KENEDIX RESIDENTIAL INVESTMENT CORPORATION (3278)

Translation of Japanese Original

FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED JANUARY 31, 2013(REIT)(August 1, 2012 to January 31, 2013)
March 13, 2013
Kenedix Residential Investment Corporation is listed on the Tokyo Stock Exchange with the securities code number 3278.
(URL http://www.kdr-reit.com/english)
Representative:

Akira Tanaka, Executive Director

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

Akira Tanaka, President

Inquiries:

Akihiro Nakao, Director and CFO
TEL+81-3-3519-2623

Planned submission of semiannual securities report:

April 25, 2013

Planned start of distribution payments:

April 15, 2013

Preparing presentation material:

Yes

Hold a financial brief meeting:Yes (for analysts and institutional investors)

1. PERFORMANCE FOR THE FISCAL PERIOD ENDED JANUARY 31, 2013 (SECOND FISCAL PERIOD)(1) Business Results(Amounts are rounded down to the nearest ¥million)
Operating Revenues(Millions of Yen)

The second fiscal period ended

January 31, 2013%

1,114(101.3)

553(－)

The first fiscal period ended

July 31, 2012

Operating Income(Millions of Yen)

The second fiscal period ended

January 31, 2013

Yen

6,145

The first fiscal period ended

July 31, 2012
Note1:
Note2:

Note3:
Note4:
Note5:%

615(82.7)

336
Return on
Unitholders’Equity%Net Incomeper Unit

8,818

Ordinary Income(Millions of Yen)

Net Income(Millions of Yen)%464

(81.3)

(－)

256

(－)

[Reference](annualized)

Ordinary
Income toTotal Assets[Reference](annualized)%%463(81.9)

254

(－)

%%

Ordinary Income toOperating Revenues

%%%%%

3.3

6.5

1.4

2.8

41.7

Yen%%%%%(3,378)

1.8

6.9

1.1

4.1

46.3

The first accounting period for this investment corporation starts from November 15, 2011 to July 31, 2012 and runs for 260 days. However, the numberof days of the actual operating period after the acquisition of properties is 97.
Net Income per Unit = Net Income / Day-weighted average units.
Also, regarding the fiscal period ended July 2012, Net Income / Day-weighted average units for the actual operating period from April 26, 2012 (75,440units) is shown in parentheses.
The percentages in Operating Revenues, Operating Income, Ordinary Income and Net Income are the ratios of year-on-year changes. The previous term
is not applicable since it is the first fiscal period.
Return on Unitholders’ Equity and Ordinary Income to Total Assets as of the fiscal period ended July 2012 are calculated by Unitholders’ Equity andTotal Assets, which are average of April 26, 2012 (actual operational start date) and July 31, 2012.
Annualized (the fiscal period ended January 2013) = Figure for the relevant fiscal period / Actual operating period (184 days) × 365 days
Annualized (the fiscal period ended July 2012) = Figure for the relevant fiscal period / Actual operating period (97 days) × 365 days

This is an English-language translation of the first page of the original Japanese announcement on our Web site released on March 13, 2013.
However, no assurance or warranties are given with respect to the accuracy or completeness of this English-language translation. The Japaneseoriginal shall prevail in the case of discrepancies between this translation and the Japanese original.

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KENEDIX RESIDENTIAL INVESTMENT CORPORATION (3278)(2) Distribution
Distributions perUnit Excluding
Excess ofEarnings (Yen)

Total Distribution(Millions of Yen)Distributions in
Excess ofEarnings per Unit(Yen)

Total Distributions
in Excess ofEarnings(Millions of Yen)

Payout Ratio

%

%

6,145

463

00100.0

3.3%

%

3,378

25400100.0

1.8

The second fiscal period ended

January 31, 2013
The first fiscal period ended

July 31, 2012

Distribution Ratio
to Unitholders’Equity(3) Financial Position
Total Assets(Millions of Yen)

Unitholders’ Equity(Millions of Yen)

Unitholders’ Equity to Total
Assets

As ofUnitholders’ Equity per
Share of Common Stock(Yen)%January 31, 201333,195

14,21342.832,994

14,02842.5

As of188,402%

July 31, 2012

185,953(4) Cash Flow Position
Cash Flow from Operating
Activities(Millions of Yen)

Cash Flow from Investing
Activities(Millions of Yen)

Cash Flow from Financing
Activities(Millions of Yen)

Cash and Cash Equivalents
at the End of the Period(Millions of Yen)

The second fiscal period ended

January 31, 2013810

△52△315

1,502

285

△31,424

32,199

1,060

The first fiscal period ended

July 31, 2012

2. FORECAST OF RESULTS FOR THE FISCAL PERIOD ENDING JULY 31, 2013 (February 1, 2013 to July 31, 2013)
OperatingRevenues(Millions of Yen)
The third fiscal period ending

July 31, 2013

1,112(△0.2)

Operating Income(Millions of Yen)

Ordinary Income(Millions of Yen)

Net Income(Millions of Yen)

400(△13.7)

399(△13.7)

548(△10.8)Distribution perUnit Excluding
Excess of Earning
(Yen)

5,300

Distribution in
Excess of Earnings
per Unit (Yen)

0(Reference) Estimated net income per unit for the fiscal period ending July 31, 2013: ¥5,300

3. OTHER(1) Changes in Accounting Policies/Changes in Accounting Estimate/Retrospective Restatement(a) Changes concerning accounting policy accompanying amendments to accounting standards: No(b) Changes other than (a): No(c) Changes in accounting estimate: No(d) Retrospective restatement: NoThis is an English-language translation of the first page of the original Japanese announcement on our Web site released on March 13, 2013.
However, no assurance or warranties are given with respect to the accuracy or completeness of this English-language translation. The Japaneseoriginal shall prevail in the case of discrepancies between this translation and the Japanese original.

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KENEDIX RESIDENTIAL INVESTMENT CORPORATION (3278)(2) Number of Investment Unit Issued and Outstanding (including treasury units)(a) Number of investment units issued and outstanding at the end of the period (including treasury units)
As of July 31, 2012: 75,440 units As of January 31, 2013: 75,440 units(b) Number of treasury units at the end of the period
As of July 31, 2012: 0 units As of January 31, 2013: 0 units[Provisional Translation Only]
English translation of the original Japanese document is provided solely for information purposes. Should there be any
discrepancies between this translation and the Japanese original, the latter shall prevail.

This is an English-language translation of the first page of the original Japanese announcement on our Web site released on March 13, 2013.
However, no assurance or warranties are given with respect to the accuracy or completeness of this English-language translation. The Japaneseoriginal shall prevail in the case of discrepancies between this translation and the Japanese original.

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