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

KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION

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Kenedix Residential Next Investment : Notice Concerning Acquisition Settlement of Property (KDX Residence Nakanobu)

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08/03/2020 | 02:32am EDT

Translation of Japanese Original

August 3, 2020

To All Concerned Parties

REIT Issuer:

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

TEL:+81-3-5157-6011t

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)

Property

Location

Acquisition Price

Property name

(city or ward,

Type of Assets

number

(note)

prefecture)

T-91

KDX Residence Nakanobu

Shinagawa-ku,

Trust beneficiary interest

830,000

Tokyo

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.

Attached Materials

Reference Material : Appraisals Report Summary

* Website URL of the Investment Corporation: https://www.kdr-reit.com/en/

[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.

1

Reference Material : Appraisals Report Summary

Property Name

KDX Residence Nakanobu

Appraisal Value

¥ 901,000,000

Appraiser

The Tanizawa Sōgō Appraisal Co., Ltd.

Appraisal Date

July 31, 2020

(Unit: Yen)

Item

Content

Basis

Estimate by setting a standard value on the Value Calculated

Income Approach Value

901,000,000

Using the Discounted Cash Flow method and verifying the

value calculated using the Direct Capitalization method.

Value Calculated Using the

928,000,000

Assess by capitalizing the medium to long-term stable net

Direct Capitalization Method

income with the capitalization rate

(1) Gross Operating Revenue

47,811,452

Maximum Gross Operating

49,792,419

Assess based on a level of fair rent considered to remain stable

Revenue

over the medium and long term

Shortfall Attributed to

1,980,967

Assess based on the premise of an occupancy ratio that can be

Vacancies

maintained over the medium and long term

(2) Operating Expenses

9,349,917

Maintenance Expenses

2,405,398

Assess using the estimation of BM, the level of expenses at

similar properties and other factors

Utility Expenses

405,974

Assess by reference to expenses at similar properties and other

factors

Assessed with consideration of expenses at similar properties,

Repair Expenses

1,090,574

annual average repair, maintenance and renewal expenses in the

engineering report, and other factors.

Property Management Fees

835,487

Assess based on the draft version of PM contract

Tenant Recruit Expenses, etc.

1,451,175

Assess by reflecting the rental condition at similar properties

and the draft version of PM contract

Taxes and Dues

2,156,100

Assessed based on the fiscal tax base amount for 2020, etc.

Damage Insurance Fees

48,980

Recognize an amount that reflects the insurance brochure

Other Expenses

956,229

Recognize an amount that reflects the expense levels at similar

properties and other factors.

(3) Net Operating Income

38,461,535

(NOI= (1)-(2))

(4) Gain on guarantee deposit

125,592

Assess by estimating using an investment return of 1.0%

investment

Assuming that an equal amount is added to a reserve in each

(5) Capital Expenditure

1,464,000

fiscal period, assess by taking into account the level of capital

expenditures at similar properties, the age of the property

(6) Net Cash Flow

37,123,127

(NCF=(3)+(4)-(5))

Assess by comprehensively taking into account the property's

(7) Capitalization Rate

4.0

location, the characteristics of the building and other

characteristics

Value Calculated Using the Discounted

889,000,000

Cash Flow Method

Assessed by comprehensively taking into account the

Discount Rate

4.1

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

4.2

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

properties

Value Calculated Using the Cost Approach

894,000,000

2

Land to value ratio

85.2

Building to value ratio

14.8

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)

Property Name

KDX Residence Nakanobu

Appraisal NOI Cap Rate (rounded to the first decimal place)

4.6%

3

Disclaimer

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


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Financials
Sales 2020 16 203 M 154 M 154 M
Net income 2020 7 355 M 70,1 M 70,1 M
Net Debt 2020 117 B 1 112 M 1 112 M
P/E ratio 2020 26,5x
Yield 2020 3,78%
Capitalization 164 B 1 563 M 1 559 M
EV / Sales 2019 17,1x
EV / Sales 2020 19,3x
Nbr of Employees -
Free-Float 98,0%
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Last Close Price 171 900,00 
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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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