Kenedix : Notice of Assets Under Management at the End of December 2021

News Release

January 21, 2022

Kenedix, Inc.

Notice of Assets Under Management at the End of December 2021

As noted below, the assets under management (AUM) at the Kenedix Group totaled 2,574.3 billion yen as of December 31, 2021.

1. Growth in AUM

														(Billions of Yen)
		AUM at the			Acquisitions*1			Dispositions*1			Net Increase			AUM at the
		End of Dec 2020									End of Dec 2021
Total AUM	2,340.8		398.8		165.3		233.4		2,574.3
Base AUM*2	1,954.9		283.1		87.8		195.3		2,150.2

*1: AUM includes internal transactions between funds managed by the Kenedix Group.

*2: Base AUM comprises total AUM for REITs where Kenedix serves as the main sponsor and private funds.

2. Breakdown AUM

(Billions of Yen)

3,000
						2,574.3
2,500			2,340.8		120.4
	86.6		303.6
2,000	299.2
				1,087.4
1,500
1,048.6
										Consolidated Real Estate
1,000										REITs (sub sponsor)
										REITs (main sponsor)
500					1,062.8			Private Funds
906.3
0
2020/12		2021/12

Note: The Group uses the following standards for calculating the balance of AUM.

• AUM includes all real estate properties where the Group performs asset management and other services.
• The balance of AUM is calculated based on the acquisition cost of properties (net of taxes). Costs associated with acquisitions, capital expenditures to enhance property's value and other related items, which are typically included in the book value of properties for accounting purposes, are not included in the calculation of AUM.
• Consolidated Real Estate represents properties that the Group holds itself for a short period of time and provides asset management and other services to. AUM includes properties held by the following REITs who are managed by Kenedix affiliates.

REITs (sub sponsor) : Japan Logistics Fund, Inc. and AmanahRaya Real Estate Investment Trust

REITs (main sponsor): Kenedix Office Investment Corporation, Kenedix Residential Next Investment Corporation, Kenedix Retail REIT Corporation and Kenedix Private Investment Corporation

- The balance of AUM may potentially decrease as a result of the Group's activities which include disposition of properties.