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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Kenedix Residential Next Investment Corporation    3278   JP3047480003

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION

(3278)
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Kenedix Residential Next Investment : FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED JULY 31, 2020(REIT)

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09/14/2020 | 02:35am EDT

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

Translation of Japanese Original

FINANCIAL REPORT FOR THE FISCAL PERIOD ENDED JULY 31, 2020(REIT) ( February 1, 2020 to July 31, 2020)

September 14, 2020

Kenedix Residential Next Investment Corporation is listed on the Tokyo Stock Exchange with the securities code number

3278.

(URL https://www.kdr-reit.com/en/)

Representative:

Keisuke Sato, Executive Director

Asset Management Company:Kenedix Real Estate Fund Management, Inc.

Representative:

Masahiko Tajima, CEO and President

Inquiries:

Shin Yamamoto, Head of Planning Division, Residential REIT Department

TEL+81-3-5157-6011

Planned submission of semiannual securities report: October 29, 2020

Planned start of distribution payments:

October 12, 2020

Preparing presentation material:

Yes

Hold a financial brief meeting:

No (Cancelled due to preventing the spread of coronavirus infection.

Scheduled financial results presentation webcast (Japanese

version) . )

(Amounts are rounded down to the nearest ¥million)

1. PERFORMANCE FOR THE FISCAL PERIOD ENDED JULY 31, 2020 (17TH FISCAL PERIOD)

(1) Business Results

(Percentages show period-on-period changes)

Operating Revenues

Operating Income

Ordinary Income

Net Income

(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

The 17th fiscal period ended July 31, 2020

8,374

(3.8%)

4,469

4.9%)

3,808

(5.4%)

3,808

(5.4%)

The 16th fiscal period ended January 31, 2020

8,066

(-0.9%)

4,260

(-2.3%)

3,614

(-3.4%)

3,613

(-3.4%)

Net Income per Unit

Return on

Ordinary Income

Ordinary Income to

(Yen)

Unitholders' Equity

to Total Assets

Operating Revenues

The 17th fiscal period ended July 31, 2020

4,028

3.1%

1.4%

45.5%

The 16th fiscal period ended January 31, 2020

3,981

3.0%

1.4%

44.8%

(2) Distribution

Distribution per

Total Distributions

Total Distributions

Unit (Excluding

Distribution in

Distribution Ratio

(Excluding Excess

in Excess of

Excess of

Excess of Earnings

Payout Ratio

to Unitholders'

of Earnings)

Earnings

Earnings )

per Unit (Yen)

Equity

(Millions of Yen)

(Millions of Yen)

(Yen)

The 17th fiscal period ended

4,065

3,866

-

-

101.5%

3.1%

July 31, 2020

The 16th fiscal period ended

4,064

3,687

-

-

102.1%

3.1%

January 31, 2020

(Note 1) Total Distributions for the 16th and 17th fiscal periods is not the same amount as Net Income because of adding reversal of reserve for temporary difference adjustments and a part of Retained earnings brought forward.

(Note 2) Due to issuance of new investment units in the 17th period, Payout Ratio for each fiscal period is calculated as follows. Payout Ratio = Total Distributions (Excluding Excess of Earnings) /Net income × 100

This is an English-language translation of the key financials in the original Japanese announcement on our Web site released on September 14, 2020. However, no assurance or warranties are given with respect to the accuracy or completeness of this English-language translation. The Japanese original shall prevail in the case of discrepancies between this translation and the Japanese original.

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

(3) Financial Position

Total Assets

Unitholders' Equity

Unitholders' Equity to Total

Unitholders' Equity per Share

(Millions of Yen)

(Millions of Yen)

Assets

of Common Stock (Yen)

As of July 31, 2020

272,960

127,457

46.7%

133,988

As of January 31, 2020

256,665

118,500

46.2%

130,584

(4) Cash Flow Position

Cash Flow from Operating

Cash Flow from Investing

Cash Flow from Financing

Cash and Cash Equivalents at

Activities

Activities

Activities

the End of the Period

(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

The 17th fiscal period ended

5,565

-15,828

12,481

23,384

July 31, 2020

The 16th fiscal period ended

5,685

-2,764

-1,955

21,165

January 31, 2020

2. FORECAST OF RESULTS FOR THE FISCAL PERIOD ENDING JANUARY 31,2021 (August 1, 2020 to January 31, 2021) AND JULY 31, 2021 (February 1, 2021 to July 31, 2021)

(Percentages show period-on-period changes)

Operating Revenues

Operating Income

Ordinary Income

Net Income

Distribution per

Distribution in

Unit Excluding

Excess of Earnings

(Millions of Yen)

(Millions of Yen))

(Millions of Yen)

(Millions of Yen)

Excess of Earning

per Unit

The 18th fiscal period

8,369

4,348

3,649

3,649

4,066

-

ending January 31, 2021

(-0.1%)

(-2.7%)

(-4.2%)

(-4.2%)

The 19th fiscal period

8,477

4,413

3,732

3,731

4,067

-

ending July 31, 2021

(1.3%)

(1.5%)

(2.3%)

(2.3%)

(Reference) Estimated net income per unit (Estimated Net Income / Estimated weighted average number of units)

The 18th fiscal period ending January 31, 2021

¥3,836 The 19th fiscal period ending July 31, 2021 ¥3,923

Total Distributions for the 18th and 19th fiscal periods are not the same amount as Net Income because of adding reversal of reserve for temporary difference adjustments and a part of Retained earnings brought forward.

(Note) Distribution per unit is calculated based on the number of investment units issued and outstanding totaled 951,258 as of today.

3. OTHER

  1. Changes in Accounting Policies/Changes in Accounting Estimate/Retrospective Restatement
    1. Changes concerning accounting policy accompanying amendments to accounting standards: No
    2. Changes other than (a): No
    3. Changes in accounting estimate: No
    4. Retrospective restatement: No
  2. Number of Investment Unit Issued and Outstanding (including treasury units)
    1. Number of investment units issued and outstanding at the end of the period (including treasury units)

As of January 31, 2020: 907,458 units

As of July 31, 2020: 951,258 units

(b) Number of treasury units at the end of the period

As of January 31, 2020: 0 units

As of July 31, 2020: 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 key financials in the original Japanese announcement on our Web site released on September 14, 2020. However, no assurance or warranties are given with respect to the accuracy or completeness of this English-language translation. The Japanese original shall prevail in the case of discrepancies between this translation and the Japanese original.

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

1. Financial Statements

(1) Balance Sheets

(in thousands of yen)

16th Fiscal Period

17th Fiscal Period

(As of January 31, 2020)

(As of July 31, 2020)

Assets

Current assets

Cash and deposits

10,978,807

13,212,337

Cash and deposits in trust

10,187,104

10,171,729

Operating accounts receivable

37,373

31,793

Prepaid expenses

8,640

14,671

Consumption taxes receivable

-

35,339

Other

589

9,032

Total current assets

21,212,515

23,474,905

Noncurrent assets

Property, plant and equipment

Land

1,798,041

1,798,041

Buildings in trust

100,799,661

104,694,136

Accumulated depreciation

-11,698,397

-13,024,172

Buildings in trust, net

89,101,264

91,669,964

Structures in trust

1,089,011

1,127,421

Accumulated depreciation

-223,450

-252,221

Structures in trust, net

865,561

875,199

Machinery and equipment in trust

1,448,282

1,468,718

Accumulated depreciation

-353,874

-386,760

Machinery and equipment in trust, net

1,094,407

1,081,958

Tools, furniture and fixtures in trust

570,610

693,103

Accumulated depreciation

-81,223

-99,834

Tools, furniture and fixtures in trust, net

489,387

593,268

Land in trust

139,731,924

150,985,849

Total property, plant and equipment, net

233,080,586

247,004,281

Intangible assets

Leasehold right in trust

1,227,187

1,225,462

Other

4,787

4,010

Total intangible assets

1,231,974

1,229,473

Investments and other assets

Lease and guarantee deposits

89,097

89,210

Long-term prepaid expenses

945,375

1,014,382

Other

338

19,719

Total investments and other assets

1,034,810

1,123,311

Total noncurrent assets

235,347,371

249,357,066

Deferred assets

Investment corporation bond issuance costs

49,303

45,185

Investment unit issuance costs

56,620

83,246

Total deferred assets

105,924

128,431

Total assets

256,665,810

272,960,403

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

(in thousands of yen)

16th Fiscal Period

17th Fiscal Period

(As of January 31, 2020)

(As of July 31, 2020)

Liabilities

Current liabilities

Operating accounts payable

595,433

626,063

Short-term loans payable

3,300,000

2,800,000

Current portion of long-term loans payable

10,100,000

10,850,000

Accounts payable-other

294,697

353,107

Accrued expenses

35,152

38,676

Income taxes payable

605

605

Accrued consumption taxes

53,827

10,812

Advances received

1,173,813

1,179,888

Deposits received

59,879

82,406

Other

4,090

1,704

Total current liabilities

15,617,497

15,943,264

Noncurrent liabilities

Investment corporation bonds

7,000,000

7,000,000

Long-term loans payable

107,250,000

114,400,000

Tenant leasehold and security deposits in trust

3,059,671

3,132,139

Tenant lump sum deposits in trust

4,689,541

4,485,740

Asset retirement obligations

67,522

67,707

Other

481,213

473,947

Total noncurrent liabilities

122,547,949

129,559,535

Total liabilities

138,165,447

145,502,799

Net assets

Unitholders' equity

Unitholders' capital

99,731,514

108,550,294

Surplus

Capital surplus

13,187,100

13,187,100

Voluntary retained earnings

Reserve for temporary difference adjustments

*2

1,960,000

*2

1,940,000

Total voluntary retained earnings

1,960,000

1,940,000

Unappropriated retained earnings (undisposed loss)

4,072,277

4,212,398

Total surplus

19,219,377

19,339,498

Total unitholders' equity

118,950,891

127,889,792

Valuation and translation adjustments

Deferred gains or losses on hedges

-450,527

-432,188

Total valuation and translation adjustments

-450,527

-432,188

Total net assets

*1

118,500,363

*1

127,457,603

Total liabilities and net assets

256,665,810

272,960,403

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

(2) Statements of Income and Retained Earnings

(in thousands of yen

16th Fiscal Period

17th Fiscal Period

August 1, 2019 to

February 1, 2020 to

January 31, 2020

July 31, 2020

Operating revenues

Rent revenue-real estate

*1

7,472,039

*1

7,704,582

Other lease business revenue

*1

555,566

*1

585,197

Gain on sale of real estate property

*2

39,013

*2

84,437

Total operating revenues

8,066,618

8,374,217

Operating expenses

Expenses related to rent business

*1

2,911,303

*1

3,005,600

Asset management fees

576,676

604,986

Asset custody fees

13,836

13,908

Administrative service fees

46,625

46,472

Directors' compensation

8,100

8,100

Other operating expenses

249,665

225,746

Total operating expenses

3,806,207

3,904,813

Operating income

4,260,411

4,469,404

Non-operating income

Interest income

41

41

Dividends and redemption-prescription

1,394

1,240

Total non-operating income

1,435

1,282

Non-operating expenses

Interest expenses

498,295

498,083

Interest expenses on investment corporation bonds

15,857

21,322

Borrowing expenses

112,332

115,280

Amortization of investment corporation bond issuance costs

3,534

4,118

Amortization of investment unit issuance costs

16,324

23,245

Other

1,500

-

Total non-operating expenses

647,845

662,051

Ordinary income

3,614,002

3,808,635

Income before income taxes

3,614,002

3,808,635

Income taxes

Current

605

605

Total income taxes

605

605

Net income

3,613,397

3,808,030

Retained earnings brought forward

458,879

404,367

Unappropriated retained earnings (undisposed loss)

4,072,277

4,212,398

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

(3) Statements of Changes in Net Assets

16th Fiscal Period

August 1, 2019 to January 31, 2020

in thousands of yen

Unitholders' equity

Surplus

Voluntary reserve

Unitholders'

Reserve for

Total

Unappropriated

Total

Total

Capital surplus

temporary

retained earnings

unitholders'

capital

voluntary

surplus

difference

(undisposed loss)

equity

reserve

adjustments

Balance at the beginning of current period

99,731,514

13,187,100

1,980,000

1,980,000

4,125,881

19,292,981

119,024,495

Changes of items during the period

Reversal of reserve for temporary

-20,000

-20,000

20,000

-

-

difference adjustments

Dividends from surplus

-3,687,001

-3,687,001

-3,687,001

Net income

3,613,397

3,613,397

3,613,397

Net changes of items other than

unitholders' equity

Total changes of items during the period

-

-

-20,000

-20,000

-53,604

-73,604

-73,604

Balance at the end of current period

* 1 99,731,514

13,187,100

1,960,000

1,960,000

4,072,277

19,219,377

118,950,891

Valuation and translation

adjustments

Deferred gains

Total valuation

Total net

assets

and losses on

and translation

hedges

adjustments

Balance at the beginning of current period

-483,092

-483,092

118,541,403

Changes of items during the period

Provision for reserve for temporary

-

difference adjustments

Dividends from surplus

-3,687,001

Net income

3,613,397

Net changes of items other than

32,564

32,564

32,564

unitholders' equity

Total changes of items during the period

32,564

32,564

-41,039

Balance at the end of current period

-450,527

-450,527

118,500,363

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

17th Fiscal Period

February 1, 2020 to July 31, 2020

in thousands of yen

Unitholders' equity

Surplus

Voluntary reserve

Unappropriated

Total

Unitholders'

Reserve for

Total

Capital surplus

temporary

Total voluntary

retained earnings

unitholders'

capital

surplus

difference

reserve

(undisposed loss)

equity

adjustments

Balance at the beginning of current period

99,731,514

13,187,100

1,960,000

1,960,000

4,072,277

19,219,377

118,950,891

Changes of items during the period

Issuance of new investment units

8,818,779

8,818,779

Reversal of reserve for temporary

-20,000

-20,000

20,000

-

-

difference adjustments

Dividends from surplus

-3,687,909

-3,687,909

-3,687,909

Net income

3,808,030

3,808,030

3,808,030

Net changes of items other than

unitholders' equity

Total changes of items during the period

8,818,779

-

-20,000

-20,000

140,121

120,121

8,938,900

Balance at the end of current period

* 1 108,550,294

13,187,100

1,940,000

1,940,000

4,212,398

19,339,498

127,889,792

Valuation and translation

adjustments

Deferred gains

Total valuation

Total net

assets

and losses on

and translation

hedges

adjustments

Balance at the beginning of current period

-450,527

-450,527

118,500,363

Changes of items during the period

Issuance of new investment units

8,818,779

Provision for reserve for temporary

-

difference adjustments

Dividends from surplus

-3,687,909

Net income

3,808,030

Net changes of items other than

18,339

18,339

18,339

unitholders' equity

Total changes of items during the period

18,339

18,339

8,957,239

Balance at the end of current period

-432,188

-432,188

127,457,603

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

(4) Distributions

16th Fiscal Period

17th Fiscal Period

(From August 1, 2019 to January 31, 2020)

(From February 1, 2020 to July 31, 2020)

I. Retained earnings at the end of period

¥4,072,277,167

¥4,212,398,326

II. Revesal of voluntary reserve

Reversal of reserve for temporary

¥20,000,000

¥20,000,000

difference adjustments *1

III. Total distributions

¥3,687,909,312

¥3,866,863,770

Distribution per unit

¥4,064

¥4,065

. Retained earnings brought forward to

¥404,367,855

¥365,534,556

the next period

Method of calculating distribution amount

In accordance with the policy described in Article 38-1 of

In accordance with the policy described in Article 38-1 of

its Articles of Incorporation, the Investment Corporation

its Articles of Incorporation, the Investment Corporation

determines that the amount of distribution shall exceed the

determines that the amount of distribution shall exceed the

amount equivalent to 90% of its distributable profit as

amount equivalent to 90% of its distributable profit as

stipulated in Article 67-15 of the Special Taxation

stipulated in Article 67-15 of the Special Taxation

Measures Law, and shall not exceed its accounting profits

Measures Law, and shall not exceed its accounting profits

as the maximum amount. Following this policy, the

as the maximum amount. Following this policy, the

Investment Corporation has decided that it shall distribute

Investment Corporation has decided that it shall distribute

¥3,687,909,312, which is the amount of ¥3,613,397,493 in

¥3,866,863,770, which is the amount of ¥3,808,030,471

net income and ¥54,511,819 from retained earnings

in net income and ¥38,833,299 from retained earnings

brought forward and reversal of reserve for temporary

brought forward and reversal of reserve for temporary

difference adjustments, as the distribution of earnings.

difference adjustments, as the distribution of earnings.

Procedures for the distribution of amounts exceeding

Procedures for the distribution of amounts exceeding

distributable income are outlined in Article 38-2 of the

distributable income are outlined in Article 38-2 of the

Investment Corporation's Articles of Incorporation. In the

Investment Corporation's Articles of Incorporation. In the

16th fiscal period, the Investment Corporation has

17th fiscal period, the Investment Corporation has decided

decided not to distribute cash in excess of distributable

not to distribute cash in excess of distributable profit.

profit.

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

(5) Statements of Cash Flows

(in thousands of yen)

16th Fiscal Period

17th Fiscal Period

August 1, 2019 to

February 1, 2020 to

January 31, 2020

July 31, 2020

Net cash provided by (used in) operating activities

Income before income taxes

3,614,002

3,808,635

Depreciation and amortization

1,429,641

1,467,881

Amortization of investment corporation bond issuance expenses

3,534

4,118

Amortization of investment unit issuance costs

16,324

23,245

Interest income

-41

-41

Interest expenses

514,152

519,406

Decrease (increase) in operating accounts receivable

-1,368

5,580

Decrease (increase) in consumption taxes refund receivable

-

-35,339

Decrease (increase) in prepaid expenses

4,175

-6,031

Increase (decrease) in operating accounts payable

82,398

-112,093

Increase (decrease) in accounts payable-other

-9,042

58,913

Increase (decrease) in accrued consumption taxes

32,352

-43,015

Increase (decrease) in advances received

25,159

6,075

Decrease (increase) in long-term prepaid expenses

69,352

-69,007

Decrease in net property, plant and equipment held in trust due to sale

420,922

451,169

Other, net

4,194

12,738

Subtotal

6,205,759

6,092,236

Interest income received

41

41

Interest expenses paid

-519,985

-526,470

Income taxes (paid) refund

135

-604

Net cash provided by (used in) operating activities

5,685,950

5,565,201

Net cash provided by (used in) investing activities

Purchase of property, plant and equipment in trust

-2,922,615

-15,697,335

Proceeds from investment securities

2,276

-

Payments of lease and guarantee deposits

-72

-112

Proceeds from lease and guarantee deposits

72

-

Repayments of tenant leasehold and security deposits in trust

-160,351

-134,722

Proceeds from tenant leasehold and security deposits in trust

120,380

207,190

Repayments of tenant lump sum deposits in trust

-72,386

-364,510

Proceeds from tenant lump sum deposits in trust

268,174

160,709

Net cash provided by (used in) investing activities

-2,764,521

-15,828,780

Net cash provided by (used in) financing activities

Increase in short-term loans payable

800,000

2,000,000

Decrease in short-term loans payable

-

-2,500,000

Proceeds from long-term loans payable

6,150,000

13,900,000

Repayments of long-term loans payable

-7,200,000

-6,000,000

Proceeds from issuance of investment corporation bond

1,982,489

-

Proceeds from issuance of investment units

-

8,768,907

Dividends paid

-3,687,673

-3,687,172

Net cash provided by (used in) financing activities

-1,955,184

12,481,735

Net increase (decrease) in cash and cash equivalents

966,243

2,218,156

Cash and cash equivalents at the beginning of period

20,199,667

21,165,911

Cash and cash equivalents at the end of period

*1

21,165,911

*1

23,384,067

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

(6) Notes to the Going Concern

Not applicable

(7) Important Accounting Standards

1. Depreciation of fixed assets

(1) Property, plant and equipment (includes trust assets)

The straight-line method is applied.

Useful lives of the assets ranging are as follows:

Buildings: 2 to 69 years

Structures: 3 to 65 years

Machinery and equipment: 8 to 40 years

Tools, furniture and fixtures: 2 to 30 years

(2) Intangible assets(includes trust assets)

The straight-line method is applied.

Land leasehold: Fixed term land leaseholds is amortized over a contractual period under the straight-line method.

(3) Long-term prepaid expenses

The straight-line method is applied.

2. Accounting policies for

(1) Unit issuance costs

deferred assets

Unit issuance costs are amortized over a period of 3 years under the straight-line method.

(2) Investment corporation bond issuance costs

Bond issuance costs are amortized by applying the straight-line method for the entire redemption period.

3. Accounting standards for

Property-related taxes including property taxes, city planning taxes and depreciable property taxes are imposed on

revenues and expenses

properties on a calendar year basis. These taxes are generally charged to operating expenses for the period, for the portion

of such taxes corresponding to said period. Under Japanese tax regulations, the seller of the property is liable for these taxes

on the property from the date of disposal to the end of the calendar year in which the property is disposed. The seller,

however, is reimbursed by the purchaser for these accrued property-related tax liabilities.

When the Investment Corporation purchases properties, it typically allocates the portion of the property-related taxes

related to the period following the purchase date of each property through the end of the calendar year. The amounts of

those allocated portions of the property-related taxes are capitalized as part of the acquisition costs of the related

properties. Capitalized property-related taxes amounted to ¥31,734 thousand and ¥1,263 thousand as of July 31, 2020 and

January 31, 2020, respectively.

4. Accounting for hedges

(1) Hedge accounting method

The deferred hedge method is applied. However, the special treatment is applied for the interest-rate swap agreements

that meet the criteria.

(2) Hedging instruments and risks hedged

Hedge instruments

The Investment Corporation enters into interest-rate swap transactions.

Risks hedged

Interest rates on debt.

(3) Hedging policy

The Investment Corporation enters into derivative transactions based on its risk management policies with the

objective of hedging risks in accordance with its Articles of Incorporation.

(4) Method of evaluating the effectiveness of hedging

As for the method of assessment of the effectiveness of the hedge in the period from the inception of the hedge to the

time of judgment of its effectiveness, the cumulative changes in cash flow of the hedged items and hedging instruments

are compared and a judgment is made based on changed amount, etc. However, an assessment of the effectiveness of

hedging activities is omitted in the case of interest rate swaps that meet the requirements for special treatment.

5. The scope of cash and cash

Cash and cash equivalents consist of cash on hand, deposits placed with banks and short-term investments which are highly

equivalents on statements of

liquid, readily convertible to cash and with insignificant risk of market value fluctuation, with maturities of three months or

cash flows

less from the date of purchase.

6. Other significant accounting

(1) Accounting method for trust beneficiary interests in real estate and other assets

policies utilized in the

The assets and liabilities as well as revenues and expenses of financial assets held in the form of trust beneficiary

preparation of financial

interests in real estate and other assets are recorded in full in the Investment Corporation's balance sheets and

statements

statements of income.

Important line items included in accounting for financial assets and liabilities in the Investment Corporation's balance

sheet are as follows:

1. Cash and deposits in trust

2. Buildings in trust, structures in trust, machinery and equipment in trust, tools, furniture and fixtures in trust, land

in trust, leasehold right in trust

3. Tenant leasehold and security deposits in trust, tenant lump sum deposits in trust

(2) Accounting method for consumption tax

Consumption taxes are separately recorded. Non-deductible consumption taxes applicable to the acquisition of assets

are included in the cost of acquisition for each asset.

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

(Accounting standards issued but not yet effective)

  • "Accounting Standard for Revenue Recognition" (Accounting Standards Board of Japan (ASBJ) Statement No. 29 issued on March 31, 2020)
  • "Implementation Guidance on Accounting Standard for Revenue Recognition" (ASBJ Guidance No. 30 issued on March 31, 2020)

(1) Overview

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) in the United States have jointly developed comprehensive accounting standards for revenue recognition and issued "Revenue from Contracts with Customers" (IFRS 15 (IASB) and Topic 606 (FASB)) in May 2014. Given the situation where IFRS 15 will be applied from fiscal years beginning on or after January 1, 2018 and that Topic 606 will be applied from fiscal years beginning after December 15, 2017, the ASBJ has developed comprehensive accounting standards for revenue recognition and issued them together with the implementation guidance.

The basic policy of the ASBJ when it developed the accounting standards for revenue recognition was to specify the accounting standards, incorporating the basic principles of IFRS 15 as a starting point, from the perspective of comparability between financial statements, which is one of the benefits of maintaining compatibility with IFRS 15. The basic policy also stipulates that if there is an item to which consideration should be given, such as practices that have been conducted thus far in Japan, alternative treatments will be added to the extent to which comparability is not impaired.

(2) Scheduled date of application

The accounting standards will be applied from the beginning of the fiscal period ending January 31, 2022.

(3) Impact of applying the accounting standards

The impact of applying "Accounting Standard for Revenue Recognition" and its guidance on The financial statements is currently under evaluation.

  • "Accounting Standard for Fair Value Measurement" (ASBJ Statement No. 30 issued on July 4, 2019)
  • "Implementation Guidance on Accounting Standard for Fair Value Measurement" (ASBJ Guidance No. 31 issued on July 4, 2019)
  • "Implementation Guidance on Disclosures about Fair Value of Financial Instruments" (ASBJ Guidance No. 19 issued on March 31, 2020)

(1) Overview

The IASB and the FASB have established detailed guidance regarding fair value measurement (IFRS 13 "Fair Value Measurement" (IASB) and Topic 820 "Fair Value Measurement" (FASB)). The ASBJ repeatedly considered the guidance regarding fair value of financial instruments and disclosure in order to improve the comparability with such international accounting standards, and issued "Accounting Standard for Fair Value Measurement" and "Implementation Guidance on Accounting Standard for Fair Value Measurement."

(2) Scheduled date of application

The accounting standards will be applied from the beginning of the fiscal period ending January 31, 2022.

(3) Impact of applying the accounting standards

The impact of applying the "Accounting Standard for Fair Value Measurement" and its guidance on The financial statements is currently under evaluation.

"Accounting Standard for Disclosure of Accounting Estimates" (ASBJ Statement No. 31 issued on March 31, 2020)

(1) Overview

Paragraph 125 of International Accounting Standard 1 (IAS 1), "Presentation of Financial Statements," (issued by the IASB in 2003) requires disclosure of information about the "assumptions the entity makes about the future, and other major sources of estimation uncertainty." In this regard, there has been a request that the major sources of estimation uncertainty should be disclosed in the notes to financial statements under Japanese GAAP to provide useful information to users of financial statements. In response to this request, the ASBJ developed and issued "Accounting Standard for Disclosure of Accounting Estimates."

(2) Scheduled date of application

The accounting standard will be applied from the end of the fiscal period ending July 31, 2021.

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

"Accounting Standard for Accounting Policy Disclosures, Accounting Changes and Error Corrections" (ASBJ Statement No. 24 issued on March 31, 2020)

(1) Overview

The ASBJ's Standards Advisory Council recommended that the ASBJ consider enhancing disclosures for notes relating to "accounting policies and methods adopted in the cases where the relevant accounting standards were not clear." In response to such recommendations, the ASBJ issued the revised "Accounting Standard for Accounting Policy Disclosures, Accounting Changes and Error Corrections."

(2) Scheduled date of application

The accounting standard will be applied from the end of the fiscal period ending July 31, 2021.

(8) Notes to the Financial Statements

(Notes to the Balance Sheets)

  • 1. Minimum unitholders' equity pursuant to Article 67-4 of the Law Concerning Investment Trusts and Investment Corporations Law (in thousands of yen)

As of January 31, 2020

As of July 31, 2020

50,000

50,000

*2. Reserve for temporary difference adjustments

16th Fiscal Period (As of January 31, 2020)

The following summarizes reserve for temporary difference adjustments.

(in thousands of yen)

Balance at

Reserve

Reversal

Balance at

Reason for reserve

Initial amount

the beginning

during the

during the

the end of

and reversal

of the period

period

period

the period

Gain on negative good will*

2,000,000

1,980,000

-

20,000

1,960,000

Appropriate for

distribution

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

17th Fiscal Period (As of July 31, 2020)

The following summarizes reserve for temporary difference adjustments.

(in thousands of yen)

Balance at

Reserve

Reversal

Balance at

Reason for reserve

Initial amount

the beginning

during the

during the

the end of

and reversal

of the period

period

period

the period

Gain on negative good will*

2,000,000

1,960,000

-

20,000

1,940,000

Appropriate for

distribution

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

3. Commitment line contracts

KDR has commitment line contracts with the banks with which it does business.

As of January 31, 2020

As of July 31, 2020

Total amount of commitment line contracts

4,500,000

4,500,000

Balance of loans payable outstanding

-

-

Remaining amount

4,500,000

4,500,000

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

(Notes to the Statements of Income and Retained Earnings)

* 1. Breakdown of real estate rental business profit and loss

(in

thousands of yen)

From August 1, 2019

From February 1, 2020

to January 31, 2020

to July 31, 2020

A. Rental and other operating revenues:

Rental revenues

7,089,789

7,315,802

Rental revenues from limited proprietary rights of land

43,749

43,750

Common area charges

338,499

345,030

Subtotal

7,472,039

7,704,582

Others:

Parking space rental revenues

206,829

205,439

Miscellaneous

348,736

379,757

Subtotal

555,566

585,197

Total rental and other operating revenues

8,027,605

8,289,780

B. Property-related expenses:

Property management fees and facility management fees

409,507

433,235

Utilities

95,299

89,588

Taxes

475,323

498,996

Repairs and maintenance

281,724

288,648

Insurance

12,023

12,101

Trust fees

55,272

55,499

Depreciation

1,428,865

1,467,105

Others

153,286

160,424

Total property-related expenses

2,911,303

3,005,600

C. Net operating income (A-B)

5,116,301

5,284,179

*2. Gain and Loss on sale of real estate property

16th Fiscal Period (August 1, 2019 to January 31, 2020)

(in thousands of yen)

Melody Heim Gotenyama

Revenue from sale of the investment property

480,000

Costs of the investment property

420,922

Other sales expenses

20,063

Gain on sale of real estate property

39,013

17th Fiscal Period (February 1, 2020 to July 31, 2020)

(in thousands of yen)

KDX Residence Izumi Chuo

Revenue from sale of the investment property

540,000

Costs of the investment property

451,169

Other sales expenses

4,392

Gain on sale of real estate property

84,437

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

(Notes to the Statements of Changes in Net Assets)

  • 1. Total number of authorized investment units and total number of investment units issued and outstanding are as follows:

From August 1, 2019

From February 1, 2020

to January 31, 2020

to July 31, 2020

Total number of authorized investment units

10,000,000

units

10,000,000

units

Total number of investment units issued and outstanding

907,458

units

951,258

units

(Notes to Distributions)

16th Fiscal Period (August 1, 2019 to January 31, 2020) *1. Reserve for temporary difference adjustments

The Investment Corporation has reserved ¥2,000,000,000 as reserve for temporary difference adjustments from gain on negative goodwill in the 13th fiscal period. At least 1% of the initial amount in equal installments over 50 years (100 fiscal periods) will be reversed every fiscal period applied to distribution starting from the 14th fiscal period distribution. It has been decided that ¥20,000,000 shall be reversed and applied to distribution in the 16th fiscal period distribution.

17th Fiscal Period (February 1, 2020 to July 31, 2020)

*1. Reserve for temporary difference adjustments

The Investment Corporation has reserved ¥2,000,000,000 as reserve for temporary difference adjustments from gain on negative goodwill in the 13th fiscal period. At least 1% of the initial amount in equal installments over 50 years (100 fiscal periods) will be reversed every fiscal period applied to distribution starting from the 14th fiscal period distribution. It has been decided that ¥20,000,000 shall be reversed and applied to distribution in the 17th fiscal period distribution.

(Notes to the Statements of Cash Flow)

* 1. Reconciliation of balance sheet items to cash and cash equivalents at end of period in the cash flows statements

(in thousands of yen)

As of January 31, 2020

As of July 31, 2020

Cash and deposits

10,978,807

13,212,337

Cash and deposits in trust

10,187,104

10,171,729

Cash and cash equivalents

21,165,911

23,384,067

(Notes to the Lease Transactions)

Operating lease transactions (Lessee)

Unearned lease payments

(in thousands of yen)

As of January 31, 2020

As of July 31, 2020

Due in 1 year

12,000

12,000

Due after 1 year

545,000

539,000

Total

557,000

551,000

Operating lease transactions (Lessor)

Unearned lease payments

(in thousands of yen)

As of January 31, 2020

As of July 31, 2020

Due in 1 year

3,238,403

3,639,213

Due after 1 year

19,714,966

20,383,265

Total

22,953,370

24,022,478

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

(Notes to the Financial Instruments)

(A). Overview

(1) Policy for financial instruments

The Investment Corporation procures funds for asset acquisitions, repairs, payment of distributions, repayment of loans, etc. through loans from financial institutions, issuance of investment corporation bonds, issuance of investment units and other means. With regard to the procurement of interest-bearing debts, the Investment Corporation ensures that it can effectively combine stable long-term funds with flexible short-term funds. Management of surplus funds is undertaken through various bank deposits focusing on safety, liquidity and effectiveness. The Investment Corporation uses derivatives for the purpose of hedging its exposure to changes in interest rates and other risks and does not enter into derivative transactions for speculative or trading purposes.

(2) Types of financial instruments and related risk

Bank deposits are for managing the Investment Corporation's surplus funds and are exposed to credit risk such as the bankruptcy of financial institutions at which funds are deposited. Borrowings and investment corporation bonds are made primarily for the purpose of procuring funds for the acquisition of real estate and trust beneficiary interests in real estate and have a repayment date of a maximum of 9 years and 5 months as of July 31, 2020, the end of the 17th fiscal period, are exposed to liquidity risk where alternative funds may not be procured by the repayment date. Also, borrowings with floating interest rates are exposed to interest rate fluctuation risk. Derivatives are used for the purpose of hedging interest rate fluctuation risk for a certain portion of the borrowings.

(3) Risk management for financial instruments

  1. Credit risk

While bank deposits are exposed to credit risk such as the bankruptcy of financial institutions at which funds are deposited, such risk is monitored by deposits in non- interest bearing ordinary savings accounts or with financial institutions with credit ratings above a certain level. To manage this credit risk, the Investment Corporation regularly evaluates the results of operations and the financial condition of the issuer, etc. In utilizing derivatives, the Investment Corporation aims to mitigate counterparty risk such as by transacting with financial institutions with favorable ratings.

  1. Market risk

While borrowings with floating rates are exposed to interest rate volatility risk, such risk is monitored by adjusting the rate of the balance of borrowings with floating rates against the total borrowings according to the financial environment, interest rate forecasts by continuous monitoring, etc. and by using derivatives, etc. A risk management policy is established with regard to the execution and management of derivatives and such transactions are conducted based on this policy.

  1. Liquidity risk

Though borrowings are subject to liquidity risk, the Investment Corporation reduces such risk by spreading out payment due dates and by diversifying financial institutions. Liquidity risk is also managed by such means as regularly checking the balance of cash reserves.

(4) Supplementary explanation of the estimated fair value of financial instruments

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

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

(B). Estimated Fair Value of Financial Instruments

The carrying value of financial instruments on the balance sheet and estimated fair value are shown in the following table.

As of January 31, 2020

(in thousands of yen)

Carrying amount

Estimated fair value

Difference

(1) Cash and deposits

10,978,807

10,978,807

-

(2) Cash and deposits in trust

10,187,104

10,187,104

-

Total

21,165,911

21,165,911

-

(1) Short-term loans payable

3,300,000

3,300,000

-

(2) Current portion of long-term loans payable

10,100,000

10,112,003

12,003

(3) Investment corporation bonds

7,000,000

7,024,300

24,300

(4) Long-term loans payable

107,250,000

107,913,233

663,233

Total

127,650,000

128,349,537

699,537

Derivative transactions

-450,527

-450,527

-

  • Figures indicate net amount of derivative assets/liabilities derived from derivative transactions, with minus representing net liabilities.
    As of July 31, 2020

(in thousands of yen)

Carrying amount

Estimated fair value

Difference

(1) Cash and deposits

13,212,337

13,212,337

-

(2) Cash and deposits in trust

10,171,729

10,171,729

-

Total

23,384,067

23,384,067

-

(1) Short-term loans payable

2,800,000

2,800,000

-

(2) Current portion of long-term loans payable

10,850,000

10,863,234

13,234

(3) Investment corporation bonds

7,000,000

6,963,600

-36,400

(4) Long-term loans payable

114,400,000

114,986,963

586,963

Total

135,050,000

135,613,797

563,797

Derivative transactions

-432,188

-432,188

-

* Figures indicate net amount of derivative assets/liabilities derived from derivative transactions, with minus representing net liabilities.

Note 1: Methods to determine the estimated fair value of financial instruments and matters related to derivative transactions

Assets

(1) Cash and deposits and (2) Cash and deposits in trust

Since these items are settled in a short period of time, their carrying amount approximates fair value.

Liabilities

(1) Short-term loans payable

Since these items are settled in a short period of time with floating interest rates, their carrying amount approximates fair value.

  1. Current portion of long-term loans payable and (4) Long-term loans payable

Among these items, the fair value of loans payable with fixed interest rates is calculated based on the present value, which is the total amount of principal and interest discounted by the estimated interest rate to be applied in the event that the Investment Corporation conducts new borrowings of the same type. As for the fair value of loans payable with floating interest rates, it is based on the carrying amount since market interest rates are reflected in the short term and the fair value is believed to approximate the carrying amount as the credit standing of the Investment Corporation has not changed significantly since the loans were made. (However, the fair value of long-term loans payable subject to the special treatment for interest-rate swaps is based on the present value of the total of principal and interest, accounted for together with the applicable interest-rate swaps, discounted by the estimated interest rate to be applied in the event that the Investment Corporation conducts new borrowings of the same type.)

(3) Investment corporation bonds

The fair value of investment corporation bonds is based on market prices.

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

Derivative transactions

Please refer to "Notes to the Derivative Transactions".

Note 2: Redemption schedule for financial assets with maturities

As of January 31, 2020

(in thousands of yen)

Due in 1 year or

Due after 1 year

Due after 2 years

Due after 3 years

Due after 4 years

Due after 5 years

less

through 2 years

through 3 years

through 4 years

through 5 years

Cash and deposits

10,978,807

-

-

-

-

-

Cash and deposits in trust

10,187,104

-

-

-

-

-

Total

21,165,911

-

-

-

-

-

As of July 31, 2020

(in thousands of yen)

Due in 1 year or

Due after 1 year

Due after 2 years

Due after 3 years

Due after 4 years

Due after 5 years

less

through 2 years

through 3 years

through 4 years

through 5 years

Cash and deposits

13,212,337

-

-

-

-

-

Cash and deposits in trust

10,171,729

-

-

-

-

-

Total

23,384,067

-

-

-

-

-

Note 3: Redemption schedule for loans payable and investment corporation bonds

As of January 31, 2020

(in

thousands of yen)

Due in 1 year or

Due after 1 year

Due after 2 years

Due after 3 years

Due after 4 years

Due after 5 years

less

through 2 years

through 3 years

through 4 years

through 5 years

Short-term loans payable

3,300,000

-

-

-

-

-

Investment corporation bonds

-

1,000,000

-

1,000,000

-

5,000,000

Long-term loans payable

10,100,000

14,400,000

18,250,000

14,400,000

12,000,000

48,200,000

Total

13,400,000

15,400,000

18,250,000

15,400,000

12,000,000

53,200,000

As of July 31, 2020

(in

thousands of yen)

Due in 1 year or

Due after 1 year

Due after 2 years

Due after 3 years

Due after 4 years

Due after 5 years

less

through 2 years

through 3 years

through 4 years

through 5 years

Short-term loans payable

2,800,000

-

-

-

-

-

Investment corporation bonds

-

1,000,000

-

1,000,000

-

5,000,000

Long-term loans payable

10,850,000

19,650,000

13,350,000

14,850,000

13,550,000

53,000,000

Total

13,650,000

20,650,000

13,350,000

15,850,000

13,550,000

58,000,000

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

(Notes to the Derivative Transactions)

(1) Transactions not subject to hedge accounting

As of January 31, 2020 and as of July 31, 2020: Not applicable

  1. Transactions subject to hedge accounting As of January 31, 2020

Contract amount

Hedge accounting

Type of derivative transactions

Hedged items

(in thousands of yen)

Fair value

Calculation method

method

Maturing

(in thousands of yen)

for applicable fair value

after 1 year

Accounting method,

Interest rate swap transaction:

Long-term loans

Based on the amount

60,950,000

53,450,000

-450,527

provided by counterparty

in principle

Receive/floating and pay/fixed

payable

financial institutions

Special treatment of

Interest rate swap transaction:

Long-term loans

36,800,000

33,200,000

*

-

interest-rate swaps

Receive/floating and pay/fixed

payable

Total

97,750,000

86,650,000

-450,527

*Interest rate swaps for which the special treatment is applied are accounted for together with the underlying hedged item. As a result, their fair value is included in the fair

value of the hedged long-term debt.

As of July 31, 2020

Contract amount

Hedge accounting

Type of derivative transactions

Hedged items

(in thousands of yen)

Fair value

Calculation method

method

Maturing

(in thousands of yen)

for applicable fair value

after 1 year

Accounting method,

Interest rate swap transaction:

Long-term loans

Based on the amount

66,650,000

63,650,000

-432,188

provided by counterparty

in principle

Receive/floating and pay/fixed

payable

financial institutions

Special treatment of

Interest rate swap transaction:

Long-term loans

36,800,000

30,850,000

*

-

interest-rate swaps

Receive/floating and pay/fixed

payable

Total

103,450,000

94,500,000

-432,188

*Interest rate swaps for which the special treatment is applied are accounted for together with the underlying hedged item. As a result, their fair value is included in the fair value of the hedged long-term debt.

(Notes to the Related-Party Transactions)

1Parent Company, major corporate unitholders and other

16th Fiscal Period (August 1, 2019 to January 31, 2020) and 17th Fiscal Period (February 1, 2020 to July 31, 2020): Not applicable

2Affiliated companies and other

16th Fiscal Period (August 1, 2019 to January 31, 2020) and 17th Fiscal Period (February 1, 2020 to July 31, 2020): Not applicable

3Fellow subsidiary companies and other

16th Fiscal Period (August 1, 2019 to January 31, 2020) and 17th Fiscal Period (February 1, 2020 to July 31, 2020): Not applicable

4Directors, major individual unitholders and other

16th Fiscal Period (August 1, 2019 to January 31, 2020) and 17th Fiscal Period (February 1, 2020 to July 31, 2020): Not applicable

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

(Notes to the Tax-Effect Accounting)

The significant components of deferred tax assets and liabilities:

(in thousands of yen)

As of January 31, 2020

As of July 31, 2020

Deferred tax assets:

Valuation difference on other assets acquired by merger

697,994

678,375

Deferred gains or losses on hedges

141,875

142,170

Asset retirement obligations

21,242

21,300

Amortization of leasehold right in trust

723

1,266

Other

20

-

Subtotal deferred tax assets

861,856

843,112

Valuation allowance

-861,856

-843,112

Total deferred tax assets

-

-

Net deferred tax assets

-

-

The significant differences between the statutory tax rate and the effective tax rate:

From August 1, 2019

From February 1, 2020

to January 31, 2020

to July 31, 2020

Statutory tax rate

31.51%

31.46%

Deductible cash distributions

-30.94%

-30.98%

Others

-0.55%

-0.46%

Effective tax rate

0.02%

0.02%

(Notes to Asset Retirement Obligations)

Asset retirement obligations reported on balance sheets 1. Summary of the asset retirement obligations

KDR has recognized the original state restoration obligations assumed under the general fixed-term land leasehold agreement as the asset retirement obligations in connection with Arute Ishiyagawa on June 3, 2019.

2. Method of calculating asset retirement obligations

Asset retirement obligations are calculated based on a discount rate of 0.54711% after the useful life has been estimated to be 47 years and one month based on the time period from the date of acquisition to the expiration of the agreement.

3. Changes in the amount of applicable asset retirement obligations consisted of the following

(in thousands of yen)

From August 1, 2019

From February 1, 2020

to January 31, 2020

to July 31, 2020

Balance at the beginning of period

67,338

67,522

Accretion adjustment

184

184

Balance at the end of period

67,522

67,707

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

(Notes to the Investment and Rental Properties)

The Investment Corporation owns real estate for rental purposes in the Tokyo Metropolitan Area and other regional areas for the purpose of generating rental revenues. The book value and fair value concerning the above real estate for rental purposes are as follows.

(in thousands of yen)

From August 1, 2019

From February 1, 2020

to January 31, 2020

to July 31, 2020

Book value

Balance at the beginning of period

233,496,342

234,307,773

Changes during the period

811,431

13,921,970

Balance at the end of period

234,307,773

248,229,744

Fair value at the end of period

279,986,000

295,688,000

Note 1: Book value excludes accumulated depreciation from acquisition costs.

Note 2: Among changes in the amount of real estate for rental purposes that occurred during the 16th fiscal period, the principal increase was the acquisition of real estate

trust beneficiary interests in 2 properties totaling ¥2,006,136 thousand, and the principal decrease was the sales of real estate trust beneficiary interests in 1 property totaling ¥420,922 thousand and depreciation of ¥1,428,681 thousand and during the 17th fiscal period, the principal increase was the acquisition of real estate trust beneficiary interests in 8 properties totaling ¥15,324,167 thousand, and the principal decrease was the sales of real estate trust beneficiary interests in 1 property totaling ¥451,169 thousand and depreciation of ¥1,466,920 thousand.

Income and loss for real estate rental business in the fiscal periods ended January 31, 2020 and July 31, 2020 for real estate for rental purposes is listed in "Notes to the Statements of Income and Retained Earnings".

(Notes to the Segment Information)

Segment information for the periods from August 1, 2019 to January 31, 2020 and from February 1, 2020 to July 31, 2020 is as follows:

(A) Segment information

Disclosure is omitted because the real estate leasing business is the Investment Corporation's sole business and it has no reportable segment subject to disclosure.

(B) Related information

(1) Information about each product and service

Disclosure is omitted because net sales to external customers for a single product/service category account for over 90% of the operating revenue on the statement of income and retained earnings.

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

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

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION (3278)

(Notes to Per Unit Information)

From August 1, 2019

From February 1, 2020

to January 31, 2020

to July 31, 2020

Net asset value per unit

¥130,584

¥133,988

Net income per unit

¥3,981

¥4,028

Note 1: The weighted average number of units outstanding of 945,242 and 907,458 were used for the computation of the amount of net income per unit as of July 31, 2020

and January 31, 2020, respectively. Net income per unit after adjusting for residual units is not included because there were no residual investment units.

Note 2: The basis for calculating net income per unit is as follows:

From August 1, 2019

From February 1, 2020

to January 31, 2020

to July 31, 2020

Net income (in thousands of yen)

3,613,397

3,808,030

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

-

-

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

3,613,397

3,808,030

Weighted average number of units during the period (units)

907,458

945,242

(Notes to Important Subsequent Events) Not applicable

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Kenedix Residential Next Investment Corporation published this content on 14 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2020 06:34:02 UTC


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Financials
Sales 2020 16 203 M 155 M 155 M
Net income 2020 7 355 M 70,2 M 70,2 M
Net Debt 2020 117 B 1 114 M 1 114 M
P/E ratio 2020 26,5x
Yield 2020 3,78%
Capitalization 165 B 1 578 M 1 579 M
EV / Sales 2019 17,1x
EV / Sales 2020 19,3x
Nbr of Employees -
Free-Float 98,0%
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Mean consensus -
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Last Close Price 173 800,00 
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Managers
NameTitle
Osamu Chiba Supervisory Officer
Satoshi Ogawa Supervisory Officer
Keisuke Sato Executive Officer
Katsue Okuda Executive Officer
Soichiro Iwao Supervisory Officer
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