June 13, 2023
To All Concerned Parties
REIT Issuer:
Kenedix Office Investment Corporation
Hiroaki Momoi, Executive Director(Securities Code: 8972)
REIT Issuer:
Kenedix Residential Next Investment Corporation
Tetsu Kawashima, Executive Director(Securities Code: 3278)
REIT Issuer:
Kenedix Retail REIT Corporation
Moyuru Watanabe, Executive Director(Securities Code: 3453)
Asset Management Company:
Kenedix Real Estate Fund Management, Inc.
Hikaru Teramoto, President & CEO
Inquiries:
Tomoya Shigaki
Head of Strategic Planning, Office REIT Department,
TEL: +81 3-5157-6010
Michiru Nagamata
Head of Strategic Planning, Residential REIT Department
TEL: +81 3-5157-6011
Isaharu Kikushima
Head of Strategic Planning, Retail REIT Department
TEL: +81 3-5157-6013“Notice Concerning Acquisition of Properties (River City 21 East Towers II and 2 Other Properties) andDisposition of Properties (Harajuku F.F. Building and 1 Other Property)”
This exchange offer or business combination is made for the securities of a Japanese company. The offer issubject to disclosure requirements of Japan that are different from those of the United States. Financial
statements included in the document, if any, have been prepared in accordance with Japanese accounting
standards that may not be comparable to the financial statements of United States companies.
It may be difficult for you to enforce your rights and any claim you may have arising under U.S. federal
securities laws, since the issuer is located in Japan, and some or all of its officers and directors may beresidents of Japan. You may not be able to sue a Japanese company or its officers or directors in a
Japanese court for violations of U.S. securities laws. It may be difficult to compel a Japanese company andits affiliates to subject themselves to a U.S. court’s judgment.
You should be aware that the issuer may purchase securities otherwise than under the exchange offer, suchas in open market or privately negotiated purchases.

Kenedix Office Investment Corporation, Kenedix Residential Next Investment Corporation and Kenedix Retail REIT
Corporation (respectively, referred to as “KDO”, “KDR” and “KRR”, and collectively referred to as “Each REIT”.
Depending on the context, KDO after the Merger (defined below) may hereinafter be referred to as the “Investment
Corporation”.) announced today that Kenedix Real Estate Fund Management, Inc. (the “Asset Management
Company”), the asset management company for Each REIT has decided to acquire and dispose of the following
properties (respectively the “Acquisition” and the “Disposition”, and collectively the “Transactions”).
As described in the press release, “Notice Concerning Execution of the Merger Agreement by and among Kenedix
Office Investment Corporation, Kenedix Residential Next Investment Corporation, and Kenedix Retail REIT
This document has been translated from the Japanese-language original for reference purposes only. While thisEnglish translation is believed to be generally accurate, it is subject to, and qualified by, in its entirety, theJapanese-language original. Such Japanese-language original shall be the controlling document for all purposes.
1Corporation” dated June 13, 2023, KDO, KDR and KRR resolved to carry out an absorption-type merger (hereinafter
the “Merger”) in which KDO is the surviving REIT and KDR and KRR are dissolving REITs in the meetings of theirrespective Boards of Directors Meeting held on June 13, 2023, and concluded a merger agreement (hereinafter the“Merger Agreement”) that will be effective on November 1, 2023. The Transactions are subject to the effectivenessof the Merger.
1．Outline of the Transactions(1) Outline of the Acquisition
Property name

Anticipatedacquisition price(millions of yen)

Location(Note1)

River City 21 East Towers II
Chuo-ku, Tokyo(25% quasi co-ownership interest)
remm roppongi building
Minato-ku, Tokyo(20% quasi co-ownership interest)
Akishima Distribution Center
Akishima, Tokyo(Land)
Total acquisition price /Average NOI yield

Appraisal
NOI yield(%)

9,232

4.2

N/A

3,960

3.6

N/A

1,872

4.0

N/A

15,064

4.0

-

(1)

Contract entity:

(2)
(3)

Contract date:
Scheduled date ofacquisition:
Seller:Please refer to “4. Overview of Seller and Buyer” for details.
Acquisition funds: Borrowings(Note 3) and cash on handSettlement method: Payment in full at settlement

(4)
(5)
(6)

Brokerage(Note2)

KDR (River City 21 East Towers II (25% quasi co-ownership interest), remm
roppongi building (20% quasi co-ownership interest))
KRR (Akishima Distribution Center (Land))June 13, 2023
November 1, 2023

Note 1: “Anticipated acquisition price” indicates the purchase price designated in each sale and purchase agreement regarding
each property to be acquired (excluding the acquisition costs, adjustment amount of property tax and city planningtax, consumption tax, and local consumption tax, etc.), rounded down to the nearest million yen. The same shall apply
hereafter.
Note 2: “Appraisal NOI yield” is calculated by dividing the appraisal NOI of each property to be acquired as on the appraisal
report as of May 1, 2023 by the anticipated acquisition price for each property to be acquired and rounded to the firstdecimal place. “Appraisal NOI” refers to the net operating income before depreciation expenses, which is calculated
by deducting the operating expenses from the operating revenues described in the appraisal report, and thus, differsfrom NCF (Net Cash Flow) which is calculated by adding the profit from the investment of tenant deposits to anddeducting capital expenditures from NOI. The appraisal NOI here is the NOI calculated using the direct capitalization
method.
Note 3: Matters concerning new borrowings shall be announced upon determination.

(2) Outline of the Disposition
Anticipated disposition
price(millions of yen)

Property name
Harajuku F.F. Building
KDX Nagoya Sakae Building
Total
(1)
(2)
(3)
(4)
(5)
(6)
(7)

Type of property to
be disposed of:Contract entity:
Contract date:
Scheduled date ofdisposition:
Buyer (Note 2):
Use of proceeds:
Settlement method:

3,880
6,050
9,930

Difference between
anticipated disposition
Assumed book value
price and assumed book(millions of yen)value(millions of yen)
2,331
1,549
5,914
135
8,246
1,683

Trust beneficiary interest in real estate (Harajuku F.F. Building)Real estate (KDX Nagoya Sakae Building) (Note 1)
KDO
June 13, 2023
November 1, 2023
Kenedix, Inc.
Funds for acquisition of the properties to be acquired
Payment in full on settlement

2Note 1: KDX Nagoya Sakae Building is owned as real estate as of today. However, KDO has agreed with the buyer that the
KDO will entrust KDX Nagoya Sakae Building by the scheduled date of disposition and dispose the trust beneficiaryinterest. The same shall apply hereafter.
Note 2: The buyer may transfer the status and rights under the purchase agreement for the asset to be disposed of to a special
purpose company formed by the buyer or an affiliate of the buyer that meets certain requirements such as financial
resources to pay for the sale and purchase under the purchase agreement. Therefore, the ultimate acquirer may change
from Kenedix, Inc. to a special purpose company formed by Kenedix, Inc. or an affiliate of Kenedix, Inc. The same
shall apply hereafter.

2．Reasons for the Transactions
The Transactions are in line with the growth strategy described in the press release “Notice Concerning Executionof the Merger Agreement by and among Kenedix Office Investment Corporation, Kenedix Residential Next
Investment Corporation and Kenedix Retail REIT Corporation” dated June 13, 2023. Each REIT believes that theTransactions will improve the quality of its portfolio and enhance unitholder value.
Regarding the Acquisition, along with the expansion of the investment universe, the Investment Corporation will
acquire a hotel that is expected to continuously increase demand driven by government’s promotion of tourism,
and the land of logistics facility where demand is backed by continued growth of e-commerce. Moreover, in termsof active management, the Investment Corporation will acquire a residential property which we are expecting
improvement in profitability through renovation, and a shopping center for daily needs(Note) which we expect
stable cashflow. The above residential property is a high-rise condominium located in central Tokyo, andrenovation to upgrade rooms is underway. The average contract unit rent for upgraded rooms has increased by27%.
On the other hand, the Investment Corporation is disposing of two properties, including a single tenant officebuilding that is 37 years old with a risk of decline in profitability, and an office building that has unrealized loss
with low profitability. Furthermore, the anticipated disposal prices of the properties to be disposed of surpass
each of the book value.
Note: In preparation for the Merger, the Asset Management Company has decided to acquire York Mart Higashi-Michinobe
which will be acquired by KRR. Please refer to the press release, “Notice Concerning Acquisition of Property (YorkMart Higashi-Michinobe)”, dated today.

Furthermore, the following characteristics were evaluated in determining the Acquisition.
(1) River City 21 East Towers II
Residential property located in the center of Tokyo with high scarcity value and expected to gain the upside profit
by increasing rents through sequential renovation of the property(ⅰ) Location
This property has excellence in accessibility, since it is located approximately an 8-minute walk from
“Tsukishima” station on the Tokyo Metro Yurakucho Line / Toei Subway Oedo Line, and the nearest station
takes only 16 minutes from “Tokyo” station. It is located in an area where we can embrace the nature closefrom home, such as “Ishikawajima-park” which is famous for the cherry blossom road groomed alongside
Sumida River where we can see the Tokyo-Skytree. Within walking distance of the property, conveniencefacilities are enriched, including supermarket Maruetsu and convenience stores, and post office. Therefore,
this property has relatively superior site quality.
(ii) BuildingThis property is a small family type skyscraper residence, composed of 642 units and the layout is mainly
1LDK and 2LDK. For the common area, there are lounge, which is opened 24hours, café, Japanese style
room and play area on the first floor. Moreover, there is a theater room on the 27th floor and a party roomon the 42nd floor, hence facilities for family is replete. There is a multi-story parking garage in the centerof the building and a flat parking garage in the basement, which together provide 306 parking spaces, as well
as 15 motorcycle parking spaces. The Investment Corporation (This refers to the investment corporation
which is the contract entity. The same shall apply hereafter in the following sections: “2．Reasons for theTransactions”, “4．Overview of Seller and Buyer”, “5. Overview of Acquirer” and “8．Scheduled Date of
the Transaction”.) believes the property is a residential property that can expect stable rental demand frommarried couples and families commuting to the center of the city, as it has a favorable living environment
given the proximity to the center of the city, abundant nature, and convenience of living.
(2) remm roppongi building
Hotel located in the Roppongi area, a popular tourist spot for foreigners as well as being one of the central business
districts; expected to attract tourism demand and stable demand for business use(ⅰ) Location
3

This property is located approximately a 1-minute walk from “Roppongi” station on Tokyo Metro Hibiya
Line / Toei Subway Oedo Line. Within walking distance, large scaled commercial complex such as“Roppongi Hills“ and “Tokyo Midtown“ with luxury brand shops as tenants are located, and cultural
facilities such as “The National Art Center Tokyo“ are also scattered throughout the area. As such, the areasurrounding the property is a popular location for tourists. Moreover, it is considered as an officeconcentrated area, since there is “Roppongi Hills Mori Tower” and there are numerous head quarter
functions of leading domestic companies and Japanese offices of foreign companies.
(ii) BuildingThis property is a relatively new hotel completed in February 2017, with a modern and luxury interior andexterior. The hotel, operated as “remm roppongi” by Hankyu-Hanshin Hotels Co., Ltd., has a concept of“good sleep” and offers several room types of 250 semi-doubled rooms, 70 tower viewable semi-doubled
rooms and 80 twin rooms, making it a total of 400 rooms, including some rooms that can observe the Tokyo
Tower. Moreover, this property has various safety features, such as the ladies floor and introduction of theautomatic check-in system. In the retail sections of the basement floor, first floor and the third floor,
restaurants, IT equipment sales and service stores are located. The Investment Corporation considers thatsince the property is located in a tourist spot popular among foreigners, it can capture tourism demand, andsince it is also one of the central business districts, the property is an accommodation facility that can expect
stable demand for business use as well.
(3) Akishima Distribution Center (Land)
The land of a logistics facility located in an area with potential as the start and the end points for logistics ofconsumer and production goods, with its convenient access to traffic(ⅰ) Location
This property is located in Akishima city in the central Tama area and is the underlying land of a logistics
facility operating since October 2012 and serving as a food processing center. With a population of
approximately 114,000 (2023) and a manufactured goods shipment value of approximately 415 billion yen(2020), Akishima is a district that, combined with its surrounding population clusters, has the potential toserve as an origin and destination for the flow of consumer goods and manufactured goods. This area has
the potential for wide area, semi-wide area and local deliveries due to the convenient use of the Hachioji
Interchange of the Central Expressway and National Route 16. The property is also within walking distanceof “Akishima“ Station on the JR Ome Line, and the location is in an area where it is easy to secure workers
from a wide area despite concerns about labor shortages.
The reasons of the Disposition are as follows.
(1) Harajuku F.F. BuildingThis property is a mid-sized office building which is located approximately 1-minute walk from
“Kitasandou“ station on Tokyo Metro Fukutoshin Line, 10-minute walk from “Harajuku“ Station and“Yoyogi“ Station on JR Yamanote Line. 37 years have been passed since the construction of this property, andthe office space is leased to one tenant, besides certain retail areas. In the future, if the office tenant decides tomove out, lease up may take long time due to the fact that the rented space is not regular and it is difficult tolease by portion. Vacant period may be prolonged or the successor tenant may be limited.
On the premise of this merger coming into effect, the buyer intends to acquire the property at the price above
the book value, and profits on sale of real estate is expected. Thus, Investment Corporation decided to disposeof this property considering several risks, including potential decline in profitability of the property in the future.
(2) KDX Nagoya Sakae BuildingThis property is a mid-sized office building located approximately a 3-minute walk from “Sakae” station on
Nagoya Municipal Subway Higashiyama Line and Meijo Line. The land and building of this property was
acquired in 2008 and in 2009, respectively. Since the acquisition, the book value has continued to exceed theappraisal value. Currently, the development of large-scale office buildings in the JR Nagoya Station area has
made significant progress, and the central area of the office area in Nagoya city has changed. In light of this, therent level has not reached the initially expected level and the occupancy rate by a specific company group in
this building is high, and unrealized loss may increase when the risk of vacating by the tenant becomes apparent.
On the assumption that the Merger will take effect, the buyer indicated its intention to acquire the property at a
price that exceeds the book value. Thus, the Investment Corporation decided to dispose of this property, since
it can improve the unrealized gains of the portfolio without posting a loss on the sale of the property.
3．Outline of the Properties regarding the Transactions
The table below shows the overview of each properties to be acquired and properties to be disposed of (the“Individual Asset Table”). In addition, the terms used in the Individual Asset Table are as follows. Please refer4

to the Individual Asset Table together with the explanation on the terms listed below. In principle, unlessotherwise specified, the status as of April 30, 2023 is indicated.




















“Location” is the indication of the residential address. In case there is no indication of the residential address,
it is the building address under the lot address or the building location indicated in the certificate of registeredmatters (if there are multiple buildings, the location of one of the buildings). If the building has not been
completed as of today, the lot number of the land is indicated (if there is more than one lot, the lot number of
one of them). The same shall apply hereafter.
“Building coverage ratio” and “Floor area ratio” are the designated building-to-land ratio and designated floorarea ratio provided in the city plan. The same shall apply hereafter.
“Type” is the classification of the principal residential unit in the residential facility of the properties to beacquired, among the studio type, the small family type or family type as described below. The same shall apply
hereafter.
Small family type
Family type
Single typeThe exclusively owned area per
The exclusively owned area per
The exclusively owned area perresidential unit contains at least 18 residential unit contains at least 30
residential unit contains at leastm2, but less than 30 m2 and at least m2, but less than 60 m2 and at least
60 m2 per unit and at least 5
20 residential units per property.
15 residential units per property.
residential units per property.
“Earthquake PML” indicates the figure described in the earthquake PML valuation report (level 2) prepared by
Sompo Risk Management Inc. in May 2023. The same shall apply hereafter.
“Total number of end tenants” indicates the total the number of end tenants. In the case that there will be amaster lease agreement entered into with a master lease company after the acquisition of the property by theInvestment Corporation, “Total number of tenants” is indicated as “1”. The same shall apply hereafter.
“Monthly rent and common area charge (excluding consumption tax, etc.)” is, in the case that the master lease
type is “pass-through”, the sum of the monthly rent according to the lease agreements actually executed withthe end tenants (the sum of rent and common area charges, provided, however, that in case the adjunct facilities
fee such as car parking space usage fees are included in the rent under the lease agreements, it includes suchfees) and in the case that the master lease type is “rent guarantee”, the monthly rent according to the master
lease agreements with rent guarantee executed with the master lease company (the sum of rent and common
area charges, provided, however, that in case the adjunct facilities fee such as car parking space usage fees areincluded in rent under the lease agreements, it includes such fees). Furthermore, the figures are rounded down
to the nearest thousand yen. If the building has not been completed as of today, it is described with “-”. The
same shall apply hereafter.
“Security and guarantee deposit” is, in the case that the master lease type is “pass-through”, the sum of the
security and guarantee deposits, etc. of each end tenant based on the lease agreement executed with each end
tenant (the sum of security and guarantee deposit, provided, however, that in case the adjunct facilities fee suchas car parking space usage fees are included in the security and guarantee deposits under the lease agreements,
it includes such fees). However, in case there is any portion that is not required to be returned due to special
provision of deduction of security deposits, amortization of security deposits, etc. in each lease agreement, it is
the amount after such amount is deducted. In the case that the master lease type is “rent guarantee”, it is thebalance of the security and guarantee deposit, etc. based on the lease agreement with rent guarantee executedwith the master lease company. However, in cases where agreements of different master lease types have been
executed, it is the sum of “pass-through” security and guarantee deposits, etc. and “rent guarantee” security andguarantee deposits, etc., with the figures rounded down to the nearest thousand yen. If the building has not been
completed as of today, it is described with “-”. The same shall apply hereafter.
“Total leased units” is the number of leased residential units, where the lease agreements are actually executedwith end tenants. If the building has not been completed as of today, it is described with “-”. The same shallapply hereafter.
“Total leased area” is the leased floor area described in the lease agreements which are actually executed withend tenants. If the building has not been completed as of today, it is described with “-”. The same shall apply
hereafter.
“Total leasable area” is the floor area described in the lease agreements that is leasable at the property (in casethe property contains more than one building, the sum of the leasable floor area of such buildings). If the floor
is not in operation, the leased floor area under the lease agreement at the most recent time when the floor wasleased, or the floor area calculated based on the building completion diagram is indicated. The same shall apply
hereafter.
“Occupancy ratio” is the ratio of the “Total leased areas” (based on the lease agreements) to the “Total leasablearea” of the property rounded to the first decimal place.
“Property management company after the acquisition” is the property management company scheduled to
execute the property management agreement for the to-be acquired asset. The same shall apply hereafter.
“Master lease company after the acquisition” is the master lease company scheduled to execute the master leaseagreement for the property. The same shall apply hereafter.
“Type of master lease” is described as follows; “Pass through” for those with a master lease agreement without
5

a rent guarantee concluded or scheduled to be concluded, “Rent guarantee” for those with a master leaseagreement with a rent guarantee concluded or scheduled to be concluded, and “-” in the case that the owner hasor will conclude a lease agreement directly with the end tenant, or where there is no end tenant. The same shallapply hereafter.
Outline of Asset to be Acquired(1) River City 21 East Towers II (25% quasi co-ownership interest)
Property nameRiver City 21 East Towers II
Trust beneficiary interest in real estate
Type of specified asset(25% quasi co-ownership interest)(Note1)
Trustee
Mitsubishi UFJ Trust and Banking Corporation
Trust period
December 1, 2021 through November 30, 2043
Location
2-1-2 Tsukuda, Chuo-ku, Tokyo
Form of ownership
Proprietary ownershipLand area
6,981.20 m2 (Note2)
Land
ZoningCommercial area
Building coverage ratio
80%
Floor-area ratio
600%
Form of ownership
Proprietary ownership
Gross floor area
69,024.54 m2 (Note2)
Date constructed
August 11, 2000
Use
Apartment
building
Building
Type
Small family type
Reinforced concrete structure with flat roof / 43-story
Structure / No. of stories
building with a two-floor basement
Earthquake PML
2.9%
Anticipated acquisition price
9,232 million yen
Appraisal value
10,775 million yen
Base date for appraisal
May 1, 2023
Appraisal
Appraiser
Japan Real Estate Institute
Please refer to “10. Summary of Appraisal Report”
Outlinebelow.
Collateral
None
Master lessee company after the acquisition
Ken Real Estate Lease Ltd.
Type of master lease
Pass throughProperty management company after the
Ken Real Estate Lease Ltd.
acquisition
Details of tenant
Number of end tenants
1
Total leasable area
37,259.43 m2 (Note2)
Total leased area
35,586.09 m2 (Note2)
Leasable number of units
642 units
Total leased units
614 units
Occupancy rate
95.5%
Monthly rent and common area charge
34,185 thousand yen(Note3)(excluding consumption tax)
Security and guarantee deposits
52,844 thousand yen (Note3)
・Although the seller does not own the property as of today, the Seller will acquire a quasi-coownership interest (25% quasi-co-ownership interest) in the trust beneficiary interest of theProperty on the anticipated acquisition date of the Property, and the Investment Corporationplans to acquire it from the seller.
・Upon acquisition of the quasi-co-ownership interest (25% quasi-co-ownership interest) inthe trust beneficiary interest in the Property, the Investment Corporation plans to succeed toRemarks
the beneficial interest quasi-co-ownership agreement to be entered into between the seller andthe other quasi-co-owner corporation of the Property. The beneficial interest quasi-co-owners
agreement is expected to set forth, among other things, the method of decision making for theproperty and the fact that when each quasi-co-owner transfers its quasi-co-ownership interest,
it will give priority to the other quasi-co-owners to offer the transfer.
・This property is a building planned as Building N (current name: River City 21 East Towers
II) out of Buildings M, N, O, P, and Q, which are buildings permitted under the single
6Otherhousing complex certification of Article 86 of the Building Standards Act on the north blocksite of the Okawabata/River City 21 development project, and has been permitted under thecomprehensive design system (Article 59, Paragraph 2 of the Building Standards Act).As aresult, a part of the site is a public open space.
・On the border of this property’s land and adjoining land, based on the agreement with theowner of the property and the owner of the adjoining land, facilities such as bridge and elevator
are installed, which is co-owned with the trustee and the owner of the adjoining land.
Note 1: Investment Corporation will acquire quasi-co-ownership interest (25% quasi-coownership interest) of the trust beneficiary interest in the property.
Note 2: Total floor area for the whole of the land and building of the Property is shown. Totalleased area includes the part of the land (228.00 m2) that is leased to Chuo-ku as theland for police substaiton.
Note 3: Represents the amount corresponding to the ratio of quasi-co-ownership interest of
the trust beneficiary interest (25% quasi-co-ownership interest) to be acquired by theInvestment Corporation.

(2) remm roppongi building (20% quasi co-ownership interest)
Property nameremm roppongi building
Trust beneficiary interest in real estate
Type of specified asset(20% quasi co-ownership interest)(Note1)
Trustee
Mitsubishi UFJ Trust and Banking Corporation
Trust period
July 3, 2018 through November 30, 2043
Location
7-14-4, Roppongi, Minato-ku, Tokyo
Form of ownership
Proprietary ownership and land leasehold interest(Note2)
Land area
1,622.17 m2 (Note3)
Land
ZoningCommercial area
Building coverage ratio
80%
Floor-area ratio
700% / 500%
a. Compartmentalized ownership(Note4)
1st basement, parts of 1st and 2nd floor, 3rd floor, 4thfloor, 6th to 21st floor; retail stores, hotel, warehouse,parking area
Form of ownership
Co-ownership interest of compartmentalized
Building
ownership
5th floor; hotel (25.63%)
b. Proprietary ownership(Note4)
a. 13,676.07 m2 (Note4) (Note5)
Gross floor areab. 66.69 m2(Note4)
Date constructedFebruary 14, 2017
a. Retail stores, hotel, warehouse, parking area (Note4)
Use
b. Parking area(Note4)
a. Steel-frame, steel-frame reinforced concrete,
reinforced concrete structure with flat roof / 21-story
Structure / No. of stories
building with an one-floor basement (Note4)
b. Steel-frame structure with flat roof / 2-story
building (Note4)
Earthquake PML
1.3%
Anticipated acquisition price
3,960 million yen
Appraisal value
4,060 million yen
Base date for appraisal
May 1, 2023
Appraisal
Appraiser
Daiwa Real Estate Appraisal Co., Ltd.
Please refer to “10. Summary of Appraisal Report”
Outlinebelow.
Collateral
None
Master lessee company after the acquisition
Type of master lease
Property management company after the
Hankyu Hanshin Building Management Co., Ltd.
acquisition
Details of tenant
Number of end tenants
4
Total leasable area
12,329.12 m2 (Note6)
7

Total leased area
12,329.12 m2 (Note6)
Occupancy rate
100.0%
Monthly rent and common area charge
Not disclosed(Note7)(excluding consumption tax)
Security and guarantee deposits
Not disclosed(Note7)
・The building is constructed utilizing the Joint Development Building Design System, whichallows for the utilization of surplus floor area ratio from adjacent properties. The subject
property and the adjacent property are considered as a single unit of land. As a result, aservitude has been established on the adjacent land, designating the subject property as thedominant land and the adjacent land as the servient land, prohibiting the construction ofbuildings on the servient land that exceed a total floor area of 730 m2.
・Regarding the shared portions of the building with other co-owners, the trustee has agreed
with the other co-owners that, when the trustee intends to transfer or otherwise dispose of
their shared ownership interest, the other co-owners have the right to preferentially offer toRemarkspurchase it.
・Investment Corporation will enter into a trust beneficiary quasi co-ownership agreement withthe seller for the acquisition of quasi-co-ownership interest (20% quasi-co-ownership interest)in the subject property.
・In the trust beneficiary quasi co-ownership agreement, provisions are made regarding thedecision-making process for matters concerning the subject property, as well as a duty to notify
other co-owners on a preferential basis when a co-owner intends to transfer their quasi-coownership interest.
Note 1: The Investment Corporation will acquire quasi-co-ownership interest (20% quasi-coownership interest) of the trust beneficiary interest in the property.
Note 2: The outline of the leased portion of the subject land is as follows.
a. The type of leasehold right: Ordinary land leaseholdb. The lease term: Not disclosed as the landlease grantor’s consent has not beenobtained.
c. Rent and rent revision: Not disclosed as the landlease grantor’s consent has notbeen obtained.
d. Security and guarantee deposits: Not disclosed as the landlease grantor’s consent
has not been obtained.
Note 3: The provided information represents the total land area of the property. The
ownership status of the property is as follows.
Othera. 908.95 m2: The land is owned by the trustee.
b. 611.57 m2: The land is leased by the trustee.
c. 101.65 m2: Owned by other unit owners of the building.
Note 4: A refers to Main building, B refers to parking, respectively.
Note 5: Total building area for the whole of the building of the main building is shown.
Concerning the property, the entire building has compartments (shop portions on thefirst and second floor) owned by a domestic general business corporation, other thanthe compartments of the Property. In addition, the fifth floor is co-owned with suchcorporation.
Note 6: Total building area for the whole of the building of the property is shown.
Note 7: Not disclosed as the tenant’s consent has not been obtained.
(3) Akishima Distribution Center (Land)
Property name
Type of specified asset
Trustee
Trust period
Location (Lot number)
Form of ownershipLand area
Land
ZoningBuilding coverage ratio
Floor-area ratio
Form of ownership
Gross floor area
Building
Date constructed
Use
Structure / No. of stories

Akishima Distribution Center (Land)
Trust beneficiary interest in real estate
Sumitomo Mitsui Trust Bank, Ltd.
July 22, 2020 through October 31, 2043
3927-20 Haijima-cho, Akishima, Tokyo
Proprietary ownership
10,895.40 m2
Industrial area
60%
200%
8

Earthquake PML
Acquisition priceAppraisal value
Base date for appraisal
Appraisal
Appraiser

1,872 million yen
2,300 million yen
May 1, 2023
Daiwa Real Estate Appraisal Co., Ltd.
Please refer to “10. Summary of Appraisal Report”
below.
None-

OutlineCollateral
Master lessee company after the acquisition
Type of master lease
Property management company after theUndecided
acquisition
Details of tenant
Number of end tenants
1
Total leasable area
10,803.53 m2
Total leased area
10,803.53 m2
Occupancy rate
100.0%
Monthly rent and common area charge
Not disclosed(Note)(Excluding consumption tax, etc.)
Security and guarantee deposits
Not disclosed(Note)
Although some of the boundaries between the property and the adjacent land have not been
Remarks
confirmed in writing, as of today, no dispute has arisen between the property owner and theproperty owner.
Other
Note: Not disclosed as the tenant’s consent has not been obtained.
Outline of Asset to be Disposed of(1) Harajuku F.F. Building
Property name
Type of specified asset
Trustee
Trust period
Location
Form of ownershipLand area
Land
ZoningBuilding coverage ratio
Floor-area ratio
Form of ownership
Gross floor area
Date constructed
Building
Use

Harajuku F.F. Building
Trust beneficiary interest in real estate
Mitsubishi UFJ Trust and Banking Corporation
March 16, 2004 to August 1, 20253-38-12 Sendagaya, Shibuya-ku, Tokyo
Proprietary ownership
700.35 m2
Commercial area
80%
500%
Proprietary ownership
3,812.44 m2
November 21, 1985
Retail stores, office, parking area
Steel-frame reinforced concrete structure with flat roof
/ 11-story building
2,450 million yen
3,880 million yen
April 30, 2023
Japan Real Estate Institute
Please refer to “10. Summary of Appraisal Report”
below.
None

Structure / No. of stories
Acquisition priceAppraisal value
Base date for appraisal
Appraisal
Appraiser
OutlineCollateral
Details of tenant
Number of end tenants2
Total leasable area
3,071.15 m2
Total leased area
3,071.15 m2
Occupancy rate
100.0%
Annual gross rental income
216,624 thousand yen
Security and guarantee deposits
144,075 thousand yen
This property’s building is required to establish parking facility which can accommodate 6
Remarks
vehicles by the Tokyo Parking Ordinance. However, as a result of the partial expropriation of
the property’s land due to the widening of the road in front of the property, only 2 parking
9Otherspaces are currently provided. Therefore, we have submitted a report, based on Article12,
Paragraph 5 of the Building Standards to Shibuya Ward, on securing parking facility nearby
this property which can accommodate 4 vehicles. Moreover, as a result of the said
expropriation of the land, this property’s building exceeds the floor-area ratio standard and isin a state of an existing non-conforming building.
None(2) KDX Nagoya Sakae Building
Property name
Type of specified asset
Location
Form of ownershipLand area
Land
ZoningBuilding coverage ratio
Floor-area ratio
Form of ownership
Gross floor area
Building
Date constructed
Use
Structure / No. of stories
Acquisition priceAppraisal value
Base date for appraisal
Appraisal
Appraiser

KDX Nagoya Sakae Building
Real estate
4-5-3 Sakae, Naka-ku, Nagoya, Aichi
Proprietary ownership
1,192.22 m2
Commercial area
80%
800%
Proprietary ownership
9,594.00 m2
July 1, 2009
Office, retail stores
Steel-frame structure with flat roof / 11-story building
7,550 million yen(Note)
5,740 million yen
April 30, 2023
Daiwa Real Estate Appraisal Co., Ltd.
Please refer to “10. Summary of Appraisal Report”
below.
None

OutlineCollateral
Details of tenant
Number of end tenants
17
Total leasable area
6,923.12 m2
Total leased area
6,923.12 m2
Occupancy rate
100.0%
Annual gross rental income
420,899 thousand yen
Security and guarantee deposits
282,471 thousand yen
Remarks
None
Other
Note: Acquisition price is the total of the land and building.
4．Overview of Seller and Buyer(1) Seller’s Profile①River City 21 East Towers II
Company nameLocation
Title and name of representative

KST5 Co., Ltd.
2-1-6 Uchisaiwaicho, Chiyoda-ku, Tokyo
Tadatsugu Ishimoto, President
1.Acquisition, holding, and disposition of trust
beneficiary interest in real estate
2.Purchase and sale, exchange, leasing, brokerage,
holding, management and usage of real estate
3. Acquisition, holding, and disposition of trust
beneficiary interest in real estate trust beneficiaryinterest
4. Any and all other businesses incidental or related tothe businesses listed in the preceding items.
1 million yen
April 24, 2023
Please refer to “Capital Relationship” below.
Not disclosed as the seller’s consent has not beenobtained.
Not disclosed as the seller’s consent has not beenobtained.

Description of businessAmount of capital
Date of incorporation
Major shareholder and ratio
Net assets
Total assets
10Relationship between the seller and the Investment Corporation/the Asset Management Company
Kenedix, Inc. owns 99.99% of the outstanding shares ofCapital relationshipthe seller. Kenedix, Inc. is the 100% owner of the AssetManagement Company.
There is no special personnel relationship between theInvestment Corporation or the Asset Management
Company and the seller. Furthermore, there is no
Personnel relationshipspecial personnel relationship between related parties
or associated companies of the Investment Corporationor the Asset Management Company and related parties
or associated companies of the seller.
There is no special business relationship between theBusiness relationship
Investment Corporation or the Asset Management
Company and the seller.
The seller is a related party as defined in theInvestment Trust Law and a related party as defined in
Related party relationships
the Related-party Transaction Rules of Residential
REIT Department of the Asset Management Company.
②remm roppongi building
Company name

G.K. RRB
Mentor Capital Tax Corporation 1-2-9 Nishi-shinbashi
Location
Minato-ku, Tokyo
Representative: Ippan Shadan Hojin RRB
Title and name of representative
Office administrator: Shinya Takenouji
1. Acquisition, holding, disposal, leasing andmanagement of real estate
2. Acquisition, holding, and disposition of trust
Description of businessbeneficiary interest in real estate
3. Any and all other businesses related to thebusinesses listed in the preceding items
1 million yen
Amount of capital
May 8, 2018
Date of incorporation
Not disclosed as the seller’s consent has not been
Major shareholder and ratio
obtained.
Not disclosed as the seller’s consent has not been
Net assets
obtained.
Not disclosed as the seller’s consent has not been
Total assets
obtained.
Relationship between the seller and the Investment Corporation/the Asset Management Company
A general incorporated association to which Kenedix,
Inc., the parent company of the Asset Management
Company under the Financial Instruments andCapital relationshipExchange Act, contributes funds holds all shares in thecompany. In addition, concerning the silent
partnership equity interest that places the company as
the operator, Kenedix, Inc. owns 100%.
There is no special personnel relationship between theInvestment Corporation or the Asset Management
Company and the seller. Furthermore, there is no
Personnel relationshipspecial personnel relationship between related parties
or associated companies of the Investment Corporationor the Asset Management Company and related parties
or associated companies of the seller.
There is no special business relationship between theInvestment Corporation or the Asset Management
Company and the seller. Furthermore, there is no
Business relationshipbusiness personnel relationship between related parties
or associated companies of the Investment Corporationor the Asset Management Company and related parties
or associated companies of the seller.
11

The seller is a related party as defined in theInvestment Trust Law and a related party as defined in
the Related-party Transaction Rules of Residential
REIT Department of the Asset Management Company.

Related party transaction③Akishima Distribution Center (Land)
Company nameLocation
Title and name of representative

SMFL MIRAI Partners Company, Limited
1-3-2 Marunouchi, Chiyoda-ku, Tokyo
Tatsuro Terada, President

Description of business

Real estate business, environmental andenergy business and other financial service

business
200 million yen
October 1, 2018
Sumitomo Mitsui Finance and Leasing Company,
Major shareholder and ratio
Limited (100%)
Not disclosed as the seller’s consent has not been
Net assets
obtained.
Not disclosed as the seller’s consent has not been
Total assets
obtained.
Relationship between the seller and the Investment Corporation/the Asset Management Company
The seller is the parent company of Kenedix, Inc.,owning 70% of the outstanding shares of Kenedix, Inc.
Capital relationship
Kenedix, Inc. is the 100% owner of the AssetManagement Company.
One employee of the Asset Management Company is
Personnel relationshipseconded from the seller (as of May 1, 2023).
The seller entered into an Alliance Agreement with theAsset Management Company on October 6, 2021, andBusiness relationshipprovides the Asset Management Company withproperty information and other services as asupporting company.
The seller is a related party as defined in theInvestment Trust Law and a related party as defined in
Related party relationships
the Related-party Transaction Rules of Retail REIT
Department of the Asset Management Company.
Amount of capital
Date of incorporation(2) Buyer’s Profile
Company nameLocation
Title and name of representative

Kenedix, Inc.
2-1-6 Uchisaiwaicho, Chiyoda-ku, Tokyo
Taisuke Miyajima, President & CEO
Asset management business, Real estate related
Description of businessbusiness and Real estate investment business, etc.
Amount of capital
10,020 million yen (as of December 31, 2022)
Date of incorporation
April 17, 1995
Sumitomo Mitsui Finance and Leasing Company,
Major shareholder and ratio
Limited (70%)
ARA Real Estate Investors 30 Limited (30%)
Net assets
110,574 million yen (as of December 31, 2022)
Total assets
145,556 million yen (as of December 31, 2022)
Relationship between the buyer and the Investment Corporation/the Asset Management Company
Kenedix, Inc. is the 100% owner of the Asset
Capital relationshipManagement Company.
129 of employees of the Asset Management Company
Personnel relationshipis seconded from the buyer (as of May 31, 2023)
Kenedix, Inc. has signed the Memorandum Provisionof Real Estate Information and Other Item with theBusiness relationship
Investment Corporation, the Asset Management
Company, and Kenedix Investment Partners, Inc. on
January 6, 2020, and provides the Asset Management
12Company with property information and other services
as a supporting company.
The buyer is a related party as defined in the Investment
Trust Law and a related party as defined in the Relatedparty Transaction Rules Office REIT Department of theAsset Management Company.

Related party relationships

5. Overview of Acquirer(1) River City 21 East Towers II
Investment Corporation<Background, reasons for
Acquisition>
In accordance with its basic
investment principles, theInvestment Corporation shallobtain the Property following its
determination as a competitive
property that will contribute to theInvestment Corporation’s
medium- to long-term
profitability. The anticipatedacquisition price is determined tobe appropriate, as it is below theappraisal price (10,775 million
yen) determined by Japan Real
Estate Institute.

(Anticipated) Owner/Trust
beneficiary<Company name/Relationship to
Specified Related Party>
KST5 Co., Ltd
Please refer to “4. Overview of
Seller and Buyer”<Background, reasons for
Acquisition>
Purpose of bridge to theInvestment Corporation<Anticipated acquisition price>
9,232 million yen<Anticipated acquisition price>
8,989 million yen<Anticipated acquisition date>November 1, 2023

<Anticipated acquisition date>November 1, 2023

(2) remm roppongi building
Investment Corporation<Background, reasons for
Acquisition>
In accordance with its basic
investment principles, theInvestment Corporation shallobtain the Property following its
determination as a competitive
property that will contribute to theInvestment Corporation’s
medium- to long-term
profitability. The anticipatedacquisition price is determined tobe appropriate, as it is below theappraisal price (4,060 million
yen) determined by Daiwa Real
Estate Appraisal Co., Ltd.
<Anticipated acquisition Price>
3,960 million yen

Current owner/Trust beneficiary<Company name/Relationship to
Specified Related Party>
G.K. RRB
Please refer to “4. Overview of
Seller and Buyer”<Background, reasons for
Acquisition>
Acquisition for the purpose ofinvestment and management<Acquisition price>
Omitted because the property has
been owned by current trust
beneficiary for more than a year.
<Acquisition date>July 3, 2018

Current owner/ Trust beneficiary<Company name/Relationship to
Specified Related Party>
G.K. East Towers II<Background, reasons for
Acquisition>
Acquisition for the purpose ofinvestment and management<Acquisition price>
Omitted because the property has
been owned by current trust
beneficiary for more than a year.
<Acquisition date>
December 1, 2021

Previous owner/ Trust beneficiary<Company name/Relationship to
Specified Related Party>
G.K. KRF22<Background, reasons for
Acquisition>
Acquisition for the purpose ofdevelopment<Acquisition price>
Omitted because the property has
been owned by current trust
beneficiary for more than a year.
<Acquisition date><Anticipated acquisition date>(Land) November 29, 2007
November 1, 2023
(Building) February 14, 2017(Note)
Note: The acquisition timing of the building is based on its completion date.
13

(3) Akishima Distribution Center (Land)
Current owner/Trust beneficiary
Investment Corporation<Company name/Relationship to<Background, reasons forSpecified Related Party>
Acquisition>
SMFL MIRAI Partners Company,
In accordance with its basic
Limitedinvestment principles, thePlease refer to “4. Overview ofInvestment Corporation shallSeller and Buyer”.
obtain the Property following its
determination as a competitive
property that will contribute to the <Background, reasons for
Acquisition>
Investment Corporation’s
Acquisition for the purpose of
medium- to long-term
investment and management
profitability. The anticipatedacquisition price is determined tobe appropriate, as it is below theappraisal price (2,300 million
yen) determined by Daiwa Real
Estate Appraisal Co., Ltd.
<Anticipated acquisition price>
1,872 million yen<Anticipated acquisition date>November 1, 2023

<Acquisition price>
1,804 million yen<Acquisition date>
April 24, 2023

Previous owner/ Trust beneficiary<Company name/Relationship to
Specified Related Party>
Not a related party-

6．Details of Brokerage
Not applicable for the Transactions
7．Related-party Transaction(1) River City 21 East Towers II and remm roppongi building
As described above, the transaction to acquire River City 21 East Towers II and remm roppongi building are
considered as related party transactions as defined in the Related-party Transaction Rules of Residential REIT
Division of the Asset Management Company and the related party, etc. as defined in the Investment Trust Act.
Therefore, in accordance with the above regulations and other internal rules, the Asset Management Company
obtained resolutions of approval for the acquisition of the 2 properties at the Investment Committee meeting heldon June 13, 2023, after deliberation and approval at the Compliance Committee meeting held on June 12, 2022.
Furthermore, a resolution of approval was obtained at the Board of Directors Meeting of the Investment
Corporation held on June 13, 2023, and the consent of the Executive Director of KDR was also obtained pursuant
to such resolution of approval. The Asset Management Company will issue documents to KDR in accordancewith the provisions of the Investment Trust Act regarding transactions with the related party.
(2) Akishima Distribution Center (Land)
As described above, the transaction to acquire Akishima Distribution Center (Land) is considered as related party
transaction as defined in the Related-party Transaction Rules of Retail REIT Division of the Asset Management
Company and the related party, etc. as defined in the Investment Trust Act. Therefore, in accordance with theabove regulations and other internal rules, the Asset Management Company obtained resolutions of approval forthe acquisition of the property at the Investment Committee meeting held on June 13, 2023, after deliberation andapproval at the Compliance Committee meeting held on June 12, 2022. Furthermore, a resolution of approval was
obtained at the Board of Directors Meeting of the Investment Corporation held on June 13, 2023, and the consent
of the Executive Director of KRR was also obtained pursuant to such resolution of approval. The AssetManagement Company will issue documents to KRR in accordance with the provisions of the Investment Trust
Act regarding transactions with the related party.
(3) Harajuku F.F. Building and KDX Nagoya Sakae Building
As described above, the transactions to sale Harajuku F.F. Building and KDX Nagoya Sakae Building are
considered as related party transaction as defined in the Related-party Transaction Rules of Office REIT Divisionof the Asset Management Company and the related party, etc. as defined the Investment Trust Act. Therefore, in
accordance with the above regulations and other internal rules, the Asset Management Company obtained
resolutions of approval for the disposition of the property at the Investment Committee meeting held on June 13,2023, after deliberation and approval at the Compliance Committee meeting held on June 12, 2022. Furthermore,a resolution of approval was obtained at the Board of Directors Meeting of KDO held on June 13, 2023, and theconsent of the Executive Director of KDO was also obtained pursuant to such resolution of approval. The Asset
14

Management Company will issue documents to KDO in accordance with the provisions of the Investment Trust
Act regarding transactions with the related party.
8．Scheduled Date of the Transactions
Transaction decision date / Contract date
Payment day / Acquisition date / Disposition dateJune 13, 2023
November 1, 2023 (Anticipated) (Note)

Note: The Transaction falls under the forward commitments, etc. by the investment corporation as specified in the Financial
Services Agency “Comprehensive Guidelines for Supervision of Financial Instruments Business Operators, etc.”. If theInvestment Corporation violates any of the provisions of the purchase and sale agreement and the agreement is canceled forthe reason that purposes of the agreement cannot be fulfilled due to such violation, the Investment Corporation shall pay anamount equivalent to a predetermined rate of the purchase price less consumption tax as a penalty fee. Such penalty fee isset at 1.5% for Akishima Distribution Center (Land) and 5% from June 13, 2023 to August 21, 2023 and 10 % from August22, 2023 to November 1, 2023 for other properties to be acquired or disposed.

9．Outlook
Please refer to the press release “Notice Concerning Operating Results and Distributions Forecasts for the Fiscal
Period Ending April 30, 2024, Following the Merger of Kenedix Office Investment Corporation, Kenedix Residential
Next Investment Corporation and Kenedix Retail REIT Corporation” dated today for the operation results anddistributions forecast of the Investment Corporation reflecting the Transactions.
10．Summary of Appraisal Report
Property nameRiver City 21 East Towers II
10,775,000,000 yen(Note)
Japan Real Estate InstituteMay 1, 2023

Appraisal value
Appraiser
Date of appraisal
Item
Income capitalization approach value
Value based on direct
capitalization method(1) Gross operating revenue
General operating revenue

Breakdown
10,775,000,000

10,850,000,000

Unit: Yen
Basis
Calculated with the value based on the DCF
method in conjunction with the value based on
the direct capitalization method.
Calculated by dividing the standardized NCF
that is expected to remain stable over the
medium to long term by the cap rate, based on
the premise of the renovation works on resident
areas.

508,097,250
545,687,000

Vacancy-related loss

37,589,750(2) Operating expenses

117,785,250

Maintenance fees

27,125,000

Utility expenses

7,250,000

Repairs

14,810,000

PM fees

9,804,750

Tenant marketing
expenses

27,933,250

Real estate taxes

28,672,250

15

Assessed based on a level of fair rent considered
to remain stable over the medium and long term,
assuming renovation work in the residential area.
Assessed based on the assumption of an
occupancy rate that remains stable over the
medium and long term.
Assessed with reference to the maintenance andmanagement fees based on the contract terms,
the fee level of similar properties, etc.
Assessed in consideration of the performance ofsimilar properties.
Assessed in consideration of the actual amounts
in the prior years, expenses at similar properties,
annual average repair, maintenance and renewal
expenses, etc. in the engineering report.
Assessed in consideration of compensation rates
based on contract terms and compensation rates,etc. at similar properties.
Assessed with reference to the contract terms
and the lease terms of similar properties.
Assessed an amount based on the fiscal year
2023 tax statement, etc.

Insurance expenses
Other property-related
expenses(3) Net operating income(NOI=(1)-(2))(4) One-time gain

1,815,000

Recorded with consideration of theinsurance premium rate at similar properties.

375,000

Recorded costs related to Internet services.

390,312,000
394,750(5) Capital expenditure

22,050,000(6) Net cash flow
(NCF＝(3)+(4)-(5))

368,656,750(7) Cap rate
Value based on DCF method

3.4%

Assessed by comprehensively taking into
account the property’s location, the conditions of
the building and other conditions (including thecost of renovation works on resident areas).

10,700,000,000

Discount rate

2.9%

Terminal cap rate

3.3%

Value based on cost method

Assessed income from investments by using an
investment return of 1.0%.
Assessed taking into account the level of capital
expenditures at similar properties and the age ofthe property, assuming that an equal amount is
added to a reserve in each fiscal period.

Assessed by comprehensively taking into
account the Property’s unique characteristics,
while reflecting investment returns of similar
properties in transaction.
Assessed by comprehensively taking into
account upcoming changes in investment
returns, risks associated with the property to beacquired, general prediction of economic growthrate, trends in real estate prices and rental rates,
and all other applicable factor, while reflecting
returns associated with acquisitions of similar
properties.

10,575,000,000

Ratio of land

84.5%

Ratio of building

15.5%

Adopted income approach value from the judgment that the income
approach value is more persuasive because it is the price calculated
according to price formation process from the aspect of earnings, while
using the value calculated based on the cost approach as a reference.
Note: Figures are corresponding to the ratio of 25% quasi co-ownership interest against the figures stated in the appraisal
report, with amounts rounded down to the nearest unit.
The appraiser’s points to consider
upon appraisal other than the above

Property nameremm roppongi building

Appraisal Value
Appraiser
Date of appraisal

4,060,000,000 yen(Note 1)
Daiwa Real Estate Appraisal Co., Ltd.
May 1, 2023

Item

Breakdown

Income capitalization approach value

4,060,000,000

Value based on direct
capitalization method(1) Gross operating revenue

4,160,000,000

Unit: Yen
Basis
Calculated with the value based on the DCF method,with reference to the value based on direct
capitalization method.
Calculated by dividing the standardized NCF that is
expected to remain stable over the medium to longterm by the cap rate and reflecting the ratio of coownership.

Not disclosed(Note 2)

General operating revenue

Not disclosed(Note 2)

16

Assessed based on a level of fair rent considered toremain stable over the medium and long term.

Vacancy-related loss

Not disclosed(Note 2)(2) Operating expenses

67,401,155

Maintenance fees

14,366,195

Utility expenses

15,484,522

Repairs

946,633

PM fees

223,680

Tenant marketing
expenses

193,184

Real estate taxes

16,818,980

Insurance expenses

462,540

Other property-related
expenses

18,905,422(3) Net operating income(NOI=(1)-(2))

142,422,011(4) One-time gain

1,739,705(5) Capital expenditure

2,841,381(6) Net cash flow
(NCF＝(3)+(4)-(5))

141,320,335(7) Cap rate
Value based on DCF method

3.4%

3.2%

Terminal cap rate

3.6%

Assessed income from investments by using an
investment return of 1.0% (taking into account thedeposit on the leased land portion).
Assessed by consideration of CM fee, based on the
ER’s 12-year average repair and renewal costs.

Assessed by comprehensively taking into account theproperty’s location, the characteristics of the building
and other characteristics.
Assessed by comprehensively taking into account theproperty’s unique characteristics, etc. by reference totransaction yields at similar properties.
Assessed by comprehensively taking into accountupcoming changes in investment returns, risks
associated with the property to be acquired, generalprediction of economic growth rate, trends in realestate prices and rental rates, and all other applicablefactor, while reflecting returns associated withacquisitions of similar properties.

4,220,000,000

Ratio of land

88.4%

Ratio of building

11.6%

The appraiser’s points to consider
upon appraisal other than the above

Assessed an amount in consideration of the actual
amounts in the prior years, and maintenance expensesof similar properties.
Assessed an amount in consideration of the actual
amounts in the prior years, and utility expenses ofsimilar properties.
Assessed and recorded based on ER’s 12-year average
repair costs.
Calculated based on the current PM fees, by referringto the fee rates of similar properties.
Recorded, as for retail facilities the average annual
amount based on the anticipated turnover period of
the tenant, considering current lease conditions andlease conditions of similar properties.
Assessed and recorded based on the actual amount infiscal year 2023.
Assessed based on documents obtained from theclient, by referring to the expenses of similar
properties
As for rent of leased land, assessed based on thecontract terms, and as for payment for servitude,assessed on contract amount. Assess other expenses
such as consumables based on the actual amount in
the past

4,010,000,000

Discount rate

Value based on cost method

Assessed based on the assumption of an occupancy
rate that remains stable over the medium and longterm.

Adopted income approach value from the judgment that the income
approach value is more persuasive because it is the price calculated
according to price formation process from the aspect of earnings, while
using the value calculated based on the cost approach as a reference.

Note 1: Figures are corresponding to the ratio of 20% quasi co-ownership interest.
Note 2: Figures used in the direct capitalization method (1) include information for which the Investment Corporation has not
obtained consent for disclosure from the lessee or which enables one to calculate such information. If such figures aredisclosed, due to loss of trust relationship between the lessee and the Investment Corporation, claims for damages orrequest for termination may be brought against the Investment Corporation for breach of confidentiality obligation, or it17may become difficult to renew the agreement over a long term, causing disadvantages and in turn causing damage to theinvestors’ interests. Therefore, information and figures are not disclosed in (1) above except where it is determined thatsuch disclosure causes no harm.

Property name

Akishima Distribution Center (Land)

Appraisal value
Appraiser
Date of appraisal

2,300,000,000 yen
Daiwa Real Estate Appraisal Co., Ltd.
May 1, 2023

Item

Breakdown

Income capitalization approach value

2,300,000,000

Value based on direct
capitalization method(1) Gross operating revenue

2,320,000,000

Unit: Yen
Basis
Calculated based on the DCF method, with reference
to the value based on direct capitalization method(direct capitalization method over a definite term).
Calculated by multiplying the stabilized NCF that is
expected to remain stable over the medium term bycompound present value factor, adjusted by the value
sale of the land at the end of the lease contract
discounted to its present value.

Not disclosed(Note)

General operating revenue

Not disclosed(Note)

Vacancy-related loss

0(2) Operating expenses

Not disclosed

Not calculated, as long-term continuation of current
lease agreements is expected.

(Note)

Maintenance fees0

Not applicable as the property is land.

Utility expenses

0

Not applicable as the property is land.

Repairs0

PM fees

2,400,000

Not applicable as the property is land.
Recorded based on anticipated PM fees for theproperty.
Not recorded, as long-term continuation of current
lease agreements is expected.

Tenant marketing
expenses
Real estate taxes
Insurance expenses
Other property-related
expenses(3) Net operating income(NOI=(1)-(2))(4) One-time gain0
Not disclosed(Note)

0074,032,000
431,382(5) Capital expenditure0(6) Net cash flow
(NCF＝(3)+(4)-(5))

74,463,382(7) Cap rate
Value based on DCF method

Not applicable as the property is land.

3.5%

Assessed income from investments by using an
investment return of 1.0%.
Not applicable as the property is land.

Assessed by comprehensively taking into account of
the location and contract terms of the property.

2,290,000,000

Discount rate

3.4%

Terminal cap rate

3.6%

Value based on cost method－

Ratio of land－
18

Assessed based on the past transactions of comparable
properties and by taking into account the uniquenessof real estate properties as financial assets in terms ofinvestment yield.
Assessed by taking into account the characteristics of
the NCF used for the capitalization rate and future
uncertainties/liquidity/marketability of the property.

Ratio of building

The appraiser’s points to consider
upon appraisal other than the above－
The property is located on a corner lot at the intersection of a widestreet and has good visibility. The building on the land above-groundstructure is used as a food production facility, sales office, factory, andas a distribution center. Most of the distribution facilities located in
Akishima handle consumer goods such as foods products, and theirmain function is to deliver products to populated areas. Therefore, thelocation of the property as a business site is considered suitable, and theInvestment Corporation believes that the risk of the tenants vacating theproperty is relatively low.
Moreover, the property is land with a fixed-term leasehold interest forbusiness use, and land rent level is generally appropriate compared tomarkets standards. When the property is returned to full ownership asvacant land after the contract expires, it will be competitive as a site forlogistics facilities, and the Investment Corporation expects to recover areasonable amount of economic value.

Note: Figures used in the direct capitalization method ((1) and (2)) include information for which the Investment Corporation
has not obtained consent for disclosure from the lessee or which enables one to calculate such information. If such figures
are disclosed, due to loss of trust relationship between the lessee and the Investment Corporation, claims for damages orrequest for termination may be brought against the Investment Corporation for breach of confidentiality obligation, or it
may become difficult to renew the agreement over a long term, causing disadvantages and as a result causing damage tothe unitholders’ interests. Therefore, information and figures are not disclosed in (1) and (2) above except where it isdetermined that such disclosure causes no harm.

Property name

Harajuku F.F. Building

Appraisal value
Appraiser
Date of appraisal

3,880,000,000 yen
Japan Real Estate Institute
April 30, 2023

Item
Income capitalization approachvalue
Value based on direct
capitalization method(1) Gross operating revenue
General operating
revenue
Vacancy-related loss

Breakdown
3,880,000,000
3,880,000,000

Unit: Yen
Basis
Calculated with the value based on the DCF method
in conjunction with the value based on the direct
capitalization method.
Calculated by dividing the standardized NCF that is
expected to remain stable over the medium to longterm by the cap rate.

221,668,000
222,244,000

576,000(2) Operating expenses

47,928,000

Maintenance fees

8,050,000

Utility expenses

9,000,000

Repairs

4,950,000

PM fees

4,203,000

19

Assessed based on the assumption of the rent
revenue, common area charge revenue, parking
revenue, other revenue, etc. that are believed toremain stable over the medium and long term.
Assessed based on the assumption of an occupancy
rate that remains stable over the medium and longterm.
Assessed in consideration of the actual amounts inthe prior years, maintenance expenses of similar
properties and unique characteristics of the property.
Assessed in consideration of the actual amounts inthe prior years, utility expenses of similar properties,
occupancy rate of leased area, etc.
Assessed in consideration of the actual amounts inthe prior years, future administrative operation plan,
expenses at similar properties, annual average
repair, maintenance and renewal expenses, etc. in
the engineering report.
Assessed in consideration of compensation rates
based on terms of contract and compensation rates,etc. at similar properties.

Tenant marketing
expenses

38,000Real estate taxes

19,079,000

Insurance expenses

208,000

Other property-related
expenses

2,400,000(3) Net operating income(NOI=(1)-(2))(4) One-time gain

173,740,000
1,440,000(5) Capital expenditure

12,050,000(6) Net cash flow
(NCF＝(3)+(4)-(5))

163,130,000(7) Cap rate
Value based on DCF method

4.2%

3.9%

Terminal cap rate

4.2%

Assessed by comprehensively taking into accountcomparison with transaction cases, etc. of similar
properties,
theproperty’s
location,thecharacteristics of the building, the rights, thecontract terms, etc.
Assessed by comprehensively taking into accountthe property’s unique characteristics, whilereflecting investment returns of similar properties.
Assessed by taking into account future uncertainty,
liquidity, etc. based on capitalization rate.

3,470,000,000

Ratio of land

90.5%

Ratio of building

9.5%

The appraiser’s points to consider
upon appraisal other than the above

Assessed based on an investment yield of 1.0%.
Assessed taking into account the capital expenditurelevels at comparable properties, average annual
renovation expenses which is described in theengineering report and the age of each property,
assuming that an equal amount is added to a reservein each fiscal period.

3,880,000,000

Discount rate

Value based on cost method

Not recorded because the Investment Corporation
does not expect tenant replacement for leased
portion. Recorded an annual average amountassessed based on the estimated tenant turnover
period for parking area.
Recorded based on the tax base amounts in the fiscal
year 2022, etc., taking into account the contents ofburden adjustment measures, etc.
Assessed based on insurance premiums under the
insurance policy and actual insurance premium rates
for comparable properties
Recorded expenses such as parking lot rent,
resident’s association membership fees, and power
pole usage fees.

Adopted income approach value from the judgment that the income
approach value is more persuasive because it is the price calculated
according to price formation process from the aspect of earnings, while
using the value calculated based on the cost approach as a reference.

Property name

KDX Nagoya Sakae Building

Appraisal value
Appraiser
Date of appraisal

5,740,000,000 yen
Daiwa Real Estate Appraisal Co., Ltd.
April 30, 2023

Item

Breakdown

Income capitalization approach value

5,740,000,000

Value based on direct
capitalization method(1) Gross operating revenue

Unit: Yen
Basis
Calculated with the value based on the DCF method,with reference to the value based on direct
capitalization method.

5,860,000,000
402,461,384

General operating revenue
424,388,704
20

Assessed based on rent revenue, common area charge
revenue, parking revenue, other revenue, etc. that are
believed to remain stable over the medium and longterm.

Vacancy-related loss

21,927,320(2) Operating expenses

135,470,030

Maintenance fees

23,874,792

Utility expenses

42,723,000

Repairs

11,644,167

PM fees

7,237,491

Tenant marketing
expenses

2,633,488

Real estate taxes

46,022,300

Insurance expenses

434,792

Other property-related
expenses(3) Net operating income(NOI=(1)-(2))

900,000

2,583,227(5) Capital expenditure

23,636,558(6) Net cash flow
(NCF＝(3)+(4)-(5))

245,938,023(7) Cap rate

4.2%

4.0%

Terminal cap rate

4.4%

Assessed by comprehensively taking into accountcomparison with transaction cases, etc. of similar
properties, the property’s location, the characteristicsof the building, the rights, the contract terms, etc.
Assessed based on the past transactions of comparable
properties and by taking into account the uniquenessof real estate properties as financial assets in terms ofinvestment yield.
Assessed by taking into account the characteristics of
the NCF used for the capitalization rate and future
uncertainties/liquidity/marketability of the property.

7,070,000,000

Ratio of land

72.6%

Ratio of building

27.4%

The appraiser’s points to consider
upon appraisal other than the above

Recorded by verifying the level of renewal expenses,
etc. of similar properties based on the engineering
report, plus the CM fees.

5,690,000,000

Discount rate

Value based on cost method

Assessed in consideration of the actual amounts in theprior years, and maintenance expenses of similar
properties.
Assessed by verifying the level of utility expenses ofsimilar properties based on the actual amounts in theprior years.
Assessed by verifying the level of repair expenses ofsimilar properties based on the engineering report.
Assessed a standardized PM fee ratio based on PM fee
ratios of similar properties.
Assessed in consideration of an estimated tenant
turnover and a vacancy rate, based on the levels oftenant recruitment expenses, etc. of similar properties.
Assessed based on the actual amount of fiscal year
2022.
Assessed by verifying the insurance premiums ofsimilar properties based on the actual amount of
insurance premium.
Assessed other expenses based on the actual amountin the past.

266,991,354(4) One-time gain

Value based on DCF method

Assessed based on an occupancy rate that remains
stable over the medium and long term.

None<Attached materials>
・Reference material 1. Property Photographs and Maps
・Reference material 2. List of Property Portfolio after the Transactions<Other reference materials>
Press release published today (Release entity)
・Notice Concerning Execution of the Merger Agreement by and among Kenedix Office Investment Corporation,
Kenedix Residential Next Investment Corporation, and Kenedix Retail REIT Corporation(KDO, KDR, KRR)
・Notice Concerning Split of Investment Units
(KDO)
21

・Notice Concerning Operating Results and Distributions Forecasts for the Fiscal Period Ending April 30, 2024,
Following the Merger of Kenedix Office Investment Corporation, Kenedix Residential Next Investment Corporation,
and Kenedix Retail REIT Corporation(KDO, KDR, KRR)
・Notice Concerning Acquisition of Property (York Mart Higashi-Michinobe)(KRR)・Notice Concerning Forecasts for Operating Results for the Fiscal Period Ending October 31, 2023 (from April 1,
2023 to October 31, 2023) and Payment Upon the Merger(KDR)
・Notice Concerning Forecasts for Operating Results for the Fiscal Period Ending October 31, 2023 (from April 1,
2023 to October 31, 2023) and Payment Upon the Merger(KRR)

Websites of Each REIT
Kenedix Office Investment Corporation：
Kenedix Residential Next Investment Corporation：
Kenedix Retail REIT Corporation：

22

https://www.kdo-reit.com/en/
https://www.kdr-reit.com/en/
https://www.krr-reit.com/en/

Reference material 1. Property Photographs and Maps
1. River City 21 East Towers II

23

2. remm roppongi building24

3. Akishima Distribution Center (Land)25

Reference material 2. List of Portfolio after the Transactions

No.

Use of property

Property name

A-1
A-3
A-4
A-5
A-7
A-8
A-12
A-13
A-14

OfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeKDX Nihonbashi 313 Building
Higashi-Kayabacho Sanyo Building
KDX Hatchobori Building
KDX Nakano-Sakaue Building
KDX Minami Aoyama Building
KDX Kanda Kitaguchi Building
Portus Center Building
KDX Kojimachi Building
KDX Funabashi Building

A-16

OfficeToshin 24 Building

A-17
A-19
A-20
A-21

OfficeOfficeOfficeOfficeKDX Ebisu Building
KDX Hamamatsucho Building
KDX Kayabacho Building
KDX Shinbashi Building

A-22

OfficeKDX Shin-Yokohama Building

A-27
A-29
A-30
A-31
A-32
A-33
A-35
A-37
A-38
A-41
A-42
A-44
A-46
A-51
A-53
A-54
A-55
A-56
A-59
A-60
A-62
A-63
A-64
A-66
A-67
A-69

OfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeKDX Kajicho Building
KDX Higashi-Shinjuku Building
KDX Nishi-Gotanda Building
KDX Monzen-Nakacho Building
KDX Shiba-Daimon Building
KDX Okachimachi Building
KDX Hachioji Building
KDX Ochanomizu Building
KDX Nishi-Shinjuku Building
KDX Shinjuku 286 Building
KDX Karasuma Building
KDX Sendai Building
Hiei Kudan-Kita Building
KDX Hamacho Nakanohashi Building
KDX Hakata-Minami Building
KDX Kitahama Building
Shin-toshin Maruzen Building
KDX Jimbocho Building
KDX Iwamoto-cho Building
KDX Harumi Building
Koishikawa TG Building
KDX Gotanda Building
KDX Nihonbashi 216 Building
KDX Shinjuku Building
KDX Ginza 1chome Building
KDX Kobayashi-Doshomachi Building

A-70

OfficeKDX Sapporo Building

A-71
A-72
A-73
A-78
A-79
A-82
A-83
A-84
A-85
A-86
A-87

OfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeKDX Iidabashi Building
KDX Higashi-Shinagawa Building
KDX Hakozaki Building
KDX Tachikawa Ekimae Building
KDX Nagoya Ekimae Building
KDX Higashi Umeda Building
KDX Fuchu Building
KDX Kasuga Building
KDX Nakameguro Building
KDX Omiya Building
Nihonbashi Horidomecho First

26

Location
Chuo-ku, Tokyo
Chuo-ku, Tokyo
Chuo-ku, Tokyo
Nakano-ku, Tokyo
Minato-ku, Tokyo
Chiyoda-ku, Tokyo
Sakai-shi, Osaka
Chiyoda-ku, Tokyo
Funabashi-shi, Chiba
Yokohama-shi,
Kanagawa
Shibuya-ku, Tokyo
Minato-ku, Tokyo
Chuo-ku, Tokyo
Minato-ku, Tokyo
Yokohama-shi,
Kanagawa
Chiyoda-ku, Tokyo
Shinjuku-ku, Tokyo
Shinagawa-ku, Tokyo
Koto-ku, Tokyo
Minato-ku, Tokyo
Taito-ku, Tokyo
Hachioji-shi, Tokyo
Chiyoda-ku, Tokyo
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo
Kyoto-shi, Kyoto
Sendai-shi, Miyagi
Chiyoda-ku, Tokyo
Chuo-ku, Tokyo
Fukuoka-shi, Fukuoka
Osaka-shi, Osaka
Shinjuku-ku, Tokyo
Chiyoda-ku, Tokyo
Chiyoda-ku, Tokyo
Chuo-ku, Tokyo
Bunkyo-ku, Tokyo
Shinagawa-ku, Tokyo
Chuo-ku, Tokyo
Shinjuku-ku, Tokyo
Chuo-ku, Tokyo
Osaka-shi, Osaka
Sapporo-shi,
Hokkaido
Shinjuku-ku, Tokyo
Shinagawa-ku, Tokyo
Chuo-ku, Tokyo
Tachikawa-shi, Tokyo
Nagoya-shi, Aichi
Osaka-shi, Osaka
Fuchu-shi, Tokyo
Bunkyo-ku, Tokyo
Meguro-ku, Tokyo
Saitama-shi, Saitama
Chuo-ku, Tokyo(Anticipated)
AcquisitionPrice(millions ofyen)(Note1)
5,940
4,450
3,680
2,533
2,270
1,950
5,570
5,950
2,252
5,300
4,640
3,460
2,780
3,728
2,520
2,350
2,950
4,200
1,400
6,090
2,000
1,155
6,400
1,500
2,300
5,400
2,100
7,600
2,310
4,900
2,220
2,110
2,760
1,864
10,250
3,080
2,620
2,010
6,800
4,300
2,870
2,005
4,670
4,590
2,710
1,267
7,327
2,770
6,120
2,800
1,880
2,020
2,200

A-88
A-89
A-90
A-91
A-92
A-93

OfficeOfficeOfficeOfficeOfficeOfficeKDX Shinjuku 6-chome Building
KDX Takanawadai Building
KDX Ikebukuro Building
KDX Mita Building
KDX Akihabara Building
KDX Iidabashi Square

A-94

OfficeKDX Musashi-Kosugi Building

A-95
A-96

OfficeOfficeKDX Toyosu Grand Square
KDX Takadanobaba Building

A-97

OfficeKDX Utsunomiya Building

A-98

OfficeKDX Hiroshima Building

A-99
A-100

OfficeOfficeKDX Ikebukuro West Building
Senri Life Science Center Building

A-101

OfficeKDX Yokohama Building

A-102

OfficeKDX Yokohama Nishiguchi Building

A-104
A-106
A-107
A-108
A-109
A-110
A-111
A-112
A-113
A-115
A-116
A-117

OfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeKDX Minami-Honmachi Building
KDX Sakura-dori Building
KDX Ginza East Building
Pentel Building
KDX Hamamatsucho Center Building
KDX Shin-Osaka Building
KDX Nagoya Nichigin-mae Building
KDX Toranomon 1chome Building
KDX Shin-Nihonbashi Ekimae Building
ARK Mori Building
KDX Nishi-Shinbashi Building
BR Gotanda

A-118

OfficeKDX Sapporo Kitaguchi Building

A-119
A-120
A-121

OfficeOfficeOfficeKDX Shibuya Nanpeidai Building
KDX Yoyogi Building
Ginza 4chome Tower

A-122

OfficeMitsubishijuko Yokohama Building

A-123

OfficeKDX Yokohama Kannai Building

A-124
A-125
A-126
A-127
A-128
A-129
A-130
A-131
D-2
T-1
T-3
T-4
T-5
T-6
T-7

OfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeOfficeResidential
Residential
Residential
Residential
Residential
Residential

KDX Hamamatsucho PlaceKDX Chofu Building
KDX Tosabori Building
KDX Kanda Ekimae Building
KDX Shinbashi Ekimae Building
KDX Sendai Honcho Building
KDX Edobashi Building
KDX Kobe Building
Shinjuku 6chome Building (Land)
KDX Daikanyama Residence
KDX Odenma Residence
KDX Iwamoto-cho Residence
KDX Bunkyo Sengoku Residence
KDX Azumabashi Residence
KDX Shimura Sakaue Residence

T-9

Residential

Cosmo Heim Motosumiyoshi

T-10

Residential

KDX Musashi Nakahara Residence

T-11

Residential

KDX Chiba Chuo Residence

T-12

Residential

KDX Kawaguchi Saiwai-cho Residence

T-13

Residential

KDX Residence Shirokane I

27

Shinjuku-ku, Tokyo
Minato-ku, Tokyo
Toshima-ku, Tokyo
Minato-ku, Tokyo
Chiyoda-ku, Tokyo
Shinjuku-ku, Tokyo
Kawasaki-shi,
Kanagawa
Koto-ku, Tokyo
Toshima-ku, Tokyo
Utsunomiya-shi,
Tochigi
Hiroshima-shi,
Hiroshima
Toshima-ku, Tokyo
Toyonaka-shi, Osaka
Yokohama-shi,
Kanagawa
Yokohama-shi,
Kanagawa
Osaka-shi, Osaka
Nagoya-shi, Aichi
Chuo-ku, Tokyo
Chuo-ku, Tokyo
Minato-ku, Tokyo
Osaka-shi, Osaka
Nagoya-shi, Aichi
Minato-ku, Tokyo
Chuo-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Shinagawa-ku, Tokyo
Sapporo-shi,
Hokkaido
Shibuya-ku, Tokyo
Shibuya-ku, Tokyo
Chuo-ku, Tokyo
Yokohama-shi,
Kanagawa
Yokohama-shi,
Kanagawa
Minato-ku, Tokyo
Chofu-shi, Tokyo
Osaka-shi, Osaka
Chiyoda-ku, Tokyo
Minato-ku, Tokyo
Sendai-shi, Miyagi
Chuo-ku, Tokyo
Kobe-shi, Hyogo
Shinjuku-ku, Tokyo
Shibuya-ku, Tokyo
Chuo-ku, Tokyo
Chiyoda-ku, Tokyo
Bunkyo-ku, Tokyo
Sumida-ku, Tokyo
Itabashi-ku, Tokyo
Kawasaki-shi,
Kanagawa
Kawasaki-shi,
Kanagawa
Chiba-shi, Chiba
Kawaguchi-shi,
SaitamaMinato-ku, Tokyo

1,900
5,250
3,900
3,180
2,600
4,350
12,000
8,666
3,650
2,350
1,300
1,934
13,000
7,210
2,750
2,200
5,900
3,600
3,350
3,950
4,550
3,500
14,616
3,829
4,169
8,400
2,200
1,800
3,500
2,479
9,800
14,7209,500
20,700
8,700
5,000
3,300
16,300
6,360
9,600
3,450
2,880
4,700
1,775
822
1,488
650
2,830
2,087
637
1,480
1,150
3,000

T-15
T-16
T-17
T-18
T-19
T-20
T-21
T-22
T-24
T-25
T-26
T-27
T-28
T-29
T-30
T-31
T-32
T-33
T-34
T-35
T-36
T-37
T-38
T-39
T-40
T-41
T-42
T-43

Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential

KDX Residence Shirokane II
KDX Residence Minami-aoyama
KDX Residence Minami-azabu
KDX Residence Shiba Koen
KDX Residence Azabu East
KDX Residence Takanawa
KDX Residence Nishihara
KDX Residence Daikanyama II
KDX Residence Nihombashi Suitengu
KDX Residence Nihombashi Hakozaki
KDX Residence Higashi-Shinjuku
KDX Residence Yotsuya
KDX Residence Nishi-shinjuku
KDX Residence Kagurazaka
KDX Residence Futako Tamagawa
KDX Residence Komazawa Koen
KDX Residence Mishuku
KDX Residence Yoga
KDX Residence Shimouma
Raffine Minami-magome
KDX Residence Yukigaya Otsuka
KDX Residence Denen Chofu
KDX Residence Tamagawa
KDX Residence Monzennakacho
KDX Residence Okachimachi
KDX Residence Moto-asakusa
KDX Residence Itabashi Honcho
KDX Residence Azusawa

T-45

Residential

KDX Residence Yokohama Kannai

T-46

Residential

KDX Residence Miyamaedaira

T-47

Residential

KDX Residence Machida

T-48
T-49
T-50
T-51
T-52
T-53
T-54
T-55
T-56
T-57
T-58
T-59
T-60
T-61
T-62
T-63

Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential

KDX Residence Kinshicho
KDX Residence Nihombashi Hamacho
KDX Residence Nihombashi Ningyocho
KDX Residence Jiyugaoka
KDX Residence Togoshi
KDX Residence Shinagawa Seaside
KDX Residence Ojima
KDX Residence Oyama
KDX Residence Hanzomon
KDX Residence Akihabara II
KDX Residence Kagurazaka DoriKDX Residence Sendagi
KDX Residence Seijo
KDX Residence Akihabara
KDX Residence Iriya
KDX Residence Tachikawa

T-64

Residential

KDX Residence Tsurumi

T-65
T-66
T-67
T-68
T-69
T-70
T-71
T-72
T-73
T-74
T-75

Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential

KDX Residence Morishita Chitose
KDX Residence Akasaka
KDX Residence Kanda
KDX Residence Ebisu
KDX Residence Nishi-magome
KDX Residence Nishi-azabu
KDX Residence Azabu Sendaizaka
KDX Residence Waseda Tsurumaki
KDX Residence Bunkyo Yushima
KDX Residence Kamishakujii
KDX Residence Shin-otsuka

28

Minato-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Shibuya-ku, Tokyo
Shibuya-ku, Tokyo
Chuo-ku, Tokyo
Chuo-ku, Tokyo
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo
Shinjuku-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Ota-ku, Tokyo
Ota-ku, Tokyo
Ota-ku, Tokyo
Ota-ku, Tokyo
Koto-ku, Tokyo
Taito-ku, Tokyo
Taito-ku, Tokyo
Itabashi-ku, Tokyo
Itabashi-ku, Tokyo
Yokohanma-shi,
Kanagawa
Kawasaki-shi,
Kanagawa
Sagamihara-shi,
Kanagawa
Sumida-ku, Tokyo
Chuo-ku, Tokyo
Chuo-ku, Tokyo
Meguro-ku, Tokyo
Shinagawa-ku, Tokyo
Shinagawa-ku, Tokyo
Koto-ku, Tokyo
Itabashi-ku, Tokyo
Chiyoda-ku, Tokyo
Chiyoda-ku, Tokyo
Shinjuku-ku, Tokyo
Bunkyo-ku, Tokyo
Setagaya-ku, Tokyo
Taito-ku, Tokyo
Taito-ku, Tokyo
Tachikawa-shi, Tokyo
Yokohama-shi,
Kanagawa
Sumida-ku, Tokyo
Minato-ku, Tokyo
Chiyoda-ku, Tokyo
Shibuya-ku, Tokyo
Ota-ku, Tokyo
Minato-ku, Tokyo
Minato-ku, Tokyo
Shinjuku-ku, Tokyo
Bunkyo-ku, Tokyo
Nerima-ku, Tokyo
Toshima-ku, Tokyo

2,800
2,230
2,080
1,781
1,560
770
1,450
730
3,240
1,147
3,270
2,260
1,000
720
1,250
920
760
700
600
1,250
1,050
1,000
776
773
850
800
620
550
800
999
1,800
1,350
996
530
1,268
3,745
2,593
1,857
2,679
4,832
850
1,360
2,200
1,400
1,250
1,062
3,026
1,050
1,100
1,150
700
2,845
1,130
1,224
792
561
695
648
764

T-76
T-77
T-78
T-79

Residential
Residential
Residential
Residential

KDX Residence Sakurajosui
KDX Residence Ryogoku
KDX Residence Toyosu
KDX Residence Asagaya

T-80

Residential

KDX Residence Hiyoshi

T-81
T-82
T-83
T-84
T-85
T-86
T-87
T-88
T-89
T-90
T-91
T-92
T-93
T-94

Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential

KDX Residence Kamikitazawa
KDX Residence Kaminoge
KDX Residence Higashi-Asakusa
KDX Residence Nishi-Funabashi
KDX Residence Hatagaya
KDX Residence Asagaya II
KDX Residence Gakugeidaigaku
KDX Residence Kamata-minami
KDX Residence Kichijoji
KDX Residence Mitaka
KDX Residence Nakanobu
KDX Residence Ichikawa
KDX Residence Hatchobori
KDX Residence Nakaitabashi

T-95

Residential

KDX Residence Shonandai

T-96

Residential

KDX Residence Ikebukuro West

T-97

Residential

KDX Residence Tennocho

T-98

Residential

KDX Residence Kawasaki

T-99
T-100
T-101

Residential
Residential
Residential

KDX Residence Kamata-minami II
KDX Residence Kamishakujii II
KDX Residence Tsudanuma

T-102

Residential

KDX Residence Yokohama Momijizaka

T-103

Residential

KDX Residence Umejima

T-104

Residential

KDX Residence Mizonokuchi

T-105
T-106
T-107
T-108
R-2
R-3
R-4
R-5

Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential

KDX Residence Hachioji Otsuka
KDX Residence Tsudanuma II
KDX Residence Oyamadai
KDX Residence Asakusa
KDX Jozenji Dori Residence
KDX Izumi Residence
KDX Chihaya Residence
KDX Sakaisuji Hommachi Residence

R-7

Residential

KDX Takarazuka Residence

R-8

Residential

KDX Shimizu Residence

R-9

Residential

KDX Residence Odori Koen

R-10

Residential

KDX Residence Kikusui Yojo

R-11

Residential

KDX Residence Toyohira Koen

R-13
R-16
R-18
R-19
R-20
R-21
R-22
R-24
R-25
R-26
R-27
R-28

Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential

KDX Residence Ichiban-cho
KDX Residence Higashi-sakura I
KDX Residence Jingumae
KDX Residence Nishi-oji
KDX Residence Saiin
KDX Residence Namba
KDX Residence Namba-Minami
KDX Residence Ibaraki I / II
KDX Residence Toyonaka-Minami
KDX Residence Moriguchi
KDX Residence Sannomiya
Ashiya Royal Homes

29

Suginami-ku, Tokyo
Sumida-ku, Tokyo
Koto-ku, Tokyo
Suginami-ku, Tokyo
Yokohama-shi,
Kanagawa
Setagaya-ku, Tokyo
Setagaya-ku, Tokyo
Taito-ku, Tokyo
Funabashi-shi, Chiba
Shibuya-ku, Tokyo
Suginami-ku, Tokyo
Meguro-ku, Tokyo
Ota-ku, Tokyo
Musashino-shi, Tokyo
Mitaka-shi, Tokyo
Shinagawa-ku, Tokyo
Ichikawa-shi, Chiba
Chuo-ku, Tokyo
Itabashi-ku, Tokyo
Fujisawa-shi,
Kanagawa
Itabashi-ku, Tokyo
Yokohama-shi,
Kanagawa
Kawasaki-shi,
Kanagawa
Ota-ku, Tokyo
Nerima-ku, Tokyo
Funabashi-shi, Chiba
Yokohama-shi,
Kanagawa
Adachi-ku, Tokyo
Kawasaki-shi,
Kanagawa
Hachioji-shi, Tokyo
Funabashi-shi, Chiba
Setagaya-ku, Tokyo
Taito-ku, Tokyo
Sendai-shi, Miyagi
Nagoya-shi, Aichi
Nagoya-shi, Aichi
Osaka-shi, Osaka
Takarazuka-shi,
Hyogo
Fukuoka-shi, Fukuoka
Sapporo-shi,
Hokkaido
Sapporo-shi,
Hokkaido
Sapporo-shi,
Hokkaido
Sendai-shi, Miyagi
Nagoya-shi, Aichi
Nagoya-shi, Aichi
Kyoto-shi, Kyoto
Kyoto-shi, Kyoto
Osaka-shi, Osaka
Osaka-shi, Osaka
Ibaraki-shi, Osaka
Toyonaka-shi, Osaka
Moriguchi-shi, Osaka
Kobe-shi, Hyogo
Ashiya-shi, Hyogo

894
842
7,500
1,930
2,635
1,360
1,111
688
975
2,500
939
750
1,918
621
2,530
830
840
3,000
1,736
1,500
2,237
843
910
780
3,087
1,150
5,000
2,373
2,781
1,490
920
3,205
932
1,015
1,120
1,080
2,910
1,510
1,680
765
830
445
530
2,350
840
813
440
1,410
1,350
1,275
740
551
1,080
1,360

R-29

Residential

KDX Residence Funairi Saiwai-cho

R-30
R-32
R-33
R-35
R-36
R-37
R-38
R-39

Residential
Residential
Residential
Residential
Residential
Residential
Residential
Residential

KDX Residence Tenjin-higashi II
KDX Residence Nishi Koen
KDX Residence Hirao Josui-machi
Leopalace Flat Shin-sakae
KDX Residence Konan Yamate
KDX Residence Hommachibashi
KDX Residence Minami-kusatsu
KDX Residence Ohori Harbor View Tower

R-40

Residential

KDX Residence Minami-sanjo

R-41

Residential

Serenite Kita-kyuhoji

R-42

Residential

Serenite Nishinomiya Hommachi

R-43
R-44

Residential
Residential

KDX Residence Nishijin
Serenite Kobe Motomachi

R-45

Residential

KDX Residence Shukugawa Hills

R-46

Residential

KDX Residence Sendai Station East

R-47

Residential

Serenite Koshien Plie

A-1

Hotels

HOTEL LiVEMAX Tokyo-Otsuka-Ekimae

A-2

Hotels

HOTEL LiVEMAX Yokohamaeki-Nishiguchi

H-1
H-2
H-3
H-4

Healthcare
Healthcare
Healthcare
Healthcare

Irise Kamata/Yuseien
Nichii Home Nakano Minamidai
Joy Stage Hachioji
Yuimaru Hijirigaoka

H-5

Healthcare

Nichii Home Tama Plaza

H-6

Healthcare

Ten

H-7

Healthcare

Irise Nishioka

H-8
H-9
H-10
H-11

Healthcare
Healthcare
Healthcare
Healthcare

Izarie Eniwa Building
Sawayaka Sakura Nibankan
Activa Biwa
Sompo Care LAVIERE Kobe Tarumi

H-12

Healthcare

Rehabili-home Granda Mondo Yakujin

H-13

Healthcare

Excellent Nishinomiya

H-14

Healthcare

Gran Hills Ogawarako

H-15
H-16
H-17
H-18
H-19
H-20
H-21
H-22
H-23
H-24

Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare
Healthcare

Excellent Kitano
Anesis Teradacho
Rococo-riha
Orage Suma
Canadian Hill
Anesis Hyogo
Plaisant Grand Ota tamagawa
Tsukui Sun-shine Machida
Serabi Ebisu
Arute Ishiyagawa

H-25

Healthcare

Medical-home Granda Kurakuen

H-26

Healthcare

H-27

Healthcare

H-28
H-29

Healthcare
Healthcare

Rihabili-home Granda Kobe Kitano
SOMPO Care LAVIERE Residence Kawasaki
Shimmachi
SOMPO care Sompo no ie S Fujimino
Irise Kobe Rokko

H-30

Healthcare

Excellent Hanayashiki Garden Hills

30

Hiroshima-shi,
Hiroshima
Fukuoka-shi, Fukuoka
Fukuoka-shi, Fukuoka
Fukuoka-shi, Fukuoka
Nagoya-shi, Aichi
Kobe-shi, Hyogo
Osaka-shi, Osaka
Kusatsu-shi, Shiga
Fukuoka-shi, Fukuoka
Sapporo-shi,
Hokkaido
Osaka-shi, Osaka
Nishinomiya-shi,
Hyogo
Fukuoka-shi, Fukuoka
Kobe-shi, Hyogo
Nishinomiya-shi,
Hyogo
Sendai-shi, Miyagi
Nishinomiya-shi,
Hyogo
Toshima-ku, Tokyo
Yokohama-shi,
Kanagawa
Ota-ku, Tokyo
Nakano-ku, Tokyo
Hachioji-shi, Tokyo
Tama-shi, Tokyo
Kawasaki-shi,
Kanagawa
Sapporo-shi,
Hokkaido
Sapporo-shi,
Hokkaido
Eniwa-shi, Hokkaido
Akita-shi, Akita
Otsu-shi, Shiga
Kobe-shi, Hyogo
Nishinomiya-shi,
Hyogo
Nishinomiya-shi,
Hyogo
Kamikita-gun,
Aomori
Kyoto-shi, Kyoto
Osaka-shi, Osaka
Toyonaka-shi, Osaka
Kobe-shi, Hyogo
Kobe-shi, Hyogo
Kobe-shi, Hyogo
Ota-ku, Tokyo
Machida-shi, Tokyo
Meguro-ku, Tokyo
Kobe-shi, Hyogo
Nishinomiya-shi,
Hyogo
Kobe-shi, Hyogo
Kawasaki-shi,
Kanagawa
Fujimino-shi, Saitama
Kobe-shi, Hyogo
Takarazuka-shi,
Hyogo

588
680
763
760
3,500
973
3,201
1,974
4,606
915
1,290
617
1,600
2,390
6,884
1,340
770
2,390
2,570
1,120
1,780
3,690
1,120
2,940
2,630
858
1,660
989
6,560
2,110
1,253
971
1,380
737
3,490
2,100
2,810
1,830
1,420
3,057
6,934
1,690
1,061
2,709
1,720
1,470
1,520
1,200
1,287

H-31

Healthcare

Excellent Takarazuka Garden Hills

H-32
H-33
H-34
H-35

Healthcare
Healthcare
Healthcare
Healthcare

Tsukui Sun-shine Adachi
SOMPO Care LAVIERE Ichinoe
Nichii Home HachimanyamaLife ship Oasa

H-36

Healthcare

Life ship Yunokawa

H-37

Healthcare

Life ship Fukagawa

H-38
H-39
T-2
T-3

Healthcare
Healthcare
RetailRetailSunny Life Tachikawa
Rehabili-home Bon Sejour Minamisenzoku
MONA Shin-Urayasu
Passaggio Nishiarai

T-5

RetailUnicus Ina (80% quasi co-ownership interest)

T-6

RetailYorktown Kita-Kaname

T-7

RetailUnicus Yoshikawa

T-8
T-9
T-11
T-12

RetailRetailRetailRetailSports Club Renaissance Fujimidai
Super Viva Home Iwatsuki(Land)
Unicus Kamisato (Land)
Unicus Konosu (Land)

T-13

RetailInageya Yokohama Minamihonjuku (Land)

T-15

RetailNakamachidai Tokyu Store

T-16

RetailCentral Wellness Club Nagatsuta Minamidai

T-17

RetailLife Kameido

T-18

RetailTotsuka-Fukaya Shopping Center (Land)

T-19
T-20
T-22
T-23
T-24

RetailRetailRetailRetailRetailYumemachi Narashinodai Mall
Kawamachi Yahagi Mall
Round1 Ichikawa-Onitaka
Ozeki Tokiwadai
Konami Sports Club Shibuya

T-25

RetailApita Terrace Yokohama Tsunashima

T-26

RetailKalsa Hiratsuka

T-27
T-28
T-29
T-30
T-31
T-32

RetailRetailRetailRetailRetailRetailMonenosato Mall
KDX Chofu Building (Retail wing)
Across Plaza Urayasu Higashino (Land)
Comfort Market Nishi-Magome
Kitera Town Chofu
Unicus Urawamisono (Land)

T-33

RetailKitera Plaza Aobadai

T-34

RetailHigashimatsuyama Shopping Center

O-1
O-2

RetailRetailBlumer Maitamon
Life Takadono (Land)

O-3

Retail

DCM MEGA Don Quijote UNY Omihachiman

O-4
O-5
O-6
O-9

RetailRetailRetailRetailBlumer HAT Kobe
Carino Esaka
COMBOX KomyoikeLife Nishi-Tengachaya

O-10

RetailMillion Town Tsukaguchi (Land)

O-11
O-12
N-1

RetailRetailRetailHabikigaoka Shopping Center
Merado Daikai
DCM Nakagawa Tomita (Land)

31

Takarazuka-shi,
Hyogo
Adachi-ku, Tokyo
Edogawa-ku, Tokyo
Setagaya-ku, Tokyo
Ebetsu-shi, Hokkaido
Hakodate-shi,
Hokkaido
Fukagawa-shi,
Hokkaido
Tachikawa-shi, Tokyo
Ota-ku, Tokyo
Urayasu-shi, Chiba
Adachi-ku, Tokyo
Kitaadachi-gun,
Saitama
Hiratsuka-shi,
Kanagawa
Yoshikawa-shi,
Saitama
Nerima-ku, Tokyo
Saitama-shi, Saitama
Kodama-gun, Saitama
Konosu-shi, Saitama
Yokohama-shi,
Kanagawa
Yokohama-shi,
Kanagawa
Yokohama-shi,
Kanagawa
Koto-ku, Tokyo
Yokohama-shi,
Kanagawa
Funabashi-shi, Chiba
Chiba-shi, Chiba
Ichikawa-shi, Chiba
Itabashi-ku, Tokyo
Shibuya-ku, Tokyo
Yokohama-shi,
Kanagawa
Hiratsuka-shi,
Kanagawa
Yotsukaido-shi, Chiba
Chofu-shi, Tokyo
Urayasu-shi, Chiba
Ota-ku-shi, Tokyo
Chofu-shi, Tokyo
Saitama-shi, Saitama
Yokohama-shi,
Kanagawa
Higashimatsuyamashi, Saitama
Kobe-shi, Hyogo
Osaka-shi, Osaka
Omihachiman-shi,
Shiga
Kobe-shi, Hyogo
Suita-shi, Osaka
Izumi-shi, Osaka
Osaka-shi, Osaka
Amagasaki-shi,
Hyogo
Habikino-shi, Osaka
Kobe-shi, Hyogo
Nagoya-shi, Aichi

2,340
830
1,184
2,065
1,088
1,020
758
1,850
1,470
8,063
5,850
3,748
4,000
3,600
2,586
4,815
3,000
1,700
1,442
3,360
1,724
1,450
4,170
3,416
3,097
1,880
1,263
3,400
11,567
5,980
2,753
2,300
2,248
1,920
10,500
732
3,543
4,080
8,389
2,685
2,140
11,000
6,555
6,450
1,505
3,723
2,000
5,440
2,311

N-2
N-4
N-6
N-7
N-8
F-1
F-2
F-3
F-4
R-1
R-2
R-3
R-4
R-5
R-6

RetailRetailRetailRetailRetailRetailRetailRetailRetailRetailRetailRetailRetailRetailRetailValor Ichinomiya-Nishi
Homecenter Kohnan Sunadabashi
Resora Obu Shopping Terrace
Valor Nakashidami (Land)iias Kasugai (70% quasi co-ownership interest)
Sunny Noma
Round1 Stadium Hakata-Hanmichibashi
Kurume-Nishi Shopping Center
Kitera Town Fukuoka Nagahama
Roseo Mito
K's Denki Aomori Honten
Super Sports Xebio Aomori-Chuo
Ashico Town Ashikaga
Yorktown Shinden-Higashi
Kasumi Technopark Sakura

R-8

Retail

P-1 Plaza Tenno

R-9

RetailSeiyu Rakuichi Moriya (Land)

R-10

RetailSun Street Hamakita

R-11

RetailCostco Wholesale Sapporo Warehouse

R-12
L-1

RetailLogistics

Coop Sapporo Shunko
Zama Distribution Center

L-2

Logistics

Oppama Distribution Center

L-3

Logistics

L-4

Logistics

Yokohama Kamigo Distribution Center

L-5
L-6
L-7

Logistics
Logistics
Logistics

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

L-8

Logistics

Sapporo Shiroishi Distribution Center

L-9

Logistics

L-10

Logistics

Tenri Distribution Center
Prima Meat Packers Kinki Center-

Residential-

HotelsNote:

Musashi Ranzan Distribution Center(90% quasi co-ownership interest)(90% quasi co-ownership interest)

River City 21 East Towers II(25% quasi co-ownership interest)

remm roppongi building(20% quasi co-ownership interest)

Ichinomiya-shi, Aichi
Nagoya-shi, Aichi
Obu-shi, Aichi
Nagoya-shi, Aichi
Kasugai-shi, Aichi
Fukuoka-shi, Fukuoka
Fukuoka-shi, Fukuoka
Kurume-shi, Fukuoka
Fukuoka-shi, Fukuoka
Mito-shi, Ibaraki
Aomori-shi, Aomori
Aomori-shi, Aomori
Ashikaga-shi, Tochigi
Sendai-shi, Miyagi
Tsukuba-shi, Ibaraki
Hamamatsu-shi,
ShizuokaMoriya-shi, Ibaraki
Hamamatsu-shi,
Shizuoka
Sapporo-shi,
Hokkaido
Asahikawa, Hokkaido
Zama-shi, Kanagawa
Yokosuka-shi,
Kanagawa
Hiki-gun, Saitama
Yokohama-shi,
Kanagawa
Gyoda-shi, Saitama
Shinjuku-ku, Tokyo
Chiba-shi, Chiba
Sapporo-shi,
Hokkaido
Tenri-shi, Nara

2,174
7,140
7,911
2,551
14,490
1,497
5,020
1,515
6,000
10,046
1,469
898
4,180
3,252
830
4,010
4,111
11,946
4,210
1,110
1,400
1,300
3,879
918
3,160
810
1,250
800
1,070

Osaka-shi, Osaka

1,047

Chuo-ku, Tokyo

9,232

Minato-ku, Tokyo

3,960

Akishima Distribution Center (Land)
Logistics
Akishima-shi, Tokyo
1,872
York Mart Higashi-Michinobe
RetailKamagaya-shi, Chiba
4,600“(Anticipated) acquisition price” indicates the purchase price of each property specified in purchase agreement inrelation to the acquisition of each property (excluding acquisition costs, adjustment in property tax and city-planningtax, and consumption tax; and rounded down to the nearest one million yen). (As for the properties with building
expansion, the price includes the amount described in the construction contract and construction design/supervision
outsourcing contracts related to such expansion (excluding expenses and taxes and rounded down to the nearest
million yen).

32