Kenedix Residential Next Investment : Notice Concerning Acquisition Settlement of Property (KDX Residence Nakanobu)
08/03/2020 | 02:32am EDT
Translation of Japanese Original
August 3, 2020
To All Concerned Parties
Kenedix Residential Next Investment Corporation
Representative: Keisuke Sato, Executive Director
(Securities Code Number: 3278)
Asset Management Company
Kenedix Real Estate Fund Management, Inc.
Representative: Masahiko Tajima, President & CEO
Contact: Shin Yamamoto, Head of Planning Division,
Residential REIT Department
Notice Concerning Acquisition Settlement of Property (KDX Residence Nakanobu)
Kenedix Residential Next Investment Corporation (the "Investment Corporation") announced today that it completed settlement of the acquisition of the following Residential property.
(in thousands of yen)
(city or ward,
Type of Assets
KDX Residence Nakanobu
Trust beneficiary interest
in real estate
(Note)"Acquisition Price" is the sales amount of the trust beneficiary interest (excluding acquisition costs, property tax, city planning tax or consumption tax, etc.) indicated in the trust beneficiary interest sales contract concerning the acquired asset and is rounded down to the nearest thousand yen.
Regarding the details of the acquired property above, please refer to the press release "Notice Concerning Acquisition of Properties and Conclusion of Lease Contracts with New Tenants (Total of 5 Residential Properties and 2 Accommodations)" announced on February 10, 2020. In addition, the Investment Corporation have newly acquired an Appraisal Report with price point as of July 31, 2020.
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.
Reference Material : Appraisals Report Summary
KDX Residence Nakanobu
The Tanizawa Sōgō Appraisal Co., Ltd.
July 31, 2020
Estimate by setting a standard value on the Value Calculated
Income Approach Value
Using the Discounted Cash Flow method and verifying the
value calculated using the Direct Capitalization method.
Value Calculated Using the
Assess by capitalizing the medium to long-term stable net
Direct Capitalization Method
income with the capitalization rate
(1) Gross Operating Revenue
Maximum Gross Operating
Assess based on a level of fair rent considered to remain stable
over the medium and long term
Shortfall Attributed to
Assess based on the premise of an occupancy ratio that can be
maintained over the medium and long term
(2) Operating Expenses
Assess using the estimation of BM, the level of expenses at
similar properties and other factors
Assess by reference to expenses at similar properties and other
Assessed with consideration of expenses at similar properties,
annual average repair, maintenance and renewal expenses in the
engineering report, and other factors.
Property Management Fees
Assess based on the draft version of PM contract
Tenant Recruit Expenses, etc.
Assess by reflecting the rental condition at similar properties
and the draft version of PM contract
Taxes and Dues
Assessed based on the fiscal tax base amount for 2020, etc.
Damage Insurance Fees
Recognize an amount that reflects the insurance brochure
Recognize an amount that reflects the expense levels at similar
properties and other factors.
(3) Net Operating Income
(4) Gain on guarantee deposit
Assess by estimating using an investment return of 1.0%
Assuming that an equal amount is added to a reserve in each
(5) Capital Expenditure
fiscal period, assess by taking into account the level of capital
expenditures at similar properties, the age of the property
(6) Net Cash Flow
Assess by comprehensively taking into account the property's
(7) Capitalization Rate
location, the characteristics of the building and other
Value Calculated Using the Discounted
Cash Flow Method
Assessed by comprehensively taking into account the
Property's unique characteristics, while reflecting investment
returns of comparable transactions of properties
Assessed by comprehensively taking into account upcoming
changes in investment returns, risks associated with the subject
Terminal Capitalization Rate
property, general prediction of economic growth rate, trends in
real estate prices and rent, and all other applicable factor, while
reflecting investment returns of comparable transaction of
Value Calculated Using the Cost Approach
Land to value ratio
Building to value ratio
Items applied to adjustments in approaches to the value and the determination of the appraisal value
Adopted income approach value with the 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.
※Reference (Appraisal NOI Cap Rate=NOI above described /Acquisition Price)
KDX Residence Nakanobu
Appraisal NOI Cap Rate (rounded to the first decimal place)
Kenedix Residential Next Investment Corporation published this content on 03 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2020 06:32:08 UTC
All news about KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION