura Nibankan

TK

54,340July 2021

2.8

H-10

Activa Biwa(Note 4)E372,840

July 2021

2.7

・- 51 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)
Building Condition Investigation Reports(Note 1)
No.

Property name

PML Report

H-11

Sompo Care LAVIERE Kobe Tarumi

TK

Repair, maintenance andrenovation expenses(Thousands of yen) (Note 2)
94,160Aug. 2022

1.5

H-12

Rehabili-home Granda Mondo Yakujin

T70,512

Aug. 2022

2.0

H-13

Excellent Nishinomiya

T68,618July 2021

1.9

H-14

Gran Hills Ogawarako

TK

106,560

June 2021

2.5

H-15

Excellent Kitano

H

8,040

Apr. 2018

2.1

H-16

Anesis TeradachoE

131,820

June 2018

2.3

H-17

Rococo-rihaE

47,680June 2018

2.0

H-18

Orage SumaE

125,400

June 2018

1.9

H-19

Canadian Hill

E

101,650

June 2018

1.3

H-20

Anesis Hyogo

E

111,070

June 2018

2.2

H-21

Plaisant Grand Ota tamagawa

E

39,667

7.4

H-22

Tsukui Sun-shine Machida (Note4)

E

166,720

H-23

Serabi Ebisu

H

44,670

Sept. 2018
East: Dec. 2018
West: Jan. 2019
Dec. 2018

H-24

Arute Ishiyagawa

E71,230Dec. 2018

3.0

H-25

Medical-home Granda Kurakuen

D

20,346

Jan. 2021

2.0

H-26

Rehabili-home Granda Kobe KitanoD

45,021

Jan. 2021

2.8

H-27

Grapes Kawasaki Shimmachi

D32,551

Oct. 2021

10.5

H-28

SOMPO care Sompo no ie S FujiminoD

32,009Oct. 2021

6.2

H-29

Irise Kobe Rokko

D

7,136

Feb. 2022

1.8

H-30

Excellent Hanayashiki Garden Hills

D

39,475

Feb. 2022

1.3

H-31

Excellent Takarazuka Garden Hills

D

29,623Feb. 2022

2.4

H-32

Tsukui Sun-shine AdachiD

35,360June 2022

7.0

H-33

SOMPO Care LAVIERE Ichinoe

D49,174

Sept. 2022

9.8

H-34

Nichii Home Hachimanyama

D-

Nov. 2022

6.5

H-35

Life ship Oasa

D

46,995Oct. 2022

1.0

H-36

Life ship Yunokawa

D

49,861

Oct. 2022

1.2

H-37

Life ship Fukagawa

D

51,638Oct. 2022

0.5

A-1

Hotel LiVEMAX Tokyo-Otsuka-EkimaeD11,707Jan. 2020

5.5

A-2

Hotel LiVEMAX Yokohamaeki-NishiguchiD

20,583Jan. 2020

6.6－

12,902,719

－

2.5

Total

Investigationcompany

Investigation
performed in

PML value(%)(Note 3)

7.6
6.3

(Note 1) Engineering Report” represents the summary appraisal report of the portfolio prepared by HI International Consultant Co., Ltd. (“H”), Tokio Marine dR Co., Ltd.
(“T”), Daiwa Real Estate Appraisal Co., Ltd. (“D”), ERI Solution Co., Ltd. (“E”), or Tokyo Bldg-Tech Center Co., Ltd. (“TK”) after conducting an investigation ofbuilding deterioration conditions, planning of short-term and long-term repair and maintenance, an investigation of building code compliance, an environmental
assessment with respect to hazardous substances, and soil environment surveys. Note that the engineering reports constitute the judgment and opinion of the appraiser
as of the certain point in time and do not guarantee the validity and accuracy of their contents.
(Note 2) Repair and maintenance expenses represents the sum of the estimated amount of repair and maintenance expenses required for 12 years from the base date set in theengineering report. These estimates are as of the date of the engineering report and are not as of the date of this document. In addition, inflation and consumption tax
are not taken into account in calculating future repair and maintenance expenses.
(Note 3) Total PML value is the portfolio PML value of 180 properties that the Investment Corporation owns as of January 31, 2023 based on the Portfolio PML Evaluation
Report dated February 2023, created by Sompo Risk Management Inc.
(Note 4) The properties are comprised of two or three buildings, thus the repair and maintenance expenses are calculated as the sum of the two or three buildings.

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KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)（2）Capital Expenditures on Managed Assets①Planned Capital Expenditures
The table below shows major capital expenditures for renovations, repairs and other projects that are planned for the 23rd fiscal period ending July
31, 2023. These expenditures are for real estate owned by the Investment Corporation and real estate in trusts in which the Investment Corporation
owns trust beneficiary rights. These planned projects may include some expenditure that will be recorded as expenses rather than capital
expenditures for accounting purposes.

No.

Name of property

Location

PurposePlanned amount of capital
expenditure(Millions of yen)
Payment
Total ofTotal
for theadvancedperiodpayment

ScheduledItabashiFrom February 2023
Major renewal construction
ku,Tokyoto July 2023
KawasakiFrom February 2023
T-9
Cosmo Heim Motosumiyoshishi,
Major renewal construction
to July 2023
Kanagawa
KusatsuKDX Residence MinamiFrom February 2023
Intercom facilities exchange
R-38shi, Shiga, construction
kusatsu, others(Note)
to July 2023
othersOtsu-shi,
From February 2023
H-10 Activa Biwa
Major renewal construction
Shiga
to July 2023
Kobe-shi,
From February 2023
H-20 Anesis Hyogo
Major renewal construction
Hyogo
to July 2023
NagoyaElectric water heater
From February 2023
R-16 KDX Residence Higashi-sakura Ishi,replacement construction
to July 2023
Aichi
NagoyaHot water supply replacement From February 2023
R-18 KDX Residence Jingumae
shi,
construction
to July 2023
Aichi
NagoyaFrom February 2023
R-18 KDX Residence Jingumaeshi,Common area construction
to July 2023
Aichi
Sapporo- Mechanical parking equipment From February 2023
shi,
R-11 KDX Residence Toyohira Koen
to July 2023
Hokkaido replacement construction
KDX Residence Bunkyo
Bunkyo- Elevator equipment
From February 2023
T-73
Yushimaku, Tokyo replacement construction
to July 2023
(Note) Includes properties with number of T-57, R-13, R-18, R-22, R-25 and R-29.
T-7

KDX Shimura Sakaue Residence

101

－

－

101

－

－

95

－

－

86

－

－

77

－

－

41

－

－

16

－

－

15

－

－

10

－

－

7

－

－

②Capital Expenditures During the 22nd Fiscal Period
The table below shows major capital expenditures for renovations, repairs and other projects in the 22nd fiscal period ended
January 2023. The construction cost for the period amounted to 1,182 million yen, consisting of 850 million yen of capital
expenditures and 332 million yen of repair and maintenance expenses.
No.

Name of property

T-5

KDX Bunkyo Sengoku Residence

R-35

Leopalace Flat Shin-sakae

R-40

KDX Residence Minami-sanjo

H-14

Gran Hills Ogawarako

R-21

KDX Residence Namba, others(Note)

Location

PurposeBunkyo-ku,
Major renewal construction
Tokyo
Nagoya-shi,
Major renewal construction
Aichi
Sapporo-shi,
Major renewal construction
Hokkaido
Kamikita-gun,
Major renewal construction
Aomori
Osaka-shi,
Intercom facilities exchange
Osaka, others construction
OthersTotal portfolio(Note) Includes properties with number of R-19, R-20 and R-27.

Term
From February 2022
to August 2022
From August 2022
to December 2022
From April 2022
to September 2022
From August 2022
to November 2022
September 2022 to
October 2022

Capital expenditures(Millions of yen)
111
94
73
52
43
474
850

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KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)③Reserved Funds for Long-term Maintenance Plan
In accordance with its long-term repair and maintenance plan for each property, the Investment Corporation sets aside, from the
cash flow during the 22nd fiscal period, repair and maintenance reserves designed to finance payment of future medium- to longterm major repair and maintenance work.
(Millions of yen)
18th
From Aug. 1, 2020
to Jan. 31, 2021

Term
Reserve balance at the
beginning of the period
Amount of reserve during
the period
Reversal of reserves
during the period
Amount carried forward to
the next period

19th
20th
From Feb. 1, 2021 From Aug. 1, 2021
to Jul. 31, 2021
to Jan. 31, 2022

21stFeb. 1, 2022
to Jul. 31, 2022

22nd
From Aug. 1, 2022
to Jan. 31, 2023

953

982

1,015

1,036

1,052

29

37

50

20

36

－

4

29

3

22

982

1,015

1,036

1,052

1,067

(3) Information Concerning Major Tenants①Major tenant
There is no end tenant and sub-lease-type master lease company (Note) (referred collectively as “end tenant”) whose lease
area represents more than 10% of the total lease area of the portfolio as of January 31, 2023.
(Note) “Sub-lease-type master lease company” refers to a master lease company that has entered into a master lease agreement to pay a
fixed rent to a lessor regardless of the rent under the lease agreement with the end tenant.

②Top end-tenants in terms of rent
The following summarizes top five end-tenants as of January 31, 2023.
Name of end-tenants

Souseikai
Corporation

MedicalProperty nameLeased area(㎡)

Ratio(%)(Note 1)

Security
Annual rent
deposit
Scheduled lease(Thousands(Thousands of term maturity(Note
2)
of yen)yen)(Note 2)

Anesis Teradacho

Mar. 28, 2036

Rococo-rihaMar. 28, 2036

Orage Suma
Canadian Hill

29,303.90

Mar. 28, 2036

5.1

Mar. 28, 2036

Anesis Hyogo

Mar. 28, 2036

Arute Ishiyagawa

Aug. 31, 2048
Not
disclosed

Not
disclosed

HIMEDIC Inc.

Activa Biwa

39,649.84

6.9

S-FIT PARTNERS CO.,LTD

KDX Residence Yukigaya
Otsuka, 7 other properties

8,068.97

1.4

-

3.1

Mar. 31, 2042
(west)
May 31, 2044
(east)

Tsukui Sun-shine MachidaTSUKUI CORPORATION

17,757.78
Tsukui Sun-shine Adachi

Aug. 28, 2027

Jan. 31, 2046

RELOCATION JAPAN. KDX Daikanyama Residence,
10,759.43
1.9
LIMITED.
87 other properties(Note 1) “Ratio” is the ratio of leased area of the end-tenant to total leasable area of the portfolio as of January 31, 2023, and rounded to the nearest
tenth.
(Note 2) We have not obtained consent from the tenant to release this information.

- 54 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)③Top end-tenants in terms of leased area
The following summarizes top five end-tenants as of January 31, 2023.
Name of end-tenants
HIMEDIC Inc.

Souseikai Medical
CorporationTSUKUI CORPORATION

Property name
Activa Biwa

Security
Annual rent
Leased area Ratio (%)
deposit
Scheduled lease(Thousands(Note 1)(㎡)
(Thousands of term maturityof yen)(Note 2)yen)(Note 2)
39,649.84

6.9

Anesis Teradacho

Mar. 28, 2036

Rococo-rihaMar. 28, 2036

Orage Suma
Canadian Hill

29,303.90

Mar. 28, 2036

5.1

Mar. 28, 2036

Anesis Hyogo

Mar. 28, 2036

Arute Ishiyagawa

Aug. 31, 2048

Tsukui Sun-shine Machida

17,757.78

3.1

Tsukui Sun-shine Adachi
Nichii Carepalace
Company

Aug. 28, 2027

Joy Stage HachiojiNotdisclosed

Not
disclosed

Mar. 31, 2042
(west)
May 31, 2044
(east)
Jan. 31, 2046

14,287.12

2.5

Jan. 31, 2036

Sompo Care LAVIERE Kobe
TarumiMay 31, 2030

Grapes Kawasaki Shinmachi

Dec. 31, 2037

SOMPO care Sompo no ie S
Dec. 31, 2037
Sompo Care Inc.
13,978.11
2.4
Fujimino
SOMPO Care LAVIERE
Sept. 30, 2039
Ichinoe
KDX Residence Shinagawa
Seaside(Note 1) “Ratio” is the ratio of leased area of the end-tenant to total leasable area of the portfolio as of January 31, 2023, and rounded to the nearest
tenth.
(Note 2) We have not obtained consent from the tenant to release this information.

- 55 -

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)(Note 3) The following summarizes the pass through type master lease company where leased area represents 10% or more of the total portfolio
as of January 31, 2023.
Name of endtenants

HASEKOLIVENET, Inc.

Type ofbusiness

Real estate
management

No.

Annual rent Security
deposit
Leased area (Thousands (Thousands
Scheduled lease(㎡)
of yen)term maturity(※3)
of yen)Property name

(※1)

T-9
T-12
T-22
T-26
T-29
T-33
T-36
T-38
T-42
T-47
T-54
T-55
T-59
T-62
T-63
T-85
T-88
T-90
T-99
R-2
R-7
R-8
R-13
R-19
R-20
R-21
R-22
R-24
R-25
R-26
R-28
R-30
R-32
R-33

Cosmo Heim Motosumiyoshi

R-39
R-43
R-44
R-45
R-46
R-47

(※2)

4,143.61
2,297.68
985.104,316.04
816.35
1,012.80
1,482.82
1,085.40
1,127.58
3,752.12
2,210.42
3,901.77
2,973.66
1,873.31
4,121.59
2,550.80
2,203.87
2,631.45
856.773,330.15
4,631.16
6,186.19
1,818.09
2,305.95
1,051.78
3,258.95
3,788.11
4,701.87
1,881.80
1,942.78
3,119.82
2,519.91
2,522.16
2,098.68

119,130
89,844
54,168
212,718
43,411
44,52074,76050,56849,032
123,624
115,308
173,484
122,170
76,392
179,838
116,628
100,058
137,462
39,94896,924
114,480
137,076
53,36465,31434,080105,115
111,280
105,337
54,90045,858103,152
58,12858,29654,27626,0199,217
7,705
18,885
5,180
6,615
7,903
5,641
4,973
17,158
10,181
20,26430,684
8,005
16,453
13,734
8,829
9,987
3,335
6,266
9,061
7,423
5,662
4,296
1,427
6,223
7,900
9,826
3,402
2,545
23,476
4,981
4,526
4,196

Nov. 1, 2023
Jan. 31, 2024
Aug. 6, 2023
Aug. 6, 2023
Aug. 6, 2023
Aug. 6, 2023
Aug. 6, 2023
Aug. 6, 2023
Aug. 6, 2023
Aug. 6, 2023
Aug. 6, 2023
Aug. 6, 2023
Feb. 4, 2024
Feb. 4, 2024
Feb. 4, 2024
Feb. 26, 2024
Mar. 1, 2024
June 29, 2023
May 5, 2023
Oct. 31, 2023
Apr. 30, 2023
Jan. 31, 2024
Oct. 31, 2023
Aug. 6, 2023
Aug. 6, 2023
Aug. 6, 2023
Aug. 6, 2023
Aug. 6, 2023
Aug. 6, 2023
Aug. 6, 2023
Aug. 6, 2023
Aug. 6, 2023
Aug. 6, 2023
Aug. 6, 2023

KDX Residence Ohori Harbor View
Tower

11,373.13

326,281

7,469

Feb. 4, 2024

KDX Residence Nishijin

4,331.38
3,712.06
16,772.78
2,203.12
1,438.36

99,312148,044401,529
77,31651,357

1,379
11,47772,288
6,274
613

July 31, 2023
Aug. 1, 2023
Aug. 1, 2023
Feb. 26, 2024
Mar. 31, 2023

KDX Kawaguchi Saiwai-cho Residence
KDX Residence Daikanyama II
KDX Residence Higashi-shinjuku
KDX Residence Kagurazaka
KDX Residence Yoga
KDX Residence Yukigaya Otsuka
KDX Residence Tamagawa
KDX Residence Itabashi Honcho
KDX Residence Machida
KDX Residence Ojima
KDX Residence Oyama
KDX Residence Sendagi
KDX Residence Iriya
KDX Residence Tachikawa
KDX Residence Hatagaya
KDX Residence Kamata-minami
KDX Residence Mitaka
KDX Residence Kamata-minami II
KDX Jozenji Dori Residence
KDX Takarazuka Residence
KDX Shimizu Residence
KDX Residence Ichiban-cho
KDX Residence Nishi-oji
KDX Residence Saiin
KDX Residence Namba
KDX Residence Namba-minami
KDX Residence Ibaraki I・IIKDX Residence Toyonaka-minami
KDX Residence Moriguchi
Ashiya Royal Homes
KDX Residence Tenjin-higashi II
KDX Residence Nishi Koen
KDX Residence Hirao Josui-machi

Serenite Kobe Motomachi
KDX Residence Shukugawa Hills
KDX Residence Sendai Station East
Serenite Koshien Plie(※1) “Annual rent” is calculated as the 12 times the total of, rounded down to the nearest thousand yen, common area fees (including the amount equivalent toparking fee when a lease agreement includes it in a rent) indicated in the lease agreements, etc. concluded between the master lease companies, the Investment
Corporation, or trustee and the end tenants as of the end of the 22nd fiscal period (January 31, 2023).
(※2) “Security deposit” represents leasehold and security deposits etc. (if there is a portion that does not need to be refunded, the amount after deducting that portion)
indicated in the lease agreements, etc. concluded between the master lease companies, the Investment Corporation, or trustee and the end tenants as of the endof January 31, 2023, and rounded down to the nearest thousand yen.
(※3) With regard to the method of contract renewal, unless either a trustee or a lessee expresses its intention in writing to another party no later than three months
prior to the expiration date of the lease period, the lease period shall be renewed for one year, and the same shall apply thereafter.

- 56 -